The 1Q 2019 economy statistics released by the department of statistics Singapore shows the economy looks promising with 5.6 percent year-on-year increase in household net worth. This would not have been possible in the absence of thriving businesses.
Just as profit is essential for the success of any business, so is the required finance for the kick-start or smooth running of the business. Accessing business financial loan is more of knowing the right place to look rather than checking out random places.
Generally, a business financial loan can either be secured or unsecured. Secured loans
will require the borrower to present some collateral’s as security. Unsecured loans
usually have the backing of a body as security before financial institutions could lend entrepreneurs money with no request for security. There are, however, some legal moneylenders
that now give loan without the demand for collateral but the amount accessible at once by a business is limited.
For a business to qualify for any of the loan categories, it has to satisfy two requirements before any other criteria stated for the category. The business must be registered and based in Singapore; at least 30 percent of its shares must also belong to Singapore local citizen(s).
Entrepreneurs can get up to S$100,000 loan to cover for their daily operations expenses and doing some upgrade in the company.
To qualify, a company has to satisfy all of the following:
- Must be registered and based in Singapore
- At least 30 percent shares of the company must belong to a citizen of Singapore
The interest rate on this loan will be determined by the financial institution the company will be applying through. These institutions consider different factors such as credit ratings to determine the interest rate and qualification for the loan.
Businesses are allowed to repay this loan in installment for a more extended period.
Under this category, businesses can qualify for up to S$100,000 loan. The loan is expected to be used as working capital, financial assets and any project the company is executing. It can also be used to acquire a company or see a merger process through.
SGP CREDIT will also determine the other factors that need to be fulfilled to qualify for the loan. Interest rates, collateral, and loan term are also determined by us based on the business credit analysis. We can customize a tailor-fitted payment schedule to ensure that you will be able to see through repayments while maintaining a healthy cash flow within your business.
Whether you are a local or foreigner in Singapore, there is a business financing loan you can access for your business through us provided you fulfilled all of the required criteria.
Irrespective of your purpose for seeking a Business Financing Loan, SGP CREDIT makes the process easier and faster. Apply online today for a dedicated call back from our professional loan specialist!