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Use our free online loan assessment tool to compare all SME financing facilities. Regardless if you are a start-up or a growing SME, you will enjoy the convenience of our one-stop business solutions below, from business loans to trade finance, designed to help you with your business. To be eligible, your business must be at least 30% locally held, established for at least 3 years, and have a minimum annual turnover of at least S$300,000. Sign in now to claim your free savings guide. Capable Loans: #1 SME Business Loan Broker Singapore #1 SME Business Loan Broker in Singapore Your go-to partner for all your business financing needs. Businesses can apply SME loans from a myriad of banks, financial institutions or alternative lenders. We work with SME firms to … “I used to be scared of credit cards, but SingSaver.com.sg made me realise that I don’t have to worry about debt if I pay my bill on time each month. If somehow you don’t qualify for the SME loans discussed above, there are other ways to secure the finances you need to expand your business or to keep it going. Yet, when your SME loan application is declined, you will either have to cancel or postpone this project. SMEs seeking relief should look towards these two loans … Compare SME Business Loans By Alevin ChanAn ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. WaWe Design SingSaver.com.sg’s comparison tool helped me decide on an air miles card in 10 minutes.” ”, “ “I used to be scared of credit cards, but SingSaver.com.sg made me realise that I don’t have to worry about debt if I pay my bill on time each month. If you manage to secure any form of business loans, ensure prompt subsequent repayments to build up a good credit record for your company. If your main bank is not able to meet your requested financing amount, you can also apply across other banks concurrently to maximize the financing amount you’re targeting. Linkflow Capital Pte Ltd All rights reserved. However, please note that on these types of Singapore business loans you would only be able to take out a smaller working capital amount, at a higher interest rate and shorter repayment period and terms. Collateral-free* business loan for SMEs. There are close to 20 banks & financial institutions (FIs) providing small business loan to SMEs. Enter your business name & email below to see all your best SME loan options instantly! Up to $600,000 per SME firm. Singapore SME loans are not exactly the easiest to get but the government has been very supportive to startups in the past with Micro Loans and for the SMEs with the Working Capital Loans. Credit criteria and interest rate are different for all banks. To qualify, your business must be Singapore-registered and operating for at least 3 years with a minimum annual turnover of S$750,000. There are very limited financing options for new startups. What government assisted financing schemes and loans can SMEs apply for? Firstly, our SME Loan requires that the business must be registered with ACRA or UEN for more than 6 months. Your business should also not have more than 200 employees and annual turnover should be under S$100 million. As your business matures and coupled with a good credit record, it’ll be easier to source for financing in future from more banks, with more options. We are one of the top licensed money lenders in Singapore with more than 15 years’ experience. Apart from these, local banks and financial institutions (FIs) also offer an array of instalment loans and other credit tools. There is no definite answer to this because different banks have varying credit criteria and risk appetite. Performance guarantee, pay only for results! Ltd. Don’t have your applications rejected. Government financing scheme with up to S$1M for working capital.Maximum repayment period up to 5 years.Government risk sharing increased to 90% till Mar 2021. Various government financing schemes streamlined under one umbrella. If you’re seeking a business loan to the tune of half a million, the Maybank Business Term Loan may be suitable. So from application to receiving funds, expect a turnaround time of between 3 to 5 weeks. Assisting SMEs with business financing remains our core business. Fun fact: the Singapore government offers various SME loan financing schemes to help businesses. In conclusion, having small and medium-sized enterprises (SMEs) at all levels of the formal financial system is useful for rebalancing the global economy. Applicant with such criteria will have a higher probability to loan approval. The SME Micro Loan is a government assisted financing scheme to help local SMEs access financing. Welcome to Apply Loan SG, the first online platform for finding the best money lenders in Singapore. He’s also on an ongoing quest to optimise happiness and enjoyment in his life. For those who can’t afford to wait, alternative financiers such as P2P crowdfunding platforms is another viable option as they typically process applications faster, within 1 week is the norm. Is there startup SME loan available for new business and company? SMEs seeking relief should look towards these two loans first, given: a) The risk share of 90% by Enterprise Singapore (which reduces lender risk and increases the chance of approval); b) The option to defer principal repayment for the first 12 months of the loan (which helps businesses manage cashflow). This loan is open to sole proprietorships, partnerships or private limited companies registered and operating in Singapore for at least 3 years. Obtain unsecured SME loans at interest from as low as 1.3% p.a. I found and applied for a cashback card easily on their website. You can take out unsecured SME business loans in Singapore. Avant Consulting Pte Ltd is a Singapore based loan brokering services firm. Do you know that some banks shun certain industries whereas other banks might welcome these same industries? Engaging a business loan consultant is optional. The typical turnaround time for SME loan applications is 2 to 4 weeks. I found and applied for a cashback card easily on their website. The effective interest for this loan is currently pegged at 10.88% per annum, with a 2% facility fee (a.k.a processing fee). Need an urgent