What can I get from SME Bank Small Business Financing?
Often times, micro entrepreneurs face difficulty in accessing working capital loan to fund for the expansion of their small businesses. With SME Bank Small Business Financing, you can increase your product marketability and elevate your micro business status to small business.
How much does this small business loan cost me?
Small Business Financing by SME Bank offers a financing amount between RM100,000 to RM750,000 at a flat interest rate of 7.5% p.a.. This term business loan can be borrowed for up to 7 years.
Who can apply for this small business loan?
SME Bank has set out a list of requirements for micro entrepreneurs who are interested to apply for this Small Business Financing scheme as follows:
- You must own the business, which is already in operations for at least 2 years (and must be profitable in the current year)
- The business needs to be registered under the Companies Commission of Malaysia Act 2001 or Co-operative Societies Act 1993
- The minimum annual turnover is RM250,000
- You must be a micro enterprise company with a minimum of 51% Bumiputera equity ownership with good credit standing
- Your CEO or Managing Director must be Bumiputera
- All other criteria defined by SME Bank
What documents do I need to prepare to apply for this small business loan?
Before you make your way to SME Bank to drop your application, you also need to prepare some supporting documents such as:
- Copy of Identity Card
- Proof of business operations which include license / permit or utility bills
- Proof of income (e.g. Bank statement for the past 6 months)
- Business Registration Certificate (SSM)