I have heard a lot about credit available to SMEs at 4% p.a. News also reported that our finance minister Lim Guan Eng urges banks to give cheaper loans to SMEs. But didn’t know how to get that kind of rate.
I recently found out that in order to qualify for that rate, my company needs to get at least a two-star rating from SME Corp‘s SME Competitiveness Rating for Enhancement (SCORE). You can apply to be assessed online. Just need to fill in the assessment form, and they will try to arrange for a visit to your premise on an agreed date and time.
I’m currently still in the process, waiting for their visit. I guess that is when they will come check all the information that I put in in the assessment form. So remember to get all the supporting documents ready. After the visit, they will have a rating for your business within a week(?). Armed with the rating (at least two-star), you can then approach SME Bank to apply SME loan under Business Accelerator Programme.
Okay, business is turning to the worse this year, with the Wuhan coronavirus affecting travel, F&B businesses and whatnot in Malaysia. Definitely need some working capital to keep our business afloat this time. Serious.