TEKUN Is Launching New Financing Schemes for Micro SMEs

The Ministry of Entrepreneur and Cooperative Development (MEDAC), through its agency TEKUN Nasional, would launch a no-charge financing scheme to assist in rehabilitating and restarting micro-businesses affected by the Covid 19 pandemic. The scheme will be open for applications beginning 15 August 2021.

Nearly RM100 million has been allocated under the PEMULIH Package to implement this new financing scheme without charge. A total of 11,500 micro-entrepreneurs are expected to benefit from the financing scheme.

MEDAC's minister, Wan Junaidi bin Tuanku Jaafar, said, "Based on a study conducted by MEDAC, an estimated 580,000 businesses under micro, small and medium enterprises (SMEs) will face business failure due to the Covid 19 pandemic".

He hoped the micro SME entrepreneurs would apply for a financing scheme to increase their business capitals, including those under the First To Close, Last To Open (FCLO) category, as they are affected by the operation closures. 

SPIN 2.0 & CBRM 2.0

According to him, the Informal Financing Scheme (SPIN) 2.0 and the Covid Business Recovery Financing Scheme (CBRM) 2.0 that will be launched are enhancements from the previous products. 

The minister said that MEDAC recognised the pressing needs of entrepreneurs in raising capital and raised the maximum limit on financing this product. Additionally, MEDAC would not impose any charges.

The maximum funding limit for SPIN 2.0 is RM10,000, whereas the maximum funding limit for CBRM 2.0 is RM20,000.

MEDAC launched SPIN 1.0 in December 2020 to help informal entrepreneurs whose businesses were affected by the Covid 19 pandemic. As of now, 3,369 informal entrepreneurs have secured funding worth RM19.8 million.

CBRM 2.0 and SPIN 2.0 are aimed to provide financial help to micro SMEs operate their businesses during the pandemic.

Meanwhile, through the PRIHATIN Package with a fund of RM200 million, TEKUN Nasional had launched the Covid Business Recovery Financing Scheme (CBRM) 1.0 in April 2020. TEKUN successfully channelled the allocation under this scheme to 26,326 entrepreneurs in December 2020.

You can apply for SPIN 2.0 and CBRM 2.0 online or go to the nearest TEKUN Branch Office.

Since its founding in 1998, TEKUN Nasional has channelled financing to 480,958 entrepreneurs with a value of RM6.59 billion nationwide. This shows that the government, through TEKUN Nasional, is committed to helping Bumiputera entrepreneurs.

More about SPIN 2.0

Maximum financing limit: RM10,000

Additional charges: 0% (None)

Requirements: 

1. Malaysian citizen.

2. Bumiputera or Indian operating legitimate businesses.

If you would like to learn more about SPIN 2.0, you can refer to its FAQ here.

Entrepreneurs in the informal sector who want to apply for SPIN must follow these steps:

1. Download and fill in the following forms:

   1. JPP Borang 02 – Borang Permohonan Pembiayaan TEKUN

   2. JPTT Borang 03 – Borang Permohonan Pembiayaan Ulangan, Bertindih atau Berasingan Skim TEMAN TEKUN

   3. JPTT Borang 04 – Surat Pengesahan Perniagaan

2. Send the forms to the nearest TEKUN Nasional office. You can check out the list of TEKUN Nasional office locations throughout the country through the following link: https://www.tekun.gov.my/ms/hubungan-kami/connections/.

How to sign up for CBRM 2.0

Maximum financing limit: RM20,000

Additional charges: 0% (None)

Requirements: 

Micro-entrepreneurs who meet the criteria below:

1. Micro-entrepreneurs whose businesses were affected by the COVID-19 outbreak.

2. Malaysian citizen (Bumiputera / Indian).

3. Runs the business either full-time or part-time.

4. Has a dedicated place of business

5. Have SSM registration or PBT Permit (Hawker Permit)

6. Not blacklisted by other financial institutions.

7. Free from any legal action and bankruptcy.

8. Have a good payback record with TEKUN Nasional (for existing entrepreneurs).

9. Open to all business sectors.

Here are the supporting documents you need when applying for CBRM 2.0:

1. Copy of Company Registration Certificate with the Companies Commission of Malaysia (SSM) or Business License with a valid Local Authority (PBT)

2. Copy of Identity Card of the applicant and spouse (if applicable)

3. Copy of Bank Account Statement for the latest month.

4. Copy of one of the latest Utility Bills (electricity/water/telephone).

For more information, please contact TEKUN Nasional at 03-90588550 or visit its website at www.tekun.gov.my.

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