Southeast Asia’s largest small and medium-sized enterprises (SME) digital financing platform, Funding Societies, recently announced that it would be launching BizFund, its latest enhanced product to support creditworthy underserved Malaysian SMEs returning to their full economic potential as markets recover from the pandemic.
The zero-collateral offering will provide financing assistance up to RM300,000 with repayment up to 18 months through Funding Societies’ online platform for SMEs that have been in operation for at least 12 months, with a minimum of 30% local shareholding by Malaysians.
“BizFund caters to SMEs with annual revenue from RM1 million ($224,517) who are looking to grow their business by quickly raising sufficient capital to manage cash flow” said Chai Kien Poon, Country Head of Funding Societies Malaysia. “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.
“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,” continued Chai.
“Funding Societies, staying true to our mission of enabling the growth of ASEAN SMEs through digital financial services, will continue to identify tailor-made opportunities meeting the needs of SMEs in each market we operate in.”
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