15/05/2021
Why do we say that?
I believe that most entrepreneurs will think of BANK when it comes to LOAN, because this is the most common and legal loan channel for the public.
Even so, if you are a relatively new company which is established less than 3 years, Most of the banks will try to avoid approving loan applications due to these enterprises not having enough track records for the bank to justify their business performance.
To the bank, enterprises established less than 3 years cannot withstand the impact, and have a very high risk of facing business instability.
Thus it’s difficult for the bank to approve the loan applications as they will need to be responsible for the money they lent out to the loaner as it might cause a big impact to the economy if there are too many fault rates on the bank loans like what happened in 2008 United States Subprime Mortgage Crisis.
As I have seen in my experience, I saw many new entrepreneurs struggling to apply for bank loans.
They spent so much effort preparing a variety of documents, but just ended up with a failed loan application, and much unfortunately, they lost a lot of business opportunities or might have ended up with a lot of troubles along the way.
And banks have no obligation to tell them “Why” they failed to apply for a loan. This left all these entrepreneurs in such a situation to feel nothing but confusion and helplessness.
Whereas this is the reason why I wish to inform you, In fact, from government, such as Bank Negara Malaysia and the Ministry of Finance provide a number of loan programs to young enterprises in order to support the growth of these enterprises.
Unfortunately, the public is not very aware of it because the government does a very minimum advertisement on these financial platforms. (Don’t ask me why, that’s our government)
Where some of the examples for these platforms are:
- CREDIT GUARANTEE CORPORATION (C.G.C)
- SYARIKAT JAMINAN PEMBIAYAAN PERNIAGAAN (SJPP)
- PEER TO PEER LENDING (P2P)
HOWEVER!!! HOWEVER!!! HOWEVER!!! (important thing say three times)
It does not mean you will definitely be able to get support from these platforms even if you know them.
They are not PHILANTHROPIST!
In order to gain support from these platforms, you’ll still need to fulfil certain requirements to gain their trust.
After all, you won’t simply invest your money into anyone who has not proven to you they are capable of returning you the money isn’t it?
As with so many case studies I have in my portfolio, businesses less than three years often make some business mistakes due to lack of business experience.
Three most common mistakes
- They use Personal Saving Account to run a business
- Their business transaction is not done via their company's current account
- No balance / very minimum amount of money left in their company’s current account
So, how do we solve these kinds of challenges in order to gain support from these government approved loan platforms?
To know more , please visits
www.maxesbz.com/post/sme-financing-dont-look-for-bank ，
Other than that,
You could always freely approach Maxes Biz Solutions to get an one on one consultation.
We will analyze the possible challenges that are hidden in your business and also the solutions based on your current business model and status, in order to increase your chances of gaining the financing support to the MAXIMUM.
This consultation does not requirement any documentation.
Due to this a free consultation, we only open registration for 7 young entrepreneurs only, and also for limited time only.
If you require this consultation, or which to know more details.
Do not hesitate to contact me via Facebook Messenger.
Facebook Message: m.me/maxesbiz
