KUSKOP streamlines entrepreneur financing with faster approvals, digital platforms, and reduced document requirements under bureaucratic reform.
KUALA LUMPUR: The Ministry of Entrepreneur and Cooperative Development will strengthen financing mechanisms to ease entrepreneurs’ access to funds as part of public sector bureaucratic reform.
Minister Datuk Ewon Benedick confirmed various improvements have made the financing application process faster, more efficient, and entrepreneur-friendly.
TEKUN Nasional now requires only four documents from applicants following procedural enhancements.
Ewon revealed approval authority for applications under 20,000 ringgit has been delegated to state-level offices.
Amanah Ikhtiar Malaysia currently approves financing applications within sixteen working days from submission date.
Repayment facilities have been upgraded through the Cashless Micro Credit Collection System platform and internet banking.
Bank Rakyat has increased financing approval efficiency to a maximum of fourteen days for small and medium enterprises.
Micro financing approvals through Bank Rakyat now take just six working days.
Perbadanan Nasional Bhd developed the E2E S3P Financing System as a digital platform managing the entire financing process from application to approval.
As of September this year, 249,013 people received AIM financing totaling 2.19 billion ringgit.
TEKUN Nasional provided 332.9 million ringgit to 17,385 entrepreneurs during the same period.
The SME Integrated Action Plan targets 330,502 women entrepreneurs to benefit from forty-two programmes across ministries and agencies this year.
The government established a National Social Matching Fund for micro-entrepreneurs entering social enterprise.
Co-investment funds are available through the Securities Commission via the Peer-to-peer Financing platform under the Social Enterprise Scheme by MyCIF.
This scheme offers financing up to 500,000 ringgit for qualified social enterprises.
SME Bank provides the Social Enterprise Financing Scheme for Tunas SE, Basic SE, and Accredited SE under KUSKOP with minimum financing of 100,000 ringgit.
No tax incentives currently exist for corporate organisations channeling CSR funds to social enterprises.
Ewon stated this proposal requires further study by the Ministry of Finance due to national financial implications.
Social enterprise programme reporting occurs regularly through the Social Entrepreneurship Development Committee.
These reports are accessible via the KUSKOP Social Enterprise Portal for all ecosystem stakeholders. – Bernama
