If there’s a will, there’s a way. Did you know that you can apply for government grant fundings for SME business?
Without a shadow of a doubt, the current COVID-19 situation has a severe impact on small and medium-sized enterprises (SME) businesses with a lot of companies are struggling.
Years of hard work and dedication could just go down the drain in just a few months.
SME business owners are surely scratching their heads, findings alternatives to save their business.
With government grant fundings, This will surely boost the prospect of your company surviving during this tough period.
Let’s dive right in.
What Is Government Grant Fundings?
This is one of the initiatives by the government to reduce the burden on SME business and help them to recover.
A few months of poor business could be a huge blow to this industry because not everyone has the resources to recover.
Back in April, the government announced that SME business will receive fundings with the amount of 10 billion ringgit specifically for this industry.
Following the declaration of the Movement Control Order (MCO) back in March, it was inevitable that SMEs will suffer because of the lack of business activities.
Why You Should Apply for Government Grant Fundings?
See this as an opportunity to make the best out of a bad situation. This is a lifeline if you are facing difficulties at the moment.
The main purpose of government grant fundings for SME is to assist them to recover financially.
This is a huge boost if you have employees to retain and cashflow to manage.
The fundings will certainly help your business to recover from the impact of Covid-19 situation.
How To Apply For Government Grant Fundings?
There are a few steps that you can follow to apply for government grant fundings.
Step 1: Identify Which Type Of Grant Is Suitable For You
As an SME business owner, you have plenty of options to get fundings.
Out of all fundings out there, there is surely one suitable for you. So, don’t give up and try to look for more.
It is understandable that you might have some things to consider before making that decision. Hence, take all the time you need to decide what’s best for you.
Some of the fundings that are available out there are Young Entrepreneur Fund (YEF), Bumiputera Enterprise Enhancement Programme (BEEP), and many more.
Step 2: Ensure That You Meet The Requirements
For your information, each type of funding has its own eligibility specifications.
Read through all the terms and conditions. If you fulfill the requirements, you should not hesitate to apply.
For example, Soft Loan for SMEs (SLSME) aims to help both start-up enterprises and existing business.
However, this loan is mainly focused on manufacturing-related services. This means if your SME provide services such as insurance and finances, this is not for you.
Another example of government grant fundings is Skim Kredit Pengeluaran Makanan (SKPM).
If you are involved in the food business, this is the one for you to explore. Your business will be able to get the much needed financial boost.
Besides the fundings mentioned above, there are more options out there that have different target groups and industries.
From helping youth starting their own business, supporting rural entrepreneurs, helping companies recover from financial disasters, and many more.
Step 3: Contact the Government Agencies
Once you have identified and selected suitable fundings for your business, contact the agencies to make inquiries.
This way, you are only a few steps away from getting the fundings that will boost your business financially.
This is a chance for your business to stay in business and make the recovery it desperately needs.
Let’s not waste years of hard work getting your business to where it is today.
With government grant fundings for SME, your burden will surely be lessened and this could potentially be the turning point for your business.
Hence, don’t second guess your decision to get fundings for your business. There is always one for you.
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