SME Working Capital Loan That Singapore SME Should Know About

Grow Your Capital with SME Working Capital Loan

For every small to medium business looking for additional funds to invest in Singapore, the SME working capital loan, granted by Enterprise Singapore could turn out to be a great option. Small to medium businesses, if they have the right idea behind them, could grow into something very big especially in a market like in Singapore, and this is the idea behind the SME capital working loan. Today we talk about the loan program and how you could apply for it to help your business reach its full potential.

 

About the SME Working Capital Loan

With the SME working capital loan granted by the Enterprise Singapore, a small to medium business can get a loan of about S $300000 from a partner financial institution. The interest rate varies upon the company potential and risks, which could be about 6.5% to 7.5% per annum. This loan scheme, as its name suggests, is for the daily working of an enterprise and will be available until May 31, 2019. The repayment period of the SME working capital loan is up to 5 years.

 

Criteria

An enterprise will be eligible only if it complies with the following terms.

  • It should be registered and operating in Singapore.
  • The enterprise cannot have more than 200 working employees.
  • A company will only be eligible if its annual sales is S $100 million or less.
  • The company should have at least 30% of the local shareholding.

 

Applying for the SME Working Capital Loan

Before applying, you will need to make sure that you are totally compliant with the given conditions. For this, you will need these documents.

  • A business profile from the Accounting and Corporate Regulatory Authority.
  • Bank statements proving your finances.
  • Personal tax assessment of the business owner(s) and the members of the board of directors.
  • Certified financial statement audits and other documents required by the financial houses you apply to.

 

READ ALSO:  Startup SG Founder: Entrepreneur Should Know About

The Application Form

First, you will need to download the application form for the loan scheme in this link.

The file is in pdf form, and if your computer can’t open it, you will need to download Adobe Acrobat. 

Fill the form, and for the necessary instructions and guide for filling the form, download another pdf file from this link

After you have all the statements and the application ready, first approach a partner financial institution to get more information about the loan scheme and everything else.

SME Working Capital Loan That Singapore SME Should Know About

 

Financial Institutions

Here are the institutions you could approach to have your application checked out.

Institutions Contact Number
DBS Bank Limited 1800 222 2200
Ethoz Capital Limited 6654 7799
Hong Leong Finance Limited 1800 3388 338
IFS Capital Limited 6270 7711
Malayan Banking Berhad 1800 777 0022
ORIX Leasing Singapore Limited 6339 3622
Oversea-Chinese Banking Corporation Limited 6538 1111
RHB Bank Berhad 1800 323 0100
Sing Investments & Finance Limited 6305 0300
Standard Chartered Bank 1800 743 3000
The Bank Of East Asia Limited 6602 7841/6602 7849
The Hongkong and Shanghai Banking Corporation Limited 1800 216 9008/ 6216 9008
United Overseas Bank Limited 1800 2266 121

 

After you submit your application form, it could take three weeks or more to complete the process. Upon the acceptance of your application, you will receive the needed funds and the repayment period will start a month after you receive your loan.

Well, this was what you needed to know about the SME working capital loan. I sincerely hope this will help you.


/5 ratings