1. Who may apply for the Malaysia Kitchen Financing Facility?
Any Malaysian who has at least a 1 year experience in managing a restaurant overseas or 3 years in managing a restaurant in Malaysia. The business must be Malaysian owned by at least 51%.
2. What if the Malaysian partner does not have the experience but the local partner does?
The application may be considered provided the Malaysian partner resides in the country where the business is and jointly manages the business. Evidence that the business is capable of serving Malaysian food is required e.g. employment of Malaysian chefs or the foreign partner himself is passionate on Malaysian food and has Malaysian cooking experience.
3. Will a Malaysian who is a Permanent Resident overseas be eligible to apply?
Yes, as long as he/she does not renounce his/her Malaysian citizenship.
4. Is there any requirement that the company applying for the facility be registered in Malaysia?
An overseas registered company may apply provided that the Malaysian shareholders hold a minimum of 51% of the shares.
5. Would EXIM Bank consider applications for opening a restaurant under a franchise?
Yes, the franchise must be Malaysian-owned and originates from Malaysia.
B. Financing Amount
6. How long does it take for my loan to be approved?
Within 21 days from the date that EXIM Bank has received the complete documents needed.
7. Is there any minimum and maximum amount of loan?
There is no ceiling amount of loan. As long as the project is “viable” and the cash flow is measurable and justifiable.
8. What type of expenditure can be financed?
A) Capital Expenditure
Renovations including furniture, fixtures and fittings
Table wares
Kitchen equipment such as the stove and other cooking equipments.
Leasing deposit Pre Opening cost
B) Working Capital
Purchase of raw materials and supplies
Staff salary
Utilities
Rental of premises and staff accommodation
C) Soft Cost
Legal fees
Auditor’s frees
Insurance
Franchise free
Deposits
Work permits
Staff uniform
Broker’s commission
9. Is there a minimum percentage for Malaysian menus?
There is no minimum percentage of Malaysian menus to be served. However, Malaysian food must be served. Malaysian food is defined as food that is traditionally and customarily consumed by Malaysians. Fusion food is allowed in addition to Malaysian food.
10. Is there a condition that the chef must be Malaysian?
The chef may or may not be a Malaysian. If a foreign chef is employed, he/she must be capable of preparing Malaysian food. Evidence of this must be shown, e.g. the chef has a certificate of formal training in Malaysia or has experience in preparing Malaysian food.
11. Is there any condition for halal food to be served?
No.
12. Would home businesses or peddlers/hawkers be eligible?
The business must be located at and operated from a permanent business address.
13. Is there a minimum percentage for Malaysian décor?
There is no minimum requirement on Malaysian décor. It is at the owner’s choice. However, the décor should portray a Malaysian ambiance.
C. Disbursement & Repayment
14. How would EXIM Bank disburse the loan amount?
For the capital expenditure portion, disbursement will be made progressively or lump sum to the Supplier/Contractor upon progressive/full completion of the project. Disbursement may be made directly to the Customer on a reimbursement basis evidenced by proof of payment made. For working capital, disbursement will be made directly to the Customer.
15. How is repayment of the loan made?
Repayment will be made directly to EXIM Bank in Ringgit Malaysia based on EXIM Bank’s monthly billings. Any excess or deficit in payment due to the exchange rate differences shall be credited or debited in the next billings.
16. What are the documents required before we can submit the application to the financing facility?
The following items are crucial before submitting the application:-
- Readily completed forms with the supporting documents;
- Identification of the business location;
- A comprehensive business plan;
- Detailed market study of the business surroundings;
- Profile of the management; and
- Other documents deem fit by EXIM Bank.
17. What happens if the project stalls and how would the bank help?
Various avenues are available such as rescheduling, restructuring or additional injection of loan.
18. Will EXIM Bank consider approving the loan before the lease agreement is signed?
The Bank may consider approving the loan based on the draft of the lease agreement. The terms of the lease is required for our due diligence process. The execution of the lease agreement will form part of the condition precedent to disbursement of loan.
19. Does EXIM Bank offer an Islamic facility under Malaysia Kitchen?
Yes, we have an Islamic facility for the Malaysia Kitchen financing. The menus served must be halal.
20. Can I apply the loan before securing a place?
You will have to identify the place of business before applying the loan. The location is vital for our due diligence process.
21. How and where can we get the application form?
The application form may be obtained from our website www.exim.com.my or from our Head Office in Kuala Lumpur. Alternatively you may call for us to email the form to you.
