What is SME Bank Business Accelerator Program about?
Business Accelerator Program is a financial assistance program by SME Bank, in collaboration with SME Corp, to support the growth of the SME industry. This business term loan is catered to the up and coming micro and small enterprises to strengthen their core businesses.
What can I get from SME Bank Business Accelerator Program?
The Business Accelerator Program offers financing from a minimum of RM50,000 to a maximum of RM1,000,000 at a flat profit rate as low as 4% p.a.. This business term loan can be used to finance working capital and fixed asset purchase.
If you want to finance your working capital needs, you can repay the facility in monthly instalments for up to 7 years, whereas a maximum of 10 years is capped for purchase of assets.
Who can apply for this business loan and what are the terms and conditions?
Since this business term loan is part of a financial assistance program, you are bound to meet the requirements as set out by the bank such as follows:
- Applicant must be a small and medium entrepreneurs.
- Your company or business has a qualifying rating of SCORE 2 or higher.
- Your company must be at least 60% owned by a Malaysian during the period of financing.
- Your company or business has operated for at least 6 months.
- You must be a full time business operator.
It is important that you company must be solvent at the time of this business loan application. Therefore, you will also need to provide a proof of your latest 3-years audited account (for sole proprietor/partnership, the latest management account is acceptable).