Do you want to apply for a business loan? Are you unsure where to look or what you need to know? In this guide, we will discuss business loans Singapore, and we will go into great detail on the type of business loan you can apply for, the benefits of a business loan, and how you can apply for this particular loan.
Although there has been a huge decrease in investments and revenue for businesses as a result of the change in the Global economy, now is the time to apply for a business loan. There are many different options for small, medium, or multinational businesses to help with the pinch of the current economic situation.
There are many different types of help available and also many different loan options for business loans in Singapore to help when profits dry up, and you feel like you cannot keep operating or need more investment.
Aside from business loans in Singapore, there are also an array of loans and helpful tools available to help you navigate through this trying time. These tools can also help you get the best from your company or business. Read on for the best advice and information on some of the tools and loans available.
How Do Business Loans Work?
To put it simply, business loans in Singapore are amounts of money that are borrowed by a business. Not only are they offered by the government and financial institutes they are also offered by Enterprise Singapore and consist of three loan types:
- Purchase Order Financing
- Invoice Financing
- Working Capital Loans
To qualify for these loans, you must fulfill the following requirements to apply. The main way to qualify, and most important, is the business must be physically present and fully operational in Singapore. If you do not fulfill these requirements, your business will not be able to apply for a business loan.
Most lenders will look at the credit score of the company directors, how long the business has been in operation, how it is performing, and how successful the business is. There are many online tools available if you would like to take a look and compare the different loans available before you make the decision to apply.
The online tools can be beneficial to ensure you do not make multiple applications that can affect credit ratings.
What are the Terms of Each Loan?
Below is more information regarding how much you can borrow, the requirements to apply, and also the term you can pay the loan back over. Pay close attention to this information before applying for any loan discussed in this guide.
|
Loan Name |
Max Loan Amount |
Duration of Loan |
Interest Details |
|
SME Working Capital |
1 Million |
Up to 5 years |
Bank dependent, F1 Assessment |
|
Temp Bridging Loan |
5 Million |
Up to 5 years |
Bank Dependent |
|
OCBC First Business Loan |
100,000 |
Up to 4 years |
Bank Assessment |
Growing Your Business: How Business Expansion Loans Can Help
Growing Your Business: How Business Expansion Loans Can Help