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Get A Loan – Best SME Business Loan Singapore2024-05-26T00:55:45+08:00

Give Your Business A Boost With The Best SME Business Loan in Singapore

With so many credit card options in Singapore, it can be overwhelming to find the right one to suit your spending habits and maximize your rewards. By carefully comparing key factors like cashback rates, rewards programs, annual fees, and special perks, you can identify the best credit cards to fit your lifestyle and get the most value out of every dollar you spend.

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Apply for Business Loan / SME Loan (Fast Approval)

MoneyIQ SG Fintech Singapore

Get extra funds to help your business scale and operate most efficiently with better cash flow.

Business Loan Amount Up To S$300,000

The easiest SME loan that lets you get financing to fund your business as much as S$300,000 with loan repayment over up to 5 years.

How to Apply for Business Loan

Step 1. Request A Call Back

To apply for Business Loan, just fill up the Application form. We will contact you within 24 hours.

Step 2. Submit Application Form

Complete the loan application form and submit the documents required.

Step 3. Approved and Receive Funds

Application has been approved. You proceed to sign the loan agreement and funds will be disbursed subsequently.

Get Quick Access to Business Loans!

No obligation! Let our loan matching system find competitive loan offers – faster. Get started by completing the form below.

Terms and Conditions

Only 21 years old and above is eligible for loan application.

To preserve the confidentiality of all information you provide to us we maintain the following Privacy Principles.

By clicking "Submit" and providing your personal data, you consent to our loan providers contacting you via the telephone and email for the loan application purpose.

We only collect personal information that we believe to be relevant and required to understand your financial needs.

We will only use any information collected as minimally as possible, mainly to assist us in customising and delivering loan packages that are of interest to our customers.

We will not make unsolicited requests for customer information through email or the telephone, unless customers initiate contact with us.

We have established strict confidentiality standards for safeguarding information on our customers.

Our loan providers will not use or disclose information collected from you other than for the purpose made known to you, authorised by you or required by the Law.

Why Apply for a Business Loan?

Securing a SME business loan does not mean that you’re facing a problem. In reality, it could mean that your business is growing, or you have more opportunities and need additional funding to start your business expansion or purchase new equipment.

Business Expansion

An expansion could mean that you need to renovate an office space. To support your business growth, additional funding is needed. Getting a working capital loan in Singapore is the right answer to speed up your expansion.

Additional Inventory Supplies

Retail businesses or those offering seasonal products experience a surging demand. Stocking up before the start of the season is a must. You must not wait before the stocks run out. Purchasing additional inventory requires a large amount of money. Therefore, a loan is needed to help you plan your inventories ahead of time.

Acquiring Equipment

Purchasing equipment is the best option for long-term growth. You can sell it in the future or have it as your collateral.

Increasing Your Working Capital

Working capital is vital for the continuity of business operations. A working capital loan is needed especially when you are starting a business and you need funds to support its daily operations. Credit companies offer flexible terms which is ideal to boost your working capital.

Improving Credit Score

If you are planning to borrow a large amount in the future, you must have a good credit score to maintain your reputation as a good borrower. Remember, in getting a loan, always be a responsible borrower.

Capture Good Business Opportunities

In business, sometimes a good opportunity comes. For example, you have found a profitable product line. In addition, a certain machinery which is vital for your operation was offered at a lower price. To grab this opportunity, you need to take a loan. Just make sure to not use it for high-risk investments.

Covering Unexpected Expenses

There might be times when businesses experience unexpected expenses. You might be in need to hire more workers to answer the increasing demand for your products. If you don’t have enough cash on hand, getting an SME loan is a great option to pay for these unexpected expenses.

Business Loan Guides for SME

In applying for an SME loan, important factors must be considered. We know that your goal is to be approved with your needed business loan. Here are the top considerations to be successful in your application.

1. Do Some Research

With a competitive market in Singapore, there are numerous financing institutions available. Oftentimes, you will think that banks provide the best option for you. When you do some research, you will find out that there are more reliable financial institutions. They feature a much competitive loan offers at an easier application process. You can search online, or you can visit them personally. Doing the first one is much more convenient. List down their requirements and loan offers and have a comparison.

