Business News This Week
Getting business loan is quite challenging in Malaysia. You need to know every aspect of the business loans including the procedure to approach and getting approval. It is not that much tough to apply for a business loan but, the approval is purely depends the way you project your business.
For micro business the loan sounds as a uphill task. There are many types micro businesses in Malaysia. Dealing with taxes and having all the documentation is mandatory for availing loans. Your business need extra capital to run the business and to meet the unplanned expenses.
Here are top 10 tips for micro business loan malaysia
1. License: Make sure that you have all the licenses are with you and up to date as per the norms. Filing taxes and keeping all the records are mandatory. If you fail to maintain this, your application may not be approved and you may be disqualified in the process.
2. Consult Financial Consultants: Make sure that you are not dealing with business loan brokers for the loan. You can trust the agencies like Treasure Advisory Sdn. Bhd. those have mentioned on the website about the vision and how they assist. Treasure Advisory firm has been helping businesses in dealing with business loan malaysia and company profile writing.
3. Financials Records: Keep update all the financial records to apply the loan and need to show these facts and figures to the officials. Micro business owners have been neglecting this aspect for which they are unable to get business loan from the financial institutions.
4. Collateral: Make sure that you know the types of business loan you have applied and what sort of collateral you need to provide. Once you are ready with the collateral, then you can go for the next action.
5. Business Profile: The most important thing is to prepare a business profile that speak your business and its strengths. Write the best business profile so that the loan will be approved based on you profile and defined track record.
6. Business Plan: Business plan is somethings that you'd like to show the growth aspects of your business. You can show your objectives though this and milestones you are doing to achieve. It may look like, it is not necessary for a business in micro nature, but certainly can add values to your application for business loans.
7. Business Valuation: It is always good thing to have business valuation done prior applying for any business loan. It will help you and there a fair chances that your application may got approved due to this.
8. Income Tax: File you personal income tax returns as well as the business unit's. You need to do it on a consistent basis regardless of applying for business loans. If you have clear with the tax filings the chances of getting approval is quite higher.
9. Types of Loans: There are many types of business loans. You need to pic the right one that matches with your requirement. Any shortage or higher disbursement might affect your business.
10. Understand Your Need: Last but not least, understand what need you have, then plan for it and and go for business loan. Find out the ways you are going to use the loan amount in your business and how it will give your extra income.
These tips will help you understanding the business loans and how you can approach & apply. We will assist you getting business loan in Malaysia, please write to us at info@treasureadvisory.com.