legal business loan to help pay staff, vendors or investing in a new venture? Another option for businesses seeking capital is a credit line. “I’ve always thought about getting a travel credit card, but I didn’t know which one to get. To qualify for these loans, you should have a good financial historical past, credit standing or money-flow forecast. Why you will love this; Who can apply; Why you will love this. Last but not least, don’t overlook personal instalment loans. Their interest rate are different and varies according to factors such as credit grading of applicant and the loan quantum. The company must be incorporated in Singapore for at least 2 years. Different banks have different rate and rates are subject to respective banks’ credit discretion. For potential partners or source of funds, we welcome collaborations to bring more funding products to our platform. We specialize in SME finance and through our expertise and network, we help clients secure funding with low interest rates efficiently and hassle free. If your personal credit rating is bad, your commercial loan application might be adversely affected. Mr S.S. LeePowerzone Technologies Pte Ltd(Engineering & trading firm), “Linkflow Capital has helped us identify facilities suitable for our company’s growth. Improve your approval chances. Personalised, bite-sized reads, money hacks and product recommendations. There is no paperwork or collateral required for this loan, but at least one Guarantor (Singaporean or PR 21 years old and above with annual income of minimum S$30,000) must be provided. Take 1 minute to provide information & our system will generate indicative banks your company might be eligible for. Announced by the Singapore government under the Solidarity Budget to help cope with the effects of COVID-19, the SME Working Capital and Temporary Bridging Loan are designed to provide broad-based assistance to affected businesses. We help your company secure financing fast! The effective interest rate of this loan will vary, but at present it is capped at a maximum of 11%. At least 50% of the business must be held by Singaporeans or PRs. Access up to max $5M financing with interest rate capped at 5% p.a. Apply micro loan, commerical & industrial property loan. With so many SME loan options, it is confusing and time-consuming to check. If your business requires only a small loan, say under S$200,000, you might want to check out these three SME loans. (EIR 7%-13%). These SME loan schemes are offered by more than 12 banks and financial institutions in Singapore. Reliable Business Loan Consulting Service in Singapore. These loans are offered by financial institutions with the government accepting 50% of the default risk. It must also provide at least 3-6 months bank statements to proof a stable monthly income to qualify to this loan. Access up to $100K working capital to grow your business. From micro loans to term loans and more. Find financing options like SME loans in Singapore here. Through our expertise and experience in securing SME finance, we describe to you the various financing products in basic terms and explain how you can best utilize them for your business. EFS will enable Singapore enterprises to access financing more readily throughout their various stages of growth. It is frustrating and time consuming for you to compare every banks' SME loans. Other than SME Loan, we also provide other services likerefinancing loan, debt restructuring, and pawn loan too. How it works: You sell your unpaid invoices to a third-party company, which pays a portion of the value of your invoices. However, most SMEs are not aware which banks are suitable for their respective profile and could waste precious time speaking with banks that are not the right fit. It is absolutely critical as a business owner to keep your personal credit score acceptable. How it works: This gives your business a line of credit to draw upon — up to a stipulated cap. Do note that there’s also a S$500 annual fee. For example, we cover Tampines, Chu Kang, Ang Mo Kio, Sengkang, Batok, Hougang,Clementi, Serangoon, Jurong, Woodlands, Yishun, Pasir Ris and so on. Yes you can but options are very limited for new start ups. Get full, exclusive access to SingSaver’s first-ever visual guide, The Ultimate Savings Guide for COVID-19 and Beyond. If your business is operational and at least 6 months old, a competent SME loan broker might still be able to help you secure business financing. Loan amount up to S$1,000,000 . You could consider: Invoice factoring is a business financing tool which trades in your outstanding invoices for cash. If you’re looking for a business loan in the S$300,000 to S$500,000 range, Standard Chartered, UOB and Maybank may have the loans you need. You may not be familiar with the documents required and the application process. Lowest Rates Fast Hassle-Free GET FUNDING NOW SEE SME Loan options in 3 simple steps! At least 30% Singaporean or PR shareholding. How do you cut through the complexity and technical jargon to determine the most appropriate working capital loan to utilize? They are our trusted advisor and served us with efficiency and honesty over the years.” Your personal credit record will thus affect your company loan approval chances as well. Reduce SME loan application processing time by 3-5 working days. Business must be registered and physically present in Singapore at least 36 months. In light of the Covid-19 situation, here are some of the schemes that the Singapore government has rolled-out to help businesses in Singapore cope better. Government SME Loans As an SME owner, you can also apply for government loans. Already signed up? Get your full, exclusive copy of The Ultimate Savings Guide for COVID-19 and Beyond, including tips on reducing unnecessary expenses, creating additional income streams and more! Leave your company name & email at the bottom of this page. The repayment period is also longer, maxing out at 5 years. Business loan online application to grow your business is now simpler, faster and smarter with DBS SME Banking. Also, if you apply under the Temporary Bridging Loan, you can enjoy interest rates capped at just 5% per annum. Most banks’ maximum financing amount granted to SMEs range between $300K to $500K. (Reno & ID firm). While this might be a good way to get cash fast, know that you are sacrificing a portion of revenue upfront. A government-assisted SME loan for your business needs. Fourth, Heng’s latest initiatives announced include Singapore’s $320 million in ‘tourism credits’ for Singaporeans to promote domestic tourism. With a loan cap of up to S$350,000, the UOB BizMoney Loan offers slightly more business capital. See all best SME loan options available for your company instantly! STEP 1 Leave your company name & email at the bottom of this page. Note: As announced at Solidarity Budget 2020, the Enterprise Financing Scheme – SME Working Capital Loan (EFS-WCL) is enhanced to help SMEs with their working capital needs. Working Capital & Business Term Loans Used for business cash flow and working capital purposes to help grow your business. Most banks lend on track record and would require applicant company to have at least 1 to 2 years of operational business history before considering extending financing. With invoice factoring, you can get up to 90% of the value of your invoices in cash, and there are many financial institutions in Singapore that offer this option (is it also sometimes known as receivables finance). SME Working Capital Loans. We offer SME Loans in Singapore to help small local enterprises and start-ups gain easy access to financing with competitive business loans interest rates. We are familiar with the documentations and information banks will require as well as various banks’ business loan credit criteria. 150 South Bridge Road #02-10A Singapore 058727. The maximum loan quantum was raised from $300,000 to $1 million. Linkflow Capital Pte Ltd is a Singapore consultancy firm that assists SMEs to secure business loans from banks and financial institutions. Love it.” ”, Discover for yourself the most suitable option. SME CONSULTANT CompareAll SME Loansin Singapore Free Loan Assessment in 1 minute! Check with the banks on their processing fees, annual fees if any and any other fee charges that could effectively increase your cost of borrowing. With depressed earnings since the start of the year, your business may be facing difficulties in continuing to pay suppliers, staff and rentals, or are struggling to keep afloat. Banks: CIMB, DBS, HSBC, MayBank, OCBC, Resona Merchant Bank Asia, RHB, Standard Chartered, UOB. This is an increase over the previous loan quantum of up to S$300,000. We are familiar with the credit criteria of most banks with solid track record of > 60% approval rate for SME loan applications. Credit insurance scheme, premiums partially supported by Government.For short term trade finance needs such as inventory/stock financing. The Standard Chartered Business Instalment Loan lets you borrow from S$70,000 to S$300,000 collateral free, and a loan repayment period of between 1 to 3 years. Perhaps, to confirm bidding for a tender or seize opportunity for a big project . Linkflow Capital Pte Ltd is a Singapore consultancy firm that assists SMEs to secure business loans from banks and financial institutions. In our highly-competitive economy, strongly favouring the growth of large companies over smaller SMEs, running a … A similar loan is the UOB SME Loan, which also allows you to borrow up to S$100,000. A business loan can help. SMEs can apply for the Temporary Bridging Loan or SME Working Capital Loan  via the respective participating financial institutions. Typically, you can borrow up to 6 to 8 times your monthly salary, and you can also choose a repayment period that suits your schedule. effective interest rate. The turnaround time takes this long because. We have access to more than 20 banks and financial institutions offering SME loans in Singapore, with relationships cultivated over the years. Read on for our recommendations on the best SME business loans in Singapore to help your business make it through. To qualify, your business should be registered and physically operating in Singapore, and be at least 30% locally owned. Enterprise Financing Scheme (EFS) Various government financing schemes streamlined under one … Enterprise Singapore will share the loan default risk in the event of enterprise insolvency with the Participating Financial Institutions. Credit lines also offer debt restructuring options to help you manage your borrowings. SME loan interest rate ranges between 3.6% to 7% simple rate p.a. Therefore, always be conscious to protect your personal credit grading by paying all your personal credit cards, home loan, car loan etc on time. There are various working capital loan products available to meet the different requirements of SMEs. SME Working Capital Loan Love it.”, Maybank Horizon Visa Signature Credit Card, Standard Chartered Unlimited Cashback Card, Allianz Global Assistance Travel Insurance, Standard Chartered Business Instalment Loan, Guide to SME Grants and COVID-19 Measures to Support Businesses in Singapore, 7 Sources Of Capital For Business Owners In Singapore, 5 Ways to Cope With Financial Setbacks Hitting Singaporeans Hard Amid COVID-19, Best Personal Loan Promotions In Singapore 2020, Personal Loans, Balance Transfers and Credit Lines: The Pros and Cons Rundown. Minumum annual revenue at least $200k per year, Operational business incorporated for at least 6 months (preferably 1 year). However, be prepared to pay for higher interest rate or fees compared to bank options. Fulfill your business ambitions with the Business First Loan, a government-assisted loan. Imagine this scenario: You require funds urgently. When you apply for a SME loan in Singapore, your personal credit record will usually be assessed by the relevant banks. Besides that, they should provide the IC Copy and Utility Bills. SMEs have an option to repay the SME Working Capital Loan at any period with no penalty and a pro-rated interest Financing application, trade financing ( Letter of Credit/Trust Receipt ) your commercial loan application.... And financial data stays safe through 2-factor authentication SingSaver ’ S and other credit tools interest and. Require as well start for very young companies and also smaller financing quantum prudent to compare all SME financing.! 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