In an age where entrepreneurial efforts are at its peak, CEO and Founder of SAHABAT SMI Consulting Sdn Bhd, Dato’ Lee Chee Weng thought up a brilliant idea to offer products and services complementing, and improving companies and their business needs. Speaking to Top 10 of Malaysia, Dato’ Lee elaborates on SAHABAT SMI’s offerings, financing options available to businesses, and his two cents worth on how to improve chances with business loan applications.
Hailing from Kuala Kangsar, Perak and an honors graduate from Universiti Teknologi Malaysia (UTM), Dato’ Lee Chee Weng has 20 years of experience in handling loans for SMEs, which are basically small and medium-sized enterprises. Upon realizing difficulties faced by SMEs in applying for business loans, he founded SAHABAT SMI in 2004 with a focus on providing a full range of integrated professional consultancy services to SMEs, with comprehensive knowledge in business financing, especially under Governmental and Islamic Schemes. Furthermore, SAHABAT SMI’s services aim to ensure that SMEs attain a financing package best suited for them as the company’s strengths include knowledge in various financial schemes available to SMEs without collateral or with low interest rates and on various government grants without repayment. Nevertheless, their main objective is to help companies set up systems that work, duplicate the systems, create value for the company, enhance company value, and preparing an exit plan.
“After resolving the financing problems of over 10,000 companies, we realised that financing is not the sole factor determining the success of a business. To maximise the growth of SMEs, management needs to first establish Standard Operating Procedures (SOP), which can be effectively replicated, create value, enhance value, and subsequently come up with an exit plan,” says Dato’ Lee on the various issues faced by SME businesses.
SAHABAT SMI comprehensively understands the needs and requirements of SMEs, financial institutions, development financial institutions, and Government agencies. This is evident when Dato’ Lee explains the various options for those interested in applying for a business loan, “There are many financing channels available, such as commercial banks, Development Financial Institutions like Credit Guarantee Corporation Malaysia Berhad (CGC) for instance, and Government agencies offering targeted financing packages too. Today, there are even other innovative financing alternatives such as crowd funding, venture capital and peer-to-peer lending (P2P).”
He adds that relationships with bank officers will not go far, simply because times have changed. “Do not make the mistake of thinking your close relationship with bank officers can guarantee your success in business financing. If you fail the credit evaluation, the officers cannot approve your financing request. In this era, credit scoring and risk rating are more important,” explains Dato’ Lee. “You cannot rely solely on relationships.”
Dato’ Lee generates a lot of awareness on the options available to SMEs by appearing as a panelist of RTM 2’s What Say You programme, in addition to his features in multiple top publications on the topic of SME loans. Furthermore, Dato’ Lee is the author of Malaysia’s 1st hot-selling guidebook in business financing – Decode of Financing. When asked what the book cover represents, he shares that it is to simplify his personal experience of the whole financing scenario in Malaysia. “No doubt, the government has been sincere in helping SMEs to grow and commercial banks are very friendly, SMEs still come against a brick wall more often than not,” laments Dato’ Lee.
Aside from overseeing his company, SAHABAT SMI, Dato’ holds various advisory positions in political parties, non-profit, as well as non-governmental organizations. A Regional Manager of Credit Guarantee Corporation Malaysia Bhd (CGC), Dato’ Lee is one of the pioneers of Direct Access Guarantee Scheme (DAGS) and is National President of Smart Borrower’s Organisation of Malaysia (SBOM) and a PSMB approved trainer. Additionally, he was honored with Life Honorary Advisor of Johor Shooting Association, and recently appointed as committee member of the Guangxi Overseas Friendship Association of China.
It is clear how passionate Dato’ Lee is when he stresses that SAHABAT SMI is very committed to enable growth for businesses, so business owners can be happier with lesser financial worries. Additionally, he encourages businesses to appeal if they have been treated unfairly. “A single employee does not represent the bank, and the staff turnover rate in banks is very high. If you are concerned about offending the bank by doing so, you probably see yourself as a receiver and the bank as a giver. This is an out-dated mindset. To me, if Bank A does not accept your loan application, go to Bank B. If you are not willing to switch, go to different business centres of the same bank. If you are not willing to change centres, you can still request for a different loan officer,” he elaborates.
For SMEs, Dato’ Lee says, “It is not too difficult to get a loan approved, but it is challenging to attain the right offer which is most beneficial.” Generally, for those who plan on applying for a business loan, Dato’ Lee states, “Eventually, you will have to deal with consequences that come with the decision. When it comes to business financing, strategize before making decisions. Do not jump into any loan application without taking due consideration in all aspects, or you may risk going into bankruptcy.” Dato’ Lee adds, “SAHABAT SMI is willing to train those interested in becoming professional loan advisors, and top management who wish to attain the right offer which is most beneficial. We also welcome collaborations with experts that will help maximise the growth and success of SMEs.”
