Funding Societies, Foodpanda unveil pre-approved SME financing options

• SMEs to get financing without repayment of principal for first three months
• Disbursement to be made  within two working days

Funding Societies and foodpanda have unveiled a new initiative for small and medium enterprises (SMEs) to get financing without repayment of principal for the first three months.

In a statement, it said the exclusive pre-approved financing service available for SMEs allows a three-month extension with no principal repayment for a financing tenure of up to 18 months.

Amongst the benefits of the service are disbursement within two working days, competitive interest rates and minimal documentation to ensure a smooth and hassle free financing experience for SMEs, it claimed.

“We began our partnership with foodpanda in May 2021 and have successfully exceeded RM1 million in financing disbursed to SMEs,” said Wong Kah Meng, co-founder and chief executive officer (CEO) of Funding Societies Malaysia.

“We understand the ongoing hardships faced by SMEs during the pandemic. To uplift the spirits of the SME community, there is no better time than now to launch our pre-approved financing initiative with certain economic sectors starting to open again,” he added.

Wong said by ensuring that no SMEs are left behind in their financing needs, it hopes to support inclusive and sustainable economic growth while reducing inequality.

The new initiative is another proof of Funding Societies’ commitment to serving the underserved and unserved businesses across all segments, said Wong.

“Since the launch of our partnership with Funding Societies Malaysia in May this year, we are thankful to have been able to provide our vendors with micro financing opportunities to ensure business continuity during this unprecedented time,” said Sayantan Das, managing director, foodpanda. 

The SMEs eligibility criteria for the exclusive pre-approved financing are as follows:

• Sole proprietorship, partnership, or private limited companies registered with SSM registration;
• Minimum 30% local shareholding; and
• Minimum six months in operation

Click here for more information on the financing service.