Help Your Business With A Government Loan

Published on: 22 June 2021 Last Updated on: 03 January 2025

The COVID-19 pandemic has caused unforeseen hardships to a lot of entrepreneurs in Malaysia who launched their enterprises in the last couple of years. No one could have estimated the amount of damage to the economy the pandemic would cause or the length of time it would take to recover. The sign of a government loan is like fresh air in the business world, which swift away all your investment-related headaches.

However, there are government loans that you can apply for to help ensure your business survives and has a chance to prosper once the coronavirus has been conquered.

3 Tips For Applying For The Government Loans

The government loans strategy is more robust and well revised. You may be thinking of applying for the loan, but your business is not a big one. You think the government is not willing to lend money to your business. But it is possible.

Here are three easy tips for applying for a government loan.

1. Promoting The Small And Medium Enterprises

These government loan schemes are targeted to help the most financially vulnerable businesses, which are small and medium enterprises (SMEs). SMEs are typically started by well-intentioned but underfunded people who want to put their particular skill-set to use. They might be launched with only a few employees.

Still, by careful management and conservation of their assets, they can grow to make a significant contribution to the state of Malaysia’s economy. The government loan schemes target businesses applying for lower loan totals than a giant corporation would need.

With the world beginning to see the value in micro-finance and recognize the healthy input of small businesses on a country’s economy, the Malaysian government felt that with the effects of the pandemic likely to last for some time, it was the perfect time to offer these loans to the public. The small and the medium enterprises will need significantly less money as the loan, but the success chance is more.

2. Apply Through Existing Financial Institutions

To receive your working capital loan, you apply through an existing financial institution. These are not loans per se but rather government-backed loan guarantees under the Working Capital Guarantee Scheme (WCGS).

You receive the loan through the institution and pay them back directly. The government insures the institution against default. The financial institutes are taking a short period, but as you are now dealing with them, your debt payments period will rise.

Even if you’ve been turned down for a loan by the financial institution because you didn’t qualify under their terms, you can reapply under the terms of the WCGS government loan schemes. Government loans require more guarantees and the assurance of return. When you are applying through the existing financial institute, the process will take a small period for sanctioning.

3. Six Types Of WCGS

The diversity among the business is always present. Therefore, your proposal business planning everything can be different. There are six types of WCGS applying to different people and different kinds of business models. These schemes offer differing amounts of loans as well, so you should choose the scheme to apply for that meets your financial needs.

They each have different qualifications, and you need to read the qualifications of each loan scheme and choose the best one for your situation and business.

WCGS is a loan scheme that offers from 100,000 to 10 million Ringgit.
WCGS-SU is a loan scheme targeting startups that offer from 50,000 to 500,000 Ringgit.
WCGS-B is a loan scheme targeting Bumiputeras that offers from 100,000 to 3 million Ringgit.
WCGS-X is a loan scheme targeting export companies. It offers loans of from 100,000 to 10 million Ringgit.
WCGS-W is a loan scheme targeting Woman-owned businesses. It offers loans of from 100,000 to 1 million Ringgit.
ADGS is a loan scheme targeting companies that engage in automation and digital products and services. It offers from 100,000 to 10 million Ringgit.

To find out more about these government loan scheme’s qualifications, inquire about WCGS schemes with the financial institution that handles your banking.

Conclusion:

Applying for a government loan is making all your hard work easy. Usually, government loans have a low-interest level. The time limit is also going to be more stable. If you follow these tips, you can easily apply for a government loan and start your journey in a more relaxed way.

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How to Protect Your Finances While in a Nursing Home

It is usually the case that very few seniors know what rights they have when it comes to long-term care, as well as their options when it comes to their finances. Many people will either avoid thinking and planning about the issue or develop a faith that they won’t need senior care when they grow older. The statistics point out that nearly 70 percent of Americans age 65 and older will need some kind of long-term care for their sunset years. Nursing Home bills can be expensive if you are not aware of it. When it comes to payment for nursing home costs, you will typically use a combination of Medicaid, long-term care insurance, assuming you took out a policy and have been faithful with the premiums and money out of your own pocket. Paying for it out of your own pocket or some form of insurance will take a lot of planning beforehand and savings as well. Because most people don’t do this, they instead turn to Medicaid. A Look in Medicaid Of Nursing Home: Medicaid isn’t like Medicare, which doesn’t cover long-term care. Medicaid is a means-tested system which means that you can only qualify if you have a low income, own a small amount of money or assets or both. It is usually the case that seniors will want to preserve their money, either to pass it on to their families or simply because they want to preserve it. The problem is that Medicaid has strict requirements that do not allow for this. Medicaid requires Americans to spend money out of their pockets before the program steps in. If a senior American gives their assets away to their families, then Medicaid has a 60-month look-back period where they will look for this inheritance and hit the senior with a penalty period where they will be disqualified from Medicaid. There are, however, various legal strategies you can use to protect your finances, according to The National Association of Nursing Home Attorneys. Put Your Money in an Asset Protection Trust: These trusts, as you might imagine, are designed to protect your wealth. You can, however, use it to protect your money in other instances as well. When you pass your assets along to a properly designed trust, then that property no longer belongs to you. It is therefore not within reach of any creditors or even Medicaid. Make sure you make the transfer more than five years before you need long-term care because it could still come within the look-back period of Medicaid. Put Your Money in an Income Trust: You have to deal with income limits when you apply for Medicaid. If your income exceeds that limit, it will be considered as excess. To avoid this situation, you can put your money in either a pooled income trust or a Qualified Income Trust. Qualified income trusts are designed to hold any of your excess income. It is an irrevocable income trust. A pooled income trust, on the other hand, is used to hold excess income for disabled individuals. The income from many such individuals is pooled together managed by a not-for-profit organization. Caregiver Agreements: This can prove to be a useful strategy in some situations. It is useful when the individual would like to access extra services that Medicaid does not cover. You can get a friend or family member that has taken some time off from work to provide you with these services and pay them an income for it. It is an excellent way to ensure you are cared for by someone you trust and also to reduce your countable resources from Medicaid’s perspective. Read Also: Everything You Need To Know About Term Insurance Plan Premium How To Choose The Best Auto Insurance Company?

