Empowering Small Entrepreneurs: Tekun’s Support for Over 30,000 Businesses

The National Entrepreneurial Group Economic Fund (Tekun) is poised to offer assistance to over 33,300 informal and micro-entrepreneurs nationwide this year, with an estimated allocation of RM600 million. This substantial support forms a key part of the government’s efforts to strengthen the small business sector and stimulate economic growth.

Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick disclosed that Tekun Nasional has been entrusted with RM330 million from the 2024 Budget to aid informal and micro-entrepreneurs in advancing their enterprises. This significant allocation underscores the government’s commitment to nurturing entrepreneurship and enabling individuals to realise their business aspirations.

In Sabah, a portion of this funding will benefit 4,393 informal and micro-entrepreneurs, amounting to RM84.5 million. Speaking at the Penampang Tekun Nasional Branch Office, Ewon, who also serves as the Member of Parliament for Penampang, reaffirmed the government’s dedication to supporting entrepreneurial endeavours and driving economic progress at the grassroots level.

The minister highlighted Tekun Nasional’s remarkable achievement of amassing repayments totalling RM7.27 billion, which has been subsequently channelled into providing financial assistance to aspiring entrepreneurs. This has resulted in a substantial increase in the total fund allocation for entrepreneurs, now standing at RM9.1 billion, compared to the initial allocation of RM4.6 billion. Such robust financial support demonstrates the government’s steadfast commitment to uplifting small businesses and driving the nation’s economic prosperity.

As part of its initiatives to empower Bumiputera contractors, Tekun introduced the i-Contract Financing Scheme in 2015, through which RM1.66 billion has been disbursed to 14,787 recipients nationwide. In Sabah alone, 3,262 Bumiputera contractors have benefitted from a total funding of RM383.6 million. This underscores the government’s efforts to foster inclusive economic development and provide all entrepreneurs with the means to achieve success.

Furthermore, the Tamu Entrepreneur Financing Scheme (SPUT), unveiled in March last year, has provided RM4.6 million in support to 1,052 Pasar Tamu entrepreneurs, further amplifying the government’s commitment to empowering small-scale businesses and encouraging economic vibrancy in local communities.

Tekun’s unwavering dedication to supporting small entrepreneurs has undeniably yielded profound impact, with countless individuals being given the opportunity to pursue their entrepreneurial aspirations. The government’s robust financial backing serves as a testament to its unwavering commitment to driving economic growth and fostering a conducive environment for small businesses to thrive.

As we move forward, it is imperative for policymakers and stakeholders to continue championing the cause of small entrepreneurs, ensuring that they are equipped with the necessary resources and assistance to propel their businesses to greater heights. By fostering a climate of robust support and empowerment, we can pave the way for a vibrant and flourishing entrepreneurial landscape, driving sustained economic progress across the nation.