With big banks in Singapore getting more and more stringent with the loan options and offerings, securing a loan in your small to medium enterprise is becoming increasingly difficult and harder to come by.

Adding cash flow to your business is a necessary feature if you are going to compete in the ever-growing and expanding business world in Singapore, and that is what we are here to discuss – your options.

This guide is here to give you some valuable insights into the loan options available to you and how they can help you to further your business ventures and grow with the times. 

Key Features to Look Out for When Applying For a Business Loan

Acquiring the easiest company funding Singapore has to offer is an acquisition that should not keep you up at night, and these key features are what make your loan application easier than you could imagine.

• Online Application – means that you do not have to wait at the bank to get your business done. You can fill out the application form online, and once it has been reviewed, you will be called into the bank for an appointment.
• Flexible Interest Rates – because of the uniqueness of your business, your interest rate is tailored to best suit your business’s needs. 
• Top Quality Advice – taking a look at your business and its needs, your loan will be further tailored to give you the right amount that you really need to borrow. This way, you are able to make a better informed financial decision.

Business Loan Options Available in Singapore

Business loans are all grouped under this umbrella term, and although they might all sound the same, each has something unique to offer you. 

(Standard) Business Loan

This is a standard loan that does not require you to put down any collateral, and the repayment terms are standard, with up to 5 years to repay the loan. There are, however, a few conditions that apply, for example: how long your business has been a going concern and how much revenue it makes annually. 

Working Capital Loan (SME)

This is a unique type of loan that is offered exclusively to Singapore-registered SMEs that are at least 30% Singaporean owned. These types of loans offer up to $1 million to be repaid within 1 to 5 years.

Startup Business Loan

Similar to a regular business loan, a startup loan is like a “mini” business loan and is capped at $100,000. These are easier to acquire than a regular business loan, requiring that you have only been in business for a few months. You do not need a strong financial history to acquire this kind of loan.

Temporary Bridging Loan

A bridging loan is another government-backed loan and is one that is there to help all kinds of businesses. As with the working capital loan, these loans are eligible to Singaporean-owned businesses (at least 30%), with the loan amount capped at $5 million, repayable up to a period of 5 years. 

Financing options for businesses in Singapore are readily available and easy to attain. With a wide range of options to suit you and your business’s needs perfectly.