2. Understand the Fine Print of Loan Details

In order not to be deceived by advertising campaigns, checking loan details is critical. Whether you see a higher loan offer or a lower interest rate, reviewing the fine print of loan details is vital. You must check over the repayment terms, fees, interest rate, and all requirements.

3. Be Truthful and Transparent with Your Loan Application

As financial institutions following the strict laws, borrowers need to abide also. They need to follow the requirements set by the financial institutions. Being honest with your loan application is the key to approval. Remember also that you are working on your credit history, so be transparent. Always begin your loan application with honesty.

4. Seek for a Professional Advice

Getting a business loan oftentimes involves a large sum of money. To avoid a high-risk decision, it is important to seek professional help. They can help you in better understanding the figures involve in your loans. They will also give suggestions on what is the best decision to take. Helping you find the right financial institution for your business is also one of their key roles.

5. Check the Interest Rates

Since Singapore has a highly competitive market, you can see varying loan interest rates. You need to know how to compute it so that you can see the estimates of how much you will repay. By doing this, you will foresee how your application goes by considering your capacity to pay.

6. Find out the Repayment Terms

Another important factor to consider when applying for a business loan. It is not enough to know about the interest rates, you must make sure that you understand the repayment terms. You can able to see if your business has the capacity to pay based on their term agreements like on a monthly basis.

7. Evaluate Your Credit Profile

To predict the success rate of your application, it is vital that you have to check your credit profile. You must evaluate beforehand your business identity. Among the key considerations is the capacity to pay, assets, tenure, and credit score. If you are in good standing, getting approved in your loan is 100% possible. The financial institution can see you as a prospective borrower.

You need to evaluate your business as if you are a credit company. By doing this, you will predict your application status.

Singapore provides an ideal location in setting up a business. It has received numerous accolades for ease of doing business. Both locals and foreign nationals can be an entrepreneur.

If you are planning to open a business in Singapore, here is our ultimate guide that can you follow.

How to Register Your Business in Singapore

Singapore has a simplified approach when it comes to starting a business. The process can be summarized in just 4-steps.

1. Select Your Business Entity Structure.

You can apply online at Bizfile, the Business Filing Portal of Accounting and Corporate Regulatory Authority (ACRA). To start the registration of your new business you are prompted to choose among the business entity structure. Among the structures are: Business (Sole proprietor/partnership), local company, Foreign company, limited partnership, or a limited liability partnership. One of the most preferred structures is the Private Limited Company due to its credibility and scalability. The liability of shareholders is limited based on their share capital. It comes with tax incentives. For foreigners with this type of structure, they can own 100% of their shares.

2. Setting Up Your Company.

When creating a company set-up, here are the following steps to follow:

  • Choose a company name. You must follow the guidelines set by ACRA in order that it will be approved. When you have created an ideal name for your business, you can search it over BizFile. The chosen business name must be unique, desirable and not prohibited by the Minister of Finance.
  • You must have at least one shareholder. During the application, you’ll need to provide their personal identification details.
  • You need to appoint directors. One of the directors must be a Singapore resident.
  • Appointing of company secretary within 6 months from incorporation. The secretary must also be a local resident in Singapore.
  • Indicate the amount of issued capital, wherein it must be at least $1.
  • Provide a registered company address. It must be a physical address where all communications and notices must be addressed.

After your registration, you may purchase a Business Profile. It is a PDF report from ACRA. It contains your basic company information: registration number, or unique entity number (UEN), company name, registration date, company officers and business owners. This is needed for verification purposes such as when opening an account to banks, licenses, and permits.

3. Opening a Corporate Bank Account

Once you have purchased your Business Profile, you can now open a corporate bank account in Singapore.

