If you are looking for an SME loan in Singapore, you're not alone. There are many different types of loans available. There are also many different lenders, so it can be difficult to figure out which is right for you. Fortunately, you can find a specialized lender who specializes in SME loans. One example is Linkflow Capital, a Singapore-based SME business loan consultancy firm. They are here to help you find the funding you need for your business.
The first thing to consider is your business's size. Some lenders will only approve businesses with fewer than 200 employees. Others may have no minimum employment requirements. Regardless of the lender you choose, you should have at least six months of operation before you can apply for an SME loan in Singapore.
Another option is applying for a government-assisted loan. These government-backed loans are meant to help SMEs get the financing they need to grow and thrive. This type of loan may not be as secure as a conventional bank loan, but it may be less costly.
A standard business loan will come with an annual interest rate that is set by the bank, as well as early repayment fees. These fees can range from eight to fifteen percent. The government has partnered with 17 local banks to create a program that helps SMEs with their business needs. With this program, SMEs can apply for a SME Working Capital Loan.
The best way to apply for a SME loan in Where to get sme loan in singapore is to use a comparison website. Using a comparison site to find the best loan for your business is much easier than comparing different banks' offers. SME owners can compare the terms of several banks in less than a minute.
Another option is to consider an invoice factoring loan. This type of financing can yield up to 90% of your invoices in cash. But be aware that if you choose this option, you're sacrificing revenue upfront. Plus, you may have to repay a portion of the factoring company if your invoices are unpaid. Another option for SMEs is a credit line. This type of loan will give them access to funds at a lower interest rate than a traditional bank loan.
For those looking for an SME loan in Singapore, OCBC is an excellent option. This bank offers unsecured business term loans. While they don't require collateral, they require a guarantor who can guarantee repayment of the loan. The guarantor must be a Singaporean, over 21 years old, and earn at least S$30,000 per year. The interest rate for these loans is usually under five percent per annum.
The Standard Chartered Business Instalment Loan is another option. This lender offers up to S$300,000 to small businesses. Interest rates are competitive, and you can pay off the loan over a period of one to three years. To qualify, the business must be at least one year old, employ less than 200 people, and have an annual turnover under S$100 million.
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