There can come a time with your business that to move forward, you require funding, which can be for many different reasons. Whatever reason you need the funding, it can feel daunting and leave you wondering which way to turn to get the help you need. However, there are options available in Malaysia to help you get the funding you need to drive your business forward. Below are some of the available options that can help you get the money you need for your business, which can make a massive difference to your company.
A Loan From The Government
It is always worthwhile checking f there are any government loans you can get for your business. When it comes to a government loan, Malaysia has options available, depending on your industry. One of the most appealing aspects of a government loan is the interest rates, which are often much more competitive than other lending agencies. However, they are dependent on your industry, so they are not open to everyone, but if you are in the manufacturing industry, there may be a few options available to you that you will want to explore.
One option that is becoming increasingly popular is crowdfunding, and various options may be suitable for your business. The different options include:
Equity Crowdfunding: With this type of funding, you are offering private investors equity in your business in return for the money they invest.
Donation-Based Crowdfunding: This option may not be suitable for business as it is generally used for charitable reasons, and the donors do not expect anything in return for providing some of the money needed.
Rewards-Based Crowdfunding: You can consider this form of funding for your business, and you will need to reward the people investing in your company. You can do this by offering heavily discounted products or services or provide something for free in return.
However, if none of these crowdfunding options is suitable for your business, there are others that you can explore to see if they are any better.
Another option that you may want to consider and may be suitable for your business is P2P lending. It is like the crowdfunding options above, and it is where investors pool their money together and lend this to businesses. There will often be criteria that you must meet to qualify for this type of funding, and you may get the funds you need, but you need to be aware of the interest rates, as these are often relatively high.