Tekun Nasional managing director and chief executive officer Datuk Adam Abdul Ghani said the system upgrade was needed to accommodate the high number of applications but during the process, there were technical issues. — Picture by Saw Siow Feng
PUTRAJAYA, Feb 11 – Technical issues that occurred during upgrading work on the online application system for the Informal and Micro Financing Scheme (SPIM) have caused delays in processing applications, approvals and disbursement of funds, said Tekun Nasional.
Tekun Nasional managing director and chief executive officer Datuk Adam Abdul Ghani said the system upgrade was needed to accommodate the high number of applications but during the process, there were technical issues.
“As such, Tekun Nasional has taken several steps including channelling the funds manually using cheques through our branch offices nationwide as electronic fund transfer could not be done due to technical problems,” he said in a statement today.
Adam said to date, Tekun had channelled funds amounting to RM105 million to 12,774 entrepreneurs under SPIM through cheques and electronic fund transfers and expected that the issue would be fully resolved by the end of this month.
With an allocation of RM200 million, SPIM provides funding as revolving capital injections to informal and micro entrepreneurs affected by the Covid-19 pandemic and flood disaster to resume their businesses.
Through SPIM, entrepreneurs are offered financing of up to RM10,000 without profit charges and the repayment period is up to five years with a moratorium of 12 months. The application for the scheme was opened from Jan 1 to 15.
Adam said Tekun Nasional received too many applications in a short period of time and the funds that were supposed to be disbursed within a year had been exhausted within two weeks.
He said a total of 23,767 applications were received and as of February 8, Tekun Nasional had approved some 15,880 applications worth RM130.3 million. — Bernama