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Business Loan Singapore

Let Us Help You Obtain A Business Loan

Each business venture requires enough funds for it to operate, grow as well as invest in technology to help your business have an edge. Even then, many people in Singapore do not know yet how to obtain a business loan. Our association of corporate financing affiliates will help a borrower obtain the loan money they need. And also offer you the best possible terms as well as the lowest rates on your loan. A borrower will be able to access all the greatest options available to best suit your business. Allow us to get you an opportunity to make a comparison between terms and interest rates of our approved moneylenders’ business loans.

Before you take any business loan, make sure you understand what is being offered by each financier.  In addition to that, make sure you request for further information concerning all the processing that will attract a charge. As well as late payment costs and early repayments fees that will be charged. In ensuring you understand all requirements and conditions you will be able to get the best loan deals before you accept any loan. This will also help you avoid unintended surprises when you are taking a lenders loan offer. Let us help you obtain funds from various competing lenders hence ensuring you get the most cost-effective funding source for your business.

Matters To Get Clear About Prior To Getting A SME Loans

Why You Require a Business Loan

Before receiving a loan for your business, you need to assess your businesses’ financial situation. This will help you determine whether you actually need the extra funds. It is important to be clear on whether you are seeking out long-term loans or a short-term loan. With many business financing options existing, you need to consider this cautiously so that you obtain the best financing source. Receiving the wrong type of the SME loan available in Singapore will have unfavorable effects on your businesses’ financial strength.

For example, when you choose short-term bullet loans instead of long-term projects, you risk your business running into unnecessary problems around cash flow. It is very important that you think about the purpose of SME loans. And work to match the duration of the loan term with the project period.

How Much You Need To Borrow

After you have made the decision on the loan tenure, then you will need to choose a monthly installment amount. This installment needs to be an amount that you can confidently repay each month. Depending on your desired loan period together with all the calculations, you need to include the interest rates. You will then divide the total loan amount by a number of months for the loan period.

This way you will be able to determine if the installment amount can easily be sustained by your business’ cash flow. In considering your business’ monthly commitments is a great step towards calculating your company’s financial position. With a clear target of the amount of money you require, you are then able to access the money you need.

All The Necessary Papers To Apply

Different lenders require different documents. Nonetheless, the below-listed are normally some of the needed documents. These documents most definitely will help in processing your loan application.

  • Previous bank statements
  • Profit and Loss report
  • Your Balance sheets
  • Each Director’s Income tax returns records
  • Each Director’s proof of Identification
  • Information about the existing debt loans

Paperwork can cause some delays. Even then, the necessary documents needed during loan application help greatly speed up the approval process significantly. One other important part of a borrower is being able to convince a lender that their business is ready for a loan. The borrower needs to be able to show that the business is able to comfortably sustain the loan repayment installments.

By having all the important documents prepared and ready, you will be able to show this to a potential lender. There are additional documents that may also be requested from you. It is important that you try to provide these documents promptly.

Business Loans For the Enterprises (SMEs)

In Singapore, application of loans has been consistently increased. However, about 90% of the applications are turned down by Singaporean banks. The real number of loans disbursed to the SMEs is rather low. SMEs or the small and medium business ventures carry the same qualifications and requirements as a large enterprise would access a loan.

Credit checks done by the banking institutions are similarly complex owing to the loan amount. Thus the earnings for the banks are much smaller than those of large businesses.

It is for this reason that most banks have little confidence in small business owners as their borrowers.

If you turned to moneylenders, be sure to check out our carefully researched and crafted list of legit moneylenders before you make any decisions.

Loan Singapore Top Licensed Money Lenders of 2018


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