U Mobile has announced a partnership with Funding Societies to offer business financing solutions to Malaysian micro, small and medium enterprises (SMEs) as well as small office/home office (SOHO) customers via its digital payment solution GoBiz.
U Mobile aims to empower local micro, SMEs and SOHO business owners to address a common need in growing a business—lack of working capital for business expansion.
For the uninitiated, Funding Societies is Southeast Asia’s first and largest peer-to-peer (P2P) financing platform. It connects SMEs with investors via its online platform and since its establishment in 2017, has disbursed over MYR4.6 billion worth of working capital to SMEs across Malaysia, Singapore and Indonesia (known as Modalku).
Through the GoBiz website, U Mobile and GoBiz customers can access Funding Societies’ P2P financing assistance platform that offers flexible loans ranging from MYR3,000 to RM1 million with various tenures of up to 18 months.
The application is seamless—applicants can apply online via the GoBiz website. U Mobile and GoBiz customers do not need to provide collateral or retention sum. Applicants will also receive their application status within two working days upon full submission of documents.
U Mobile says its GoBiz customers do not need to provide additional documents to prove income if they have at least six months of active monthly transactions with GoBiz.
Eligible businesses that submit their applications via GoBiz will enjoy the following benefits from Funding Societies:
Financing amount of up to MYR100,000 for Micro Financing and up to MYR1 million for Business Term Financing
- Fast disbursement with approval as fast as within 2 working days
- Flexible tenure between 3 to 18 months
- Minimal documentation requirement
- Retention sum requirement waived
- Competitive interest rates
- No collateral requirement
To apply or to know more information, please visit http://gobiz.com.my/p2p
