{"id":47416,"date":"2023-07-11T19:46:01","date_gmt":"2023-07-11T11:46:01","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=47416"},"modified":"2024-01-31T15:29:55","modified_gmt":"2024-01-31T07:29:55","slug":"business-financing","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/business-financing","title":{"rendered":"How To Fund Your Start-Up Business Idea In Malaysia"},"content":{"rendered":"

Starting a business can cost<\/a> anywhere from hundreds to millions of ringgit. What if you need capital to fund larger business projects, or to tide over rough patches during day-to-day operations? You may need to think about equipment costs, marketing, employee expenses or the cost of registering your business.<\/p>\n

On the upside, there are several ways to raise money for your entrepreneurial aspirations. Here are six options in Malaysia.<\/p>\n

<\/span>1. Personal loan<\/span><\/h2>\n

A personal loan may not be the first thing that comes to mind when you think of \u201cbusiness funding\u201d, but it can be a good way to drum up smaller amounts of funding quickly. This makes it suitable for microenterprises that don\u2019t need a lot of capital, such as a home-based bakery or a food truck business.<\/p>\n

To qualify for a personal loan, you\u2019ll need a decent credit score and a history of stable income. These loans are generally easier to get than a business loan, which may require your business to have been in operation for a few years. Some loans also disburse funds within one working day, which is useful for covering emergencies.<\/p>\n

On the downside, personal loans have a lower financing limit of between RM50,000 to RM200,000, although your limit may depend on your income. They also generally have higher interest rates than business loans. Plus, if you run a business or if you\u2019re self employed, it may be harder to qualify for a personal loan.<\/p>\n