Getting a small business loan in Singapore really tough these days due to lots of requirement from banks. This makes it difficult for small business owners to make the most of their business. However, there are numerous ways to go about this in easy and swift manner.
Loans with local banks
Any business that’s operated for a period of time will have found out that most Singaporean banks have almost closed shop when it comes to lending to businesses. They make it so tough to get a business loan that it’s not really a viable option for most business owners and micro-entrepreneurs.
As a matter of fact, getting a quick loan in Singapore for small businesses is almost impossible. This is because it requires a very stringent policy and lots of documentation such as business plans, cash flow statements, profit and loss statements, bank statements, tax returns, etc. Some of these are very hard to compile for small business owners and they are rather subjective for most banks in Singapore too.
So what are the options?
How does one get a fast and simple small business loan for a business when the opportunity arises? There are licensed money lenders in Singapore who are out there to lend to businesses, but they may not be convenient for everyone to get to. This is where a small business loan broker can step in. Now, the key to this is based on past performance and credit history, and any money lender will do an assessment before lending out any sum of money.
Moneylenders look at a borrower’s old bank statements, cash flow, revenue, etc in evaluating any loan application. Borrowers need to make sure that the moneylender they approach has a certain number of customers and a certain benchmark of cash flow to justify taking out a loan from there. Most times, the only requirement is a one-page application, some bank statements, merchant account, a tax return, and a few working days for approval of the application.
As a small business owner that has racked up a lot of unpaid expenses and fees, most money lenders can assist you in getting a debt consolidation loan in Singapore and approve it within a day.
So what businesses need loans these days?
Small business loans could be taken out for any myriad of reasons. The loan might be to open up another showroom floor or another section of a restaurant, or for the essential furniture, chairs, tables, and other important features of a shop. Someone in the transport industry might be looking to buy a new truck, and someone in the construction business might be looking to purchase land or buy materials at a discount.
Some SME owners need a debt consolidation loan to keep track of all the debts they owe. Loans like payrolls can also be used to knock out some tenders in the event of a hostile takeover. Small business owners can also make use of the loan for personal reasons so as to have enough cash to fund the growth of their business. The cash is often used to give businesses the necessary cash flow to function smoothly.