How It Works -
Business Loan Singapore in 3 EASY Steps
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APPROVALS & OFFERS
What is Your Business Type?
Loan as much as $1,000,000
Interest rates from 3.2% p.a
No pre-payment penalties
Up to 5 years
The SME Working Capital Loan is a financing movement by SPRING Singapore to help companies gain access to unsecured business loans in Singapore amidst a climate of slow economic growth.
Interest rates are charged on a reducing balance by most of the banks, and borrowers can repay early without any penalty charges.
Loan Quantum: Up to $300,000
Repayment Period: Up to 5 years
Interest Rate: 3.2% – 3.75% per annum
Launched as a government initiative for Small Medium Enterprises (SMEs), its purpose is to encourage easier access to small business loans in Singapore. SME Micro Loan interest rates are based on a reducing balance, with no penalties charged for early repayments.
Loan Quantum: Up to $100,000
Repayment Period: Up to 4 years
Interest Rate: 3.2% – 3.75% per annum
BUSINESS TERM LOAN
Boost your company’s working capital with an unsecured loan. There is no collateral required.
Based on a fixed interest rate, the term loan has a tenure of 3-5 years and is repaid in monthly installments. Funds can be utilized for any purpose.
Loan Quantum: Up to $500,000
Repayment Period: 3 – 5 years
Interest Rate: 5% – 6% per annum
Specially for medical professionals: → Medical Doctors & Dentists
At amazingly low interest rates, this start up business loan in Singapore is ONLY available to Doctors who want to start up or expand their practice. Approvals within 7 days.
Loan Quantum: Up to $500,000
Repayment Period: Up to 5 years
Interest Rate: 2.8% per annum
SME Loans and Other Business Financing Options:
Trade financing refers to the financing of commerce and international trade activities. Trade finance generally involves a revolving credit line that is used to finance the purchase of stocks, material and inventory. It includes the issuing of Letters of Credit (LC), Invoice Factoring, Export Credit, lending and Trade Credit Insurance.
Invoice financing refers to the financing of invoices that are payable on credit terms. It is mainly used for the purpose of tiding over short periods of tight cash flow, usually between 30 – 120 days.
Essentially, it is a process where a financier ‘takes over’ an invoice from the company that issued it, and advances to the company an amount of up to 80% – 90% of the invoice value. This will allow the company to have access to short term capital. When the tenure of the invoice has reached its dateline after 30 – 120 days, the debtor makes payment to either the financier or the company that issued the invoice.
Property financing refers to a wide range of financing activities that involve the use of a private or commercial property, from mortgage loans to property refinancing, or even to partial cash-outs on the value of a property. For SME loans, SME owners can also choose to secure it by pledging a property to the banks or financial institution as collateral, which also allows for lower interest rates.
Equipment Financing typically refers to the funding of fixed assets, such as heavy equipment or machinery. With an equipment loan, get to finance the cost of big business equipment by up to 90% of its cost, with a tenure of up to 7 years and at the best interest rates.
As a substitute for business loans in Singapore, personal loans can be a great alternative source of funding. Personal loans have a high approval rate, with turn around times (from approval to disbursement) as quick as 5 days. Get personal loans at the lowest interest rates, and in the fastest time with Capable Loans.
Allow Capable Loans to help you get a business loan in Singapore
Every business needs sufficient funds to grow, operate, and invest in technology that will help to cast an edge. However, people still often wonder how to get a business loan in Singapore. With Capable Loan’s network of corporate financing affiliates, we can help you get the money you need, with the best terms and at the lowest rates. We will present you with all the best options that are available for your business. Let us bring you the opportunity to compare business loans interest rates and terms. When it comes to comparing rates, you should always entitle yourself to understand what each financier has to offer. More than that, you should also request for information on all chargeable processing fees, early repayment fees, and late payment fees. Understanding all the conditions and requirements before accepting an offer will ensure that you are getting the best possible deal, and will also allow you to avoid any unintended surprises when the time comes to accept the lender’s offer. Allow Capable Loans to help you syndicate for funds from competing lenders, so as to ensure that you are getting the most cost-efficient source of funds.
