Business loan is the fastest and easiest to provide you with the emergency use of working funds. The whole process from application to getting the money into the bank account can be within 2-3 weeks. Business loan does not restrict or confine you on the usage of the funds and typically it is the friendliest loan available. Type of Business Loan available: There are only 2 type of government assisted loans mainly as follows:-
Business Loan
Government Assisted Scheme
SME Working Capital Loan (Up To $300,000)
SME WORKING CAPITAL LOAN is a government assisted scheme jointly administered by Enterprise Singapore, to help local enterprises access unsecured working capital financing in a period of slow economic growth. It acts as an additional financing option by helping eligible companies cope with larger working capital and cash flow needs, with a flexible repayment period of up to 5 years.
Eligibility
Companies should meet the following criteria:
- Registered and operating in Singapore
- At least 30% local shareholding
Unsecured Business Loan
Unsecured business loan is offered by banks and financial institutions based on the merit and creditability of the company. These loans are fully underwrite by the banks and they are much easier to approve. The interest rate is slightly highly as compared to the government assisted scheme like micro loans or working capital loans.
Eligibility
Companies should meet the following criteria:
- Registered and operating in Singapore
- At least 30% local shareholding
Almost 90% of the Small Medium Enterprise this include sole proprietor , partnerships and private limited company does not know what type of financing is suitable to meet their capital requirement and most of all , they do not know how to go about it.
At Bankgoodrates, our loan specialist is able to match or customize the financing according to your business needs. We are a One-Stop channel to 17 banks in Singapore and this includes reputable financial institutions. At Bankgoodrates, you are assured that our loan specialist will secure the best interest rate and best financing terms (loan amount and loan tenure) for you!