FundingBee Offers Collateral-Free Micro Loans To Small Businesses

Small businesses in Malaysia who want to expand are often unable to borrow funds due to lack of credit scores and collateral from banks and bigger financial institutions. FundingBee by Bee Informatica is here to help this underserved segment get the financing they need to grow their business.

Regulated by KPKT (Ministry of Housing and Local Government), FundingBee is a legal money lending company offering micro financing services to small business owners.

Benefits of FundingBee business loan

Business owners looking for financial support will welcome FundingBee’s collateral-free financing. They offer micro business loans of RM10,000 up to a maximum of RM50,000 with repayment terms up to 12 months.

With fast approval, easy application, and low interest rates, business owners can focus on growing their business without the worry of collateral requirements.

Here are the key benefits:

• Fast approval. Your application can be approved in a few days
• Less documents. Simple online process to apply
• No hidden fees. Transparent repayment schedule, no hidden charges
• Affordable interest rates. Competitive rates of 8%-12%

The company also offers free consultation services to business owners who have concerns about applying so they can get help to make up their mind.

How to apply for a FundingBee business loan

Small business owners can easily apply online with iMoney. The process is simple.

Just follow these steps:

1. Visit www.imoney.my/business-loan/bee-informatica/funding-bee
2. Click on the green ‘Apply’ button
2. Fill in the online form provided and click ‘Confirm’
3. Our Customer Care Agent will contact you to help you complete your application.

If you have been facing difficulty in securing financing because of the strict criteria, FundingBee uses its own credit scoring to determine the willingness and ability to repay for customers. This includes a cash flow record of 6 months as well as an inhouse psychometric test.

Using psychometric tests instead of credit score

Traditional financial institutions tend to look at bank accounts and past financial performance when providing loans. FundingBee on the other hand uses a personality diagnostic test called a psychometric test.

The test uses 48 questions to analyze three personality and behavioral areas: entrepreneurial spirit, financial literacy, and compliance. Based on these areas, FundingBee uses AI algorithms to calculate the likelihood that the loan will be repaid. Borrowers are also provided video learning materials to improve financial literacy.

The company won the Tokyo Financial Award 2022 (Financial Innovation Category) sponsored by the Tokyo Metropolitan Government for this microfinance business initiative utilising AI.