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.
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.
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.