9 Vital Options for When You’re Desperate for Money

Most people themselves in a financial jam from time to time, but not everyone knows what to do when it happens! The initial reaction is a sense of panic or desperation. But at some point, logic steps in and reminds those who are short on cash to take action and turn things around. If you're in need of money fast and you're not sure what action is best, don't worry. Take a deep breath and keep reading. Here are nine things you can do if you're desperate for money. 1. Pawn Something You Own: Maybe you don't have too much money in your bank account right now, but chances are you have plenty of things you can sell for quick cash. The real issue comes down to what you're willing to part ways with and how much you can get for the things you pawn. Take a moment to consider all the electronics you don't use anymore and the jewelry you never wear. See if there are any pieces of furniture around your home that are in good condition but that you wouldn't mind not having. It's not like you have to turn in every single thing of value you own. A few personal sacrifices can go a long way, though. 2. Go Through Your Closet: Instead of pawning one or two things of value, consider getting rid of a lot of things of average value--like a bag of old clothes. There are tons of consignment shops and thrift stores that are willing to purchase the old clothes you rarely ever wear. The thing is, your clothes have to be in good condition, and you shouldn't expect to get the same amount money back as what you paid. Still, one bag of clothes can become the money you need to do groceries for the week or get enough gas to get to work. 3. Do Odd Jobs: Another option you have to make quick money when you're short on cash is to do odd jobs. This can be especially profitable if you just got laid off. As weird as it may sound, just take a second to think about all the odd jobs you can do in one day. You could run errands for people who are too busy to do them themselves--like walk their dogs or pick up their dry cleaning. You could babysit, mow peoples' yards, or even take out their trash. There are plenty of things that people will pay others to do if it means not having to worry about it themselves! The trick is to get out of your comfort zone and swallow your pride a bit if you want these odd jobs to help you pay your bills. 4. Pick Up a Side Job: You could do a lot of random odd jobs or you could pick up one side job in addition to the work you already do. This will take up all of your time. It will make you tired and a bit restless, but it will also help make ends meet. It's worth it, and, it could be more fun than you think! A side job could be anything from bartending at night to being a coffee shop barista in the mornings. It could mean you become a waitress or waiter or that you wash dishes in the back of a restaurant, too. 5. Sell Unused Gift Cards: Here's an interesting thought: you may have more money available to you than you think. It just may not be in the form you need it. If you have a bunch of gift cards to clothing stores and online shops, sell them. This can give you the cash in hand you need for more important things like groceries, rent, and gas. It's a simple, stress-free way to make money in a short amount of time. 6. Get a Cash Advance: Getting a cash advance isn't the best idea on this list if your credit is already really bad. But, it could help you if you're in a financial jam for the first time and you have a plan to get out of it. Cash advances give you access to money from your credit card. Instead of using your credit card to pay for things, a cash advance gives you cash to do whatever you need to do. Keep in mind the interest on this charge may be higher than your card's regular level of interest. Most cash advances also apply an added fee to the transactions. If you're looking for a better alternative, try searching for payday loans online no credit check instant approval. These will work similar to a cash advance in the sense that you'll get the money you need in a short amount of time, but, you won't have to worry about charging even more to an already steep credit card statement. 7. Try Peer to Peer Lending: Still looking for options? Consider peer to peer lending! This is a solution most people don't even know about when they're desperate for cash. It works kind of like a personal loan from a bank, but it's more flexible. To get funds from peer to peer lending, you have to find a group lending platform and apply as a borrower. Then, a lender will decide whether or not to give you their own money for a set interest rate. You then create an agreement with this lender for the amount you're going to borrow and how you're going to pay it back. 8. Borrow Money From a Friend or Family Member: If you're considering peer to peer lending, you may as well borrow money from a friend or family member. There's no shame in doing this from time to time. Your loved ones want to see you succeed, and they're usually willing to help you get out of a jam. It's not a gesture to abuse, though. You shouldn't assume that borrowing from loved ones is a safety net that will always be there. But, it is one you can rely on when something unexpected comes up that you have to figure out how to pay for. 9. Take Advantage of All the Free Services You Can: Sometimes, the best way to make money is to save more of it. If you find yourself feeling desperate for more money, be careful about how you spend the money you do have. Take advantage of every free service you can--from food stamps to public transportation to doing laundry at your parent's house. These may change your way of life for a bit and require extra planning during your day to day routine. But, it can do wonders for your personal finances. How to Never Feel Desperate for Money Again: It's one thing to figure out how to make money fast when you're desperate for money, and another to establish such a good relationship with money that you never find yourself in such a place again. This is 100% possible if you put your mind to it. You don't have to be filthy rich to be financially secure. You just have to figure out better ways to make, save, and spend your money. You can turn a little bit into a lot if you know how to best make use of it. It takes time and effort. You'll have to change a lot of your spending habits and overcome a few fears about money, too. But, you'll come out the other end in a much better place. Here are some tools to help you figure out how to become financially secure. Read Also: Hotel Jobs In NYC – Top Reasons To Explore This Opportunity How To Save More Money?

