Funding Societies announced its latest enhanced product to support creditworthy underserved Malaysian small, and medium enterprises (SMEs) returning to their full economic potential as markets recover following the outbreak of the Covid-19 pandemic with the launch of BizFund, its latest term financing.
Its zero-collateral BizFund provides Malaysian SMEs with financing up to RM300,000 with repayment up to 18 months. The simple, hassle-free submission process is fast and initiated through Funding Societies’ online platform. The product is offered for SMEs that have been in operation for at least 12 months, with a minimum of 30% local shareholding by Malaysians.
Country Head of Funding Societies Malaysia, Chai Kien Poon, said, “BizFund caters to SMEs with annual revenue from RM1 million who are looking to grow their business by quickly raising sufficient capital to manage cash flow. They can leverage on BizFund’s zero collateral, hassle-free submission process with disbursement within seven days to enhance their capital fueling business operations and time-sensitive expansion.”
One major challenge faced by SMEs when seeking financing facilities is the potentially long financing disbursement process. The application process is often complicated involving various documents which must be certified and submitted manually. In addition to that, most SMEs find their application turned down because they lack the collateral needed. This places SMEs in a tight spot as without adequate financing, SMEs face insufficient cash flow to maintain operations or grow their business.
Chai continued, “BizFund is developed to address these challenges SMEs face when they seek financing to grow their business. By making this business financing facility zero-collateral with fast disbursement, SMEs can tap into the recovery market’s potential which would otherwise be hampered by the lack of business capital. Malaysia’s domestic economy is projected to grow between 5.3% to 6.3%; after a tough two years coupled with delayed payments as customers stretch their ringgit and supply chains are disrupted, access to funds is imperative for SMEs to benefit from that growth as well as contribute towards it.”
