Published on: 27/02/2018
Updated on: 16/04/2018
What is the maximum amount and duration of financing?
Total financing of RM 1,000 to RM 100,000. Contract financing period is short-termed, which does not exceed 6 months.
Are there any charges or interest to the i-Factoring Scheme financing?
The charge rate imposed is one point five percent (1.5%) per month from the amount of financing until the financing period expires.
Main Conditions?
- Applicants must be Malaysian citizens and Bumiputeras aged between 18 and 60 years old to qualify for application.
- Possess licence / permits / Business Registration (SSM) that are valid.
- Having a specific business spot / location. Business runs full time.
- Existing business financing must not exceed RM 100,000.
- Business ownership is 100% bumiputera and paid up capital must not exceed RM 300,000.
- Application letters and indents must come from the Federal Government, State Governments, Government Agencies and Statutory Bodies.
- Possess licences from the Ministry of Finance, Construction Industry Development Board (CIDB), Federal Treasury (PMS), Contractor Service Centre (PKK), licensing bodies or other relevant registrations that are valid.
- The company is the main contractor appointed by the Federal Government, State Government, Government Agency, Statutory Body and Government Linked Company (GLC).
How long does it take to process an application and what are the required documents?
The approval process is within 7 working days.
Required documents :
Required documents :
- Completely filled TEKUN Loan Application Form
- Completely filled Business Basic Information Form
- Copies of Identification Card of Applicant & Spouse
- Applicant’s Photograph (1 piece)
- Valid Licence/ Permits/ Business Registration
- 1 photograph of premise/ business spot
- Copies of passbook/ bank statement (last 3 months)
- A copy of premise/ house utility bill (water/ electricity/ telephone bill)
- Loan purpose quotation
- Copy of the lease agreement of premise
- Authorisation letter of business partner (if partnership)
- Copy of Contract offer (indent) & Supply (Purchase order)
- Copies of licences from the Ministry of Finance, Construction Industry Development Board (CIDB), Contractor Service Centre (PKK) and other relevant licences (These licences depend on the requirements of contract and supply)
Can you apply if your CCRIS/CTOS/Credit Record is bad?
You will have to settle overdue payments before making an application.
Do I need a guarantor @ collateral?
No guarantor or collateral required.
Method of loan repayment?
Contract bidder will pay directly to TEKUN after receiving documents from the financing recipients. If the payment has a surplus, TEKUN will pay the balance by cheque or autodebit to the financing recipients
Can entrepreneurs apply in the event of bankruptcy?
Applicants must not be bankrupt.
