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Getting government grant fundings for your SME business could be huge for your business for many reasons.
From a business perspective, the current COVID-19 situation has caused some of the entrepreneurs more harm than good.
In most cases, many of them found their business in serious trouble and they need to react quickly.
Predictably, finance seems to be the main issue here. At the end of the day, money matters after all.
The first few months of the Movement Control Order (MCO) have undoubtedly done some major damage to the SMEs.
Now that most of the companies are in the recovery phase, surely entrepreneurs would love to turn their business around.
Therefore, the government has introduced schemes to get SMEs back on track.
In this article, we are going to show you how you can get fundings for your SME without taking a loan.
Scroll down to find out.
Options To Get Fundings For SME
To get started, let’s understand the difference between getting fundings and getting a loan.
You must pay back if you take a loan. So, this means that you will be in debt once you accept the money.
As for fundings, it is seen as free money that you can get without having to pay back. However, the catch is there are terms and conditions that you need to fulfill.
So, what are some of the ways that you can get fundings? Well, there are plenty of interesting options.
Crowdfunding
You may get the idea just from its name “crowdfunding”. Do you know what it actually is?
Well, it really means that you are looking to get fundings from the public and this is a common thing in business.
So, all you have to do is get them to buy your idea. Of course, if your pitch is boring and not convincing, no one is going to be interested.
Hence, when you get the chance, do not waste it, and seize the opportunity to the fullest.
In Malaysia, you can get crowdfunding from these platforms:
- GoFundMe
- Give.asia
- 100% Project
- Kickstarter
- Airfunding
- Mystartr
- pitchIN
Fundraising
Secondly, another option that could be worth exploring is fundraising.
If your SME happens to be the line of a good cause, there is a good chance that this might work.
Businesses which have social welfare element can organise a fundraising event. This method has been around for a long time and it has been practiced over the years.
In most cases, people who show up at fundraising events are likely to donate their money to a good cause.
As a result, the success of events like this could be good news for your company to recover in terms of finance.
Business Partner
Getting a partner could be a risky move for you and this could mean you are not getting the full control of your own business anymore.
Most likely, you will get half of the control or maybe slightly more or less. So, the point is you are not the only boss now.
However, if you partner up with someone with enough financial capacity, this could help your company a lot.
Therefore, what you have to do is find someone who gets your idea and understands your vision.
It is crucial to be on the same page if you decide to go down this path.
Venture Capital
For this type of funding, you can approach a company that believes in your business’ potential to grow.
Give your business proposal and you will find out whether they are interested to invest in your company.
But, there is a catch. Once they have put the money in for you, they expect great results.
Even though it seems that they don’t expect you to pay back, they are keen on being rewarded when your project succeeds.
Government Grant Fundings SME
Back in April, the government announced that SMEs will receive fundings to help them cope with the current economic situation.
Government grant fundings for SME most likely mean that you won’t have any obligation to pay the money back.
By getting this, you can use the money to put your business back on its feet and start to move forward.
However, to apply, there are specifications and different types of business will have to apply for different kinds of schemes.
Fortunately, there are plenty of government grants fundings SME that you can apply:
- Tabung Usahawan Siswazah (TUS)
- Tabung Pembangunan Pengangkutan Awam (TPPA)
- Soft Loan for SMEs (SLSME)
- Young Entrepreneur Fund (YEF)
- PROSPER Usahawan Muda (PUMA)
- Skim Kredit Pengeluaran Makanan (SKPM)
- Business Start-up Fund (BSF)
- Bumiputera Enterprise Enhancement Programme (BEEP)
- SME Emergency Fund (SMEEF)
- TEKUN Financing
- Rural Economy Funding Scheme (SPED)
- Soft Loan Schemes for Services Sector (SLSSS)
Conclusion
In conclusion, to recover in this situation is a huge mountain to climb. With fundings, you will find that all of this could be easy.
Government grant fundings for SME is certainly an option for your business to recover.
Hence, there is no question that operating a business could be a very challenging task.
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