4. Processes to Work on After Your Company Registration.

  • To apply for permits and licenses. After successful registration, you may now apply for a license or permit depending on your business. You can go over GoBusiness Licensing website if you need to apply for a license or a permit.
  • You must also register your office hours and must have at least 3 hours per day.
  • Attain a business registration number from ACRA, this is used in all of your business documents.
  • Register your company at Singapore customs if your business is involved with export and import of goods.
  • Registration under Goods and Services Tax (GST) is required if you have an annual taxable revenue that exceeds $1 million per year.

You must also register with Singapore Central Provident Fund (CPF). With CPF, every employer is required to register with its citizen and permanent resident and must contribute monthly.

Advantages of Business Registration

As defined by ACRA, a business needs to register if it is working for profit. There are numerous advantages that you can gain through registration.

  • Your business can easily be validated since it can be searched by the public. It can help in featuring your authenticity
  • Finding information and making a transaction with your business is easier.
  • You can participate in government tenders. Additionally, you can secure intellectual property or apply for patents for your new products or technology.
  • You have the privilege to access for business funding from the government such as from Enterprise Singapore
  • You can also access on a wide range of working capital from bank and financial institutions.

As you go along your operation, you may realize the shortage of capital. You don’t have enough money to continue the operation, but you have seen that having a company loan can continue your business growth. As you find for working capital, you have found out that it is tough. Most banks in Singapore needs at least 2 years active in the business. And you don’t have enough history.

When you are starting up your business and it has been operational for at least 6 months don’t be disappointed. With credit companies, you are qualified for an SME microloan or a start-up loan. You have the opportunity to grab a low-interest business loan You don’t have to worry about where to scout for additional funding.

You are also qualified for an unsecured business loan. You don’t need to have collateral. Although financing options can be limited it provides a good start in addressing your funding needs. As long as you are a responsible borrower by paying on time, your credit score can increase in the future. Thus, it can lead you to have a higher loanable amount in the future.

Business Loan Guides for SME

Learn More About Business Loan for SME in Singapore

An Instant Business Loan for SMEs is a short term funding that you get from a financial institution or licensed lender. They exist in various types which you can choose from. In this guide, we show you different options to explore as well as the eligibility requirements, flexibility, and tenure. Keep reading.

Types Of Business Loans

Here is a rundown of the common types of loans that you can secure for your business.

1. Unsecured Business Term Loan

This is a type of funding assistance where your bank or financial institution doesn’t need any business or personal asset to use as collateral for the loan. The funding usually ranges between $50, 000 to $500, 000 with 3 to 5 years installments. To qualify for these loans, you must have a good financial history, credit rating or cash-flow forecast.

2. SME Micro Loan

SME Micro Loan is a Singapore government’s initiative to help Small and Middle-sized businesses (SMEs) to get sufficient funds to purchase work equipment, and to fulfill critical business needs. The maximum funding for SME Micro loan is $100,000 and it comes with fixed monthly installments.

3. SME Working Capital Loan

This was introduced in the Singapore government’s 2016 budget as another initiative to help SMEs get unsecured business loans. The maximum capital loan you may receive from this initiative is $300, 000 and is repayable at any time. It also doesn’t have any penalty or pro-rated interest rates.

4. Trade Financing

If you’re looking for quick funds to order for goods from suppliers, then this is the loan for you. It’s given out based on your credit. Therefore, your bank will give you a letter of credit to give to your suppliers. After that, you can purchase your desired products until you exhaust your financing limit. You will, however, pay a percentage interest to the bank.

5. Property Loan

This loan is designed to help you get financial assistance for your business needs by using your property as collateral for the loan. Most businesses prefer it because it has more affordable interest rates.

6. Equipment Financing

In Equipment financing, business owners get financial aid to help you acquire goods through leasing or hire purchase. It’s a favorable loan option for most entrepreneurs because it doesn’t only enable you to expand the business but also helps unlock your cash flow.

Business Loan Singapore

Business Loans — What Can They Be Used For?

This financial aid has different repayment terms, periods, and interest rates depending on your financier. When you get them, it’s mandatory that you repay them within the agreed time and in line with the laid down terms and conditions. This type of loan can be used for purchasing goods or expanding the business.

