Best Business Loan in Singapore to Boost Cash Flow for SMEs
Fast Approval.
Competitive Rates.
Customisable Plans.
SME Business Loans 101:
What They Are and How They Benefit you
SME Business
Loans 101: What They Are and How They Benefit you
Business loans in Singapore are vital for companies facing cash flow challenges or planning expansions. The funds from an SME business loan can provide support without causing long-term financial strain, helping businesses cover expenses like inventory, salaries, rent and growth initiatives.
SME loans in Singapore are carefully tailored to meet the financial needs of companies. Licensed money lenders provide capital, which is repaid with interest via scheduled instalments. This working capital can be used for a variety of purposes — ensuring your business can operate efficiently and seize growth opportunities.
Discover How SME Business Loans Can Help You Achieve Your Goals
SME business loans in Singapore offer a range of uses that can greatly improve business operations. Some of these include:
Advertisements and Marketing
Promoting your brand and increasing visibility is essential to ensure that buyers will seek out what you’re offering. Therefore, these promotional efforts are necessary and require financial investment from avenues like SME loans in Singapore.
Inventory Acquisition
Many SMEs face a challenge: they require inventory to generate revenue, yet they often lack the funds to make those purchases. Having quality inventory is the one of the most important parts of a business, which is where a business loan comes in to provide the finances.
Grow Your Business
Growth opportunities are valuable and should not be overlooked. If your business is experiencing growth, you might find it vital to expand or even introduce a new product line. Such initiatives can be substantial and often require supplemental funds. The good news? There are business loans for SMEs that can boost your funding.
Repairing and Acquiring Equipment
Purchasing new machinery or repairing existing equipment can be costly. Therefore, maintaining healthy cash flow through avenues like SME loans are crucial to keep production on track and ensure smooth operations.
Staff Development
To maintain a competitive edge, it is key to keep your team updated on the latest technologies and industry practices. Although the Singapore government offers considerable support for training initiatives, a substantial financial investment via an SME loan in Singapore is often still necessary.
Renovating or relocation
From upgrading your workspace to moving to a new-and-improved location — a business loan in Singapore can fund all kinds of refurbishments that can boost the work environment or make it more cosy for customers.
Fuel Your Business Dreams with Sumo Credit
Starting up a business doesn’t have to be a difficult affair. Apply now for a fast and hassle-free business loan — your success starts here!
The Benefits of SME Business Loans with Sumo Credit
Flexible Repayment Options and Tailored Packages
As a highly recognised licensed money lender in Singapore, we provide flexible repayment options to fit your business’s specific needs and financial situation. Recognising that each business faces unique financial challenges, our team is committed to crafting a customised business loan package that addresses your concerns, financial standing and long-term goals.
Transparent Pricing
When applying for an SME business loan in Singapore with Sumo Credit, you can be assured that you will receive clear information regarding interest rates, administrative fees, and any other relevant costs — with no hidden fees involved. This lets you focus on getting the right business loan for your SME venture.
Get Cash Quickly with Instant Approval
With Sumo Credit, you can receive your cash in as little as 15 minutes! Our SME loan in Singapore comes with a streamlined application process that ensures quick and hassle-free access to the capital your business needs. Additionally, you may also be able to receive your cash on the same day of your loan approval.
Budget-Friendly Loans with Low Interest Rates
At Sumo Credit, we make business loan repayments manageable by designing loan plans tailored to your company’s revenue and offering competitive interest rates. Our goal is to ensure that monthly payments align with your cash flow, helping to ease financial strain while supporting the growth of your business.
Hassle-Free Online Loan Application
As a leading provider in the industry, we offer a straightforward and user-friendly application process through our online form. You can easily apply for a business loan for SMEs from the comfort of your own home, ensuring a ree and easy experience.
Exceptional Service You Can Count On
We have over 14 years of experience in the industry; rest assured that you are in good hands. Our expertise allows us to understand your financial needs better and provide bespoke SME loans in Singapore that ensure your satisfaction and peace of mind.
3 Easy Steps to Secure Your Business Loan
Here’s how to apply for an SME business loan with Sumo Credit:
1. Submit your application form online
Head over to our website to complete the business loan application form.
2. Be informed of your application status
Receive an update from our loan officer within 15 minutes of your business loan application form submission.
3. Retrieve your disbursed funds
Once you’re agreeable with the terms and conditions, sign the loan contract at our office and receive the cash disbursement immediately in cash or through bank transfer!
Frequently Asked Questions on Business Loans in Singapore
What are the documents required to get a business loan in Singapore?
- Your business profile details, which can be obtained from the Accounting and Corporate Regulatory Authority (ACRA).
- A copy of your directors’ and shareholders’ identity cards (front and back).
- The Notice of Assessment for all directors for the past two years.
- The most recent Credit Bureau Singapore report for all directors.
- The financial statements of your company from the past two years.
- The bank statements of your company from the last six months.
- Your company’s bizfile.
- Your tenancy agreement.
What types of business loans can SMEs apply for?
You can only apply for a business term loan with a legal lender, and this requires the company to be registered for a minimum of 12 months first.
Do I need a personal guarantor for a business loan application?
Whether you need a personal guarantor depends on the type of loan that you choose. If you decide to go with an unsecured business loan, a personal guarantor is not needed.
If you have further questions or would like to discuss your specific needs, please contact us and we will be happy to assist you!
How long does it take to process business loan applications?
At Sumo Credit, we are praised for our speedy processing of business loan applications. Enjoy the convenience of receiving approval as soon as 1 to 3 days after submitting your application!
How will I receive my business loan?
You can choose to receive your funds through a bank transfer or in cash.
What’s the usual tenure of a business loan from Sumo Credit?
Our loan tenures range from one to twelve months, with monthly repayment schedules. However, this depends on a case-by-case basis. Hence, we encourage you to discuss your specific financial situation with us so that we can tailor a repayment plan that caters to your unique situation.
I don’t have perfect credit. Can I still get a business loan from Sumo Credit?
Yes! Here at Sumo Credit, we are low-credit-score-friendly. You are welcome to apply and we will assess your case to understand your unique circumstances. If your current financial circumstances are manageable, we will be more than happy to offer you an SME business loan.
Are business loans unsecured or secured loans?
There are both secured and unsecured business loans. Generally, SMEs in need of extra working capital can choose to obtain an unsecured business loan.
Are there any penalties for repaying my business loan earlier?
There will not be any penalty fees. We encourage our borrowers to pay off their loans as soon as possible.
Does my company have to be a Singapore-registered company and headquartered in Singapore to be eligible for a business loan?
Yes, your business has to be registered with ACRA and have a Singaporean or Singapore PR director, or a director who is living in Singapore.
How long does my company have to be established to be eligible for a business loan?
A minimum of six months of operation is required for your company to qualify for a business loan.
Do I have to repay my business loan if my business fails or if I or my partner(s) pull out of the business?
Yes. You will need to repay your business loan even if your business fails or you/your partners pull out of the business. Failure to do so will result in repercussions.
Drive Your Business to Success!
Take control of your company’s future with a business loan from Sumo Credit. Apply now to get the funds you need to achieve your business goals