Are you ready to take off to the next step?
You’ve been through the struggle for your share of business ups and downs and you’ve progressed over several uncertainties. Through all of that, your business idea survived and you have a strong feeling that you are ready to take your medium or small enterprise to the next step. All that is left is a little boost in cash flow. What you need is a little bit of financing, and the most recommended way to get it is through an SME business loan.
Before you initiate the loan application process, there are specific pre-conditions that must be met. Therefore, below is a little list of important things that you must get it right before applying for an SME Business Loan in Malaysia.
The Official SME status
Is your small or medium enterprise officially recognized as an SME? The Bank of Nagara Malaysia (BNM), an enterprise is recognized as an SME ONLY if it falls under the following parameters:
- Manufacturing Sector; maximum of 200 full-time employees or maximum sales turnover of RM50 Million
- Service and other sectors; a maximum of 75 full-time employees or sales turnover of RM20 million
In addition to this, the SME must be registered as an entity of such features under Suruhanjaya Syarikat Malaysia (SSM). Your enterprise will be officially recognized ONLY if it meets the above conditions.Continue reading “What You Should Know Before You Apply for SME Business Loan in Malaysia”