Why You Need Classic Car Insurance?

Do you have an old or classic car you would want to insure? When we mean old, we are not talking about 5 or ten years old cars; we are talking about cars made before 1998. If you have such type of car and plan to ensure them to keep their value, there are certain things you need to know. Find out whether your car qualify for classic car insurance Generally, normal car insurance doesn’t have provisions for insuring a classic car. If you need to insure your classic car, may have to take another car insurance policy. For an insurance company like American Insurance to consider you and your car for classic car insurance, there are certain criteria you need to meet. The car must not be your main vehicle. You must have another car you drive more frequently. You should also have a valid driver’s license and secured structure you store your vehicle. Obviously, the car should not be more than 25 years old. If your car is older than 20 years since it was manufactured, you are no longer dealing with a classic car but an antique one. How is the insurance amount determined? Again, your normal car insurance provides coverage up to the actual value of the car. But for classic car insurance, the insurance amount is determined by you and the company. This determination is based on the valuation of the car by research carried out by an underwriter, a professional appraisal, or a classic car valuation guide. What a typical classic car insurance policy covers As stated earlier, a classic car insurance policy differs from the traditional car insurance policy. Apart from providing cover for damage to the car, there are other benefits you can gain from a classic car insurance policy as outlined below. If your personal items are stolen or vandalized, you will be reimbursed If your car is due for the car show but breaks down, the company can offer to pay for your expenses Emergency travel expenses Lost key return Emergency lockout services Roadside assistance Emergency flatbed towing Some companies like American Insurance can cover all of the items listed above while some other classic car insurance companies may provide cover for some. When selecting the best classic car insurance package, it’s important to consider what their policy covers and what it doesn’t cover. That way, you will be able to determine whether the policy is right for you and your car. Difference between normal car insurance and classic car insurance There is obviously a significant difference between your normal insurance policy and a classic car insurance policy. Let’s find out some of those differences. Depreciation or appreciation Your normal car loses value as it gains mileage. But a classic car may appreciate in value, especially when it has been properly maintained. However, your antique car starts depreciating once it has been insured. Based on this reasoning, you are going to receive a lower amount of indemnity if your antique car is totaled (completely damaged) in an accident. Mileage restrictions In classic car insurance, there are certain restrictions placed on the number of times you drive your classic car. However, a normal car insurance policy doesn’t have any mileage restrictions. Lower premiums Classic car insurance premiums of insurance companies like American Insurance are significantly lower than normal car insurance premiums. Sometimes, they may even be lower by 45%, although this depends on other factors as well. Conclusion Owning a classic or antique car is certainly a great investment of your money and time. However, ensuring such a car shouldn’t be much of a hassle for you. There are policies you can take to effectively give protection to your classic car. The above information will be helpful to you when looking for the most ideal option when taking up a classic car insurance policy. Read Also : 7 Reasons Why Teenagers Pay Extra For Car Insurance Tips For Reducing Car Insurance Costs

Help Your Business With A Government Loan

3 Tips For Applying For The Government Loans

1. Promoting The Small And Medium Enterprises

2. Apply Through Existing Financial Institutions

3. Six Types Of WCGS

Conclusion:

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Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Related

How to Protect Your Finances While in a Nursing Home

9 Vital Options for When You’re Desperate for Money

Why You Need Classic Car Insurance?

Help Your Business With A Government Loan

3 Tips For Applying For The Government Loans

1. Promoting The Small And Medium Enterprises

2. Apply Through Existing Financial Institutions

3. Six Types Of WCGS

Conclusion:

Share this Article

Stocks Versus Real Estate: Which Is The Better Investing Option?

5 Financial Risks of Starting a Small Business and How to Avoid Them

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related