Whenever you think about starting a business, you should also know that it will take many sacrifices and tons of money. This means you should prepare yourself for whatever kind of hurdles you will face because even though you think you are winning, that’s when everything turns upside down. And asking for help isn’t bad. It just shows that you want to make sure that your business is thriving to succeed in the long run. It’s going to be a long process, but it will be worth it in the end. So take out a business loan, protect your company, and protect your employees too.
Equity is one such company that will help you find the perfect Business Loan in Singapore for your business. You must know what kind of business loans are offered because there are currently four business loan types. But it all depends on your eligibility and what kind of loan you want to apply to.
Check Your Eligibility and Apply for a Business Loan Right Away
In Equity, they offer the best financing solution for every business type in Singapore. If they know that you are qualified, they will give you the best options for what kind of business loans you should be checking out. But first, check your eligibility and see if your company can apply for a business loan:
- Your business must be incorporated in Singapore for at least two years.
- It should be at least 30% Singaporean or Permanent Resident Shareholding.
- The annual group sales should be up to S$100 million, or the group employment size is not more than 200.
These are the only things you should watch out for before you apply for a business loan. Like everything else, business loans have a limitation when it comes to offering their services. Check if your business is eligible first to avoid problems and confusion once you start applying. Otherwise, you will only be wasting your time.
The Four Types of Business Loans Offered in Singapore
Singapore is very generous when it comes to business loans. They want to make sure that every SME is thriving and growing. So if you’re one of the businesses experiencing problems when it comes to your finances, your only hope is a business loan. All of these can be stretched up to five years, and you can collect S$1,000,000.
The first one is the SME Working Capital Loan, a government-supported initiative for SMEs and other businesses. Those who are qualified can obtain up to S$1,000,000 compared to the previous amount, which was only S$300,000.
The next business loan is the Temporary Bridging Loan. It is a project by the Singapore Government and administered by the enterprise for SMEs and businesses in Singapore. To qualify, your business has to be registered in Singapore and have at least 30% Singaporean of PR Shareholding.
The third is the Business Term loan, which is offered by Banks in Singapore. This type of loan can be used for business expansions and payments or purchases of goods. You can also use it for other business expenses.
The last business loan is SME Micro Loans. It is a financing scheme where it is shared by the Singapore Government and the issuing bank. It is a smaller loan that enables SMEs and to get a foothold in their businesses.