Why Do You Need a Business Loan?
Before getting a loan for your business, you should assess the financial situation of your business to determine if you really need the additional funds. Are you looking for a long-term loan or a short-term bullet loan? With a myriad of business financing options available, you should consider carefully in order to obtain the best source of financing. Getting the wrong type of SME loans in Singapore can have very adverse effects on the financial strength of your business. For instance, if you chose a short-term bullet loan for a long-term project, it can cause your business to run into unnecessary cash flow problems. It is imperative that you consider the objective of the sme loans, and to match the time-span of the project with the term of the loan.
How Much To Borrow?
Once you have come to a decision on the tenure of the loan, then comes the part where you decide on a monthly installment amount that you are confident of repaying. Based on the desired loan quantum, along with calculations that include the interest rates, divide the total sum by the number of months in the tenure to see if it is a sum that your business cash flow can comfortably sustain. Understanding the monthly commitments that your business has taken on is a good step to take in working out the financial position of your company. Having a clear goal of how much funding you require will help in the process of obtaining the funds you need.
Does Your Business Have Enough Cash Flow For Monthly Repayments?
Lenders like to lend money to businesses that have money to pay them back. To assess a business’s ability to pay back a loan, lenders rely on various factors that articulate the financial strength of a business, such as the debt to equity ratio, financial statements that show revenues and expenses, and cash flow projections. To ensure that you are sufficiently equipped, it would be wise to tabulate the total loan amount required and the interest rates, in order to know whether the business can sustain the monthly repayments comfortably.
Do You Have The Required Documents To Apply?
Required documents for assessments may vary from lender to lender. However, these are the few general documents that every financier will almost certainly need to process an application:
– Past bank account statements
– Profit and Loss statements
– Balance sheets
– Income tax returns of Directors
– Identification proof of Directors
– Information on existing debt facilities
We all know that paperwork can cause delays. Therefore, even though all the relevant documents will be requested for during the application, it would help to speed up the process significantly if all the proper documents were already ready. An important part of the application process is to convince the lender that your business is ready to take on the loan, and that your business is also strong enough to repay it. Having all the relevant documents prepared will help to portray this. More often than not, there will also often be requests for additional documentation. As far as possible, always try to be prompt in providing them.
Why get SME loans in Singapore?
SME Working Capital Loans
SME Micro Loans
SME LOANS MADE EASY
Whether it is a long-term loan, short-term loan, working capital loan, sme micro loan, SME loan, home loan or trade financing, Capable Loans is here to make it a fast and simple process for you. Capable Loans is committed to helping you grow your company. Our purpose is to raise funds for you, while you focus on growing your business.
BORROW MONEY QUICKLY
Our focus is to raise funds for you in the fastest possible time. With in-depth knowledge of all the various SME loans and financing solutions available, we are able to analyse and understand your company’s structure and industry, and help you to obtain the most cost effective source of funds in the shortest time. No more waiting for months to get a reply from the banks. With Capable Loans, the process is accelerated to get you an in-principal approval within 2 days.
GUARANTEED FUNDING FOR YOUR COMPANY
With a slowdown in the economy, businesses need adequate financing to sustain and boost growths. However, the banks have tightened their requirements, making it difficult for SMEs to qualify for the any financing. Therefore, where SMEs have failed to obtain sufficient funds from the banks or financial institutions, Capable Loans comes as a booster to ensure that you get the money you need.
FUNDING YOUR BUSINESS GROWTH
Many companies in Singapore apply for SME loans every day, but did you know that almost 90% of all applications get rejected by the banks? Our Capable Loans team is fast and efficient, and we always get the best results. Our track record shows that we are always able to obtain funding for our clients. Our team is dedicated to helping SMEs to grow their business. We will get you the best deals, improve cash flows, and accelerate the efficiency of your business. Let us help you to raise capital today.