If you are a small business owners, SME owners or a new start up and you are struggling with cash flow and you are looking for options to improve your business cash flow, what are the options available in the market ?
What are the different business loan options is available in Singapore ?
Business loan is referring to any kind of loan provided to a company for business uses. There are a different kinds of loans available.
1. Some are offered for whatever business needs you might need. Such as managing cashflow, streamline your business process or further your growth.
2. Some are curated for certain business needs. Such as purchasing machinery or property.
3. And there are also loans catered for your invoices and purchasing orders.
A typical business loans is a unsecured loan (no collateral is needed), up to 5 years for repayment of loans. Right now, in the market, we have major banks such as DBS, UOB, OCBC etc.. , digital banks such as Anext, GLDB (Green Link Digital Bank) and private funders.
The difference between private funders and major banks will be the terms of the repayment and interest rate.
This is a special type of business loan from Singapore government working with banks to offer to local SMEs (max. 200 employees with 30% owned by Singaporeans/PRs) with financing up to $1 million per borrower with a repayment within 1 to 5 years.
Company looking to purchase commercial units such as office, factory, warehouse etc. can look into property loan to finance their purchase.
Fixed and Sora ratespackages are offered to companies.
Also, if you would like to tap on grants for you renovation, you can apply for a consultation here.
If you are facing cashflow because of unpaid invoice, this is the loan that you can tap into.
Invoice financing (IF) is a short term loan that is backed by customer or supplier invoices. Financial institute would usually finance up to 80% of the unpaid invoice into cash for business owners for immediate cash flow.
In addition, the interest rate will only be for the amount that is used and the duration of the loan.
How to apply for business loans ?
Once you have identified which business loans suits your business needs, you could prepared the necessary documents.
- Directors NRIC and NOA
- Company 6 Months Bank Statements
- 3 years Financial Reports.
- Proof of Director Income.
- Debtors and Creditors Aging List
With Beez Rev, we will assist you to source for the lowest interest rates in the market and are fully commited to serve your business financing needs.
Regardless of your business financial needs, our experienced consultants will be able to tailored various loan packages that is in your favor.