Since I have never owned a business before, I was wondering…..where does one get a loan in order to start a business? And how much can one really get? Just for your information, I called SME Bank (I never even knew this bank existed! It is a bank to help Malaysian entrepreneurs flourish, like real….) to enquire and they told me that in order to qualify for a business startup loan, I’d have to submit a business proposal and if it got approved, I’d be able to borrow up to RM250,000.
So what if I needed more money? What do I do then? Hmmm……..
Any ideas?
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The kind of loan you’re looking at is a loan based off that business plan and secured using you or your house as collateral. That can be used to finance part of your business. Fund raising for small businesses can also include any other individuals up to a specific amount (which you’d probably have to research). Otherwise, you’re looking for ‘angel investments’ … typically meaning you’ll have to give away a significant portion of your company to secure their investment dollars in you. Beyond this, you may be looking to generate dollars through public listing … which may not be way you’re after. Colin
ask yr mom and tok tok. hehehe
go to http://www.smidec.gov.my
They are located along Jalan Duta, Menara Matrade. U can walk in anytime (during biz hours) with ur proposal or no proposal. Approvals will be done in 2 weeks and moeny disburse in few days. They have loans and grants and different type of category. If u r one of the directors of the company, then u stand a higher chance of obtaining a loan/grant as they will categorize u as Women Entrepreneur. They are a bunch of friendly people. If U do happen to meet with someone who cannot answer ur questions or with no customer sense, do let me know!!!!
and once u become a recipient of loan/grant, the next step will be meeting me…:)
Good luck