Eligibility

Different loan firms and banks have varying eligibility requirements. In most cases though, you need to have good credit ratings to qualify for the loans. Additionally, your company may also need to be one year(s) old, and above to be considered eligible.

Loan Tenure

The loan tenures may also vary according to your loan financier. Nevertheless, in most cases, you will be required to repay within a duration of 1 to 4 years.

Loan Quantum

The loan quantum is usually reached after a thorough assessment of your company’s strength, and creditworthiness. If you meet the stringent credit terms, your business can get loan financing ranging from $100,000 to $500,000.

Flexibility

These loans are typically flexible so choose a favorable loan tenure span that will help you meet all your primary business needs.

How To Get SME Business Loans In Singapore

If you’re looking for a loan for your enterprise in Singapore, there are two popular outlets you can check out.

1. Licensed Money Lender

(Fast & Easy Approval)

The licensed money lender is a legal lending firm in Singapore. It can help you get quick funds to pay for wages and purchase products. The significant advantage of obtaining loans from the licensed money lender is that they won’t check your credit history. Instead they will finance you based on your income report.

To get the most out of your loans, you must have a clear plan beforehand. This will help you stick to your projects, so you achieve set goals in time. Before taking a loan also, be sure to understand all your financier’s terms and conditions.

2. Bank Loan

(Slow & Strict Approval)

You can get a working capital loan or funding from most Banks in Singapore. The working capital loan is mainly for established businesses and is majorly useful in managing day-to-day business activities. These may include payment of wages and sourcing of urgent merchandise.

For funding though, you will need to show your business plan, valuation, and project report to the bank. After approval, you can get financing from Singapore programs like the SME Micro Loan and Working Capital Loan.

Frequently Asked Questions (FAQs)

Interest rates may vary, ranging from 7% to 13% p.a. effective rate.

The following documents are needed for the first assessment:

  • ACRA profile within the last 3 months
  • Latest 6 months bank statements

The least common requirement is that your company must be a Private Limited Company (Pte. Ltd). with at least 6 months active in the industry

For licensed money lender, you can simply apply online and get fast approval. You can receive approval results as fast as one business day. For banks applications may take about 2 to 3 weeks for processing once all requirements are complete, however for complicated cases, it may take up to 4 weeks.

Your business must be operating actively for at least 6 months old. Just use our online form, and we will help you find the most suitable loan offer.

Some licensed money lenders can still give you a chance to get a business loan even you have bad credit. They will evaluate your current financial status and provide you with a custom business loan solution.

Yes, you are welcome to apply for an SME business loan. It is recommended that you just need to have at least 6 months active in the business.

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Copyright © 2020-2024. All Rights Reserved | MoneyIQ – A Smarter Way To Find.  | About | Contact | Terms of Use | Privacy Policy

Disclaimer: MoneyIQ Singapore is a Fintech loan-matching platform that provides instant loan offers to its users. Our website also features premium financial products in Singapore and valuable information including buying guides, tips, and top listings such as the updated list of licensed money lenders in Singapore to help you create better decisions. As a Fintech platform, we are not a loan provider, a licensed moneylender nor a financial company. If you have decided to use our platform to find an ideal personal loan, business loan, or other types of loan offers, you will be dealing directly with the loan provider and not with us.

Secured by SECTIGO SSL Cert
DMCA.com Protection Status
MoneyIQ Singapore Fintech

Copyright © 2024. All Rights Reserved | MoneyIQ – A Smarter Way To Find.

 About | Contact

Terms of Use | Privacy Policy

Disclaimer: MoneyIQ Singapore is a Fintech loan-matching platform that provides instant loan offers to its users. Our website also features premium financial products in Singapore and valuable information including buying guides, tips, and top listings such as the updated list of licensed money lenders in Singapore to help you create better decisions. As a Fintech platform, we are not a loan provider, a licensed moneylender nor a financial company. If you have decided to use our platform to find an ideal personal loan, business loan, or other types of loan offers, you will be dealing directly with the loan provider and not with us.

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