If you are thinking of expanding your business, but are not sure where to get an SME loan, you can contact Linkflow Capital, a SME business loan consultancy in Singapore. They will help you find the right kind of funding and help you understand the application process. Linkflow is an accredited lender and specializes in helping SME owners access funding for their businesses.
While it is possible to obtain an SME loan from a bank, the interest rate is higher than a traditional bank loan. Therefore, banks are typically considered the lender of last resort for SMEs. Although the approval process of a business loan from a bank can take several weeks, there are other options that are more suitable for SMEs.
A business with fewer than 200 employees can apply for a UOB SME Loan. However, this amount can vary from bank to bank. In addition, the lender must co-share 50 percent of the risk of an SME business. Most SME businesses should have been in operation for at least 6 months before they can apply for an SME loan.
Another option is the Standard Chartered Business Instalment Loan. This option allows you to apply for a S$300,000 loan and repay it over 1 to three years. While it may not be suitable for every business, you can still apply for it if you've been in business for at least 3 years and have an annual revenue of S$750,000.
As with any business loan, an SME loan can help your business to expand. These loans are offered by banks and other financial institutions. These institutions work by assessing the business's credit score. If the company has a solid repayment history, it will be more likely to be granted a larger loan.
In addition to traditional banks, SME loan companies in Where to get sme loan in singapore offer a variety of alternative financing options to small and medium-sized businesses. Many of them are more affordable than bank loans. There is also a government-assisted loan program for Singapore companies. These loans are not collateral-free, but they can help new businesses get up and running.
In today's competitive market, a strong presence of local fashion brands means that there is an increasing need for retail stores. Even successful blogshops are opening physical stores. In order to stay competitive, you will need additional funds to expand your business. With an SBL, you can make major improvements in your business while maintaining an adequate cash flow.
OCBC is a leading provider of SME loans in Singapore. You can avail of its Business First Loan that offers up to S$100,000 over a four-year term. This loan doesn't require collateral, but you need to have a guarantor who is a Singaporean or PR with a minimum income of S$30,000 a year.
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