Apply For New Business Loan – The majority of Singapore’s workforce is in small and medium enterprises (SMEs). Be it accountants, engineers or HR executives, most of the workers are part of the small and medium service providers in Singapore.
If you own a business in Singapore, there may come a time when you need a business loan to expand or improve your business. A business loan is a great resource to improve your cash flow or fill in the financial gaps of your expansion plans. Investing wisely in your business will pay off in the long run.
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You are not alone. Most small businesses in Singapore are looking for a way to grow, and many turn to financial aid to make this happen. Below are five reasons why you should get a business loan.
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Getting a business loan in Singapore can be difficult as there are so many acronyms floating around. SBA loans, MCA loans and small and medium business loans. To help with the Covid-19 situation, Enterprise Singapore (ESG) has introduced 3 different loan facilities to support SMEs in Singapore. These are small working capital loan, business loan and temporary bridge loan program. Before we dive in, what is an SME loan?
But of course there is a little more to it than that. On the one hand, interest rates for SME business loans in Singapore are lower than other types of business financing. And they can be used for various purposes from working capital to equipment purchase.
If you’re looking for a quick business loan that offers both low interest rates and flexibility, an SME loan might be right for you. Getting a business loan can be difficult, but it can be better if you fully understand business loans and interest rates. This is the reason.
When you’re strapped for cash for your business, you might consider equity investing. This financing option involves giving up part of your business ownership in exchange for cash from investors.
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While this can be a viable solution (especially if you don’t qualify for a large business loan), it’s not always ideal. This is because you have relinquished control over your organization. By taking out a business loan, you can retain full ownership and control of your business.
› SME loan is an oral business loan. Therefore, you will have to repay the loan regularly, which can affect your cash flow.
Despite these drawbacks, a business loan in Singapore can be a better financial option because you can have full control of your company, but still get the money you need to grow your business.
› When you see an opportunity, you must move quickly. This means finding the right team and making decisions quickly.
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› You have to be smart about the opportunities you pursue. Not all options are worth taking, and you need to quickly evaluate the risks and potential rewards.
› You must be flexible in how you look for opportunities. There is often more than one way to get rid of a cat’s skin, and being open to different approaches will help you find the best solution for your situation.
› If you want to expand your operation, a small business bank loan can cover those costs until your competitors get ahead of you.
› A small loan can help you buy inventory or hire more employees. Having the best staff and tools in place today will help you double your ROI tomorrow.
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Another advantage of SME business loans is that they can provide financing to companies quickly. In most cases, you can get a loan approved within 24 hours. Once the loan is approved, the funds can be deposited into your account immediately.
Many banks and financial institutions in Singapore have integrated MyPhone into their websites, so you can complete and submit your application in less than five minutes.
› Equity investment: Finding an investor and closing a deal can take weeks or months.
A small business loan can also help improve the cash flow of your business as you will have more cash due to the cash injection from the loan. As a rule, no guarantee is required.
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Most small business loans are unsecured. This means that the loan is not backed by assets such as your home or business equipment. This can be a huge advantage for businesses as they don’t have to worry about losing their assets if they default on the loan.
Unsecured, quick business loans usually give you access to small amounts of money. If you need a large business loan with a low interest rate, you may want to consider co-guarantoring or co-signing:
› Up to 2.5% interest on loans for equipment and machinery or commercial property owned by you.
Invoice financing is a valuable option. This option involves selling your invoices at a discount to a bank or financial institution to get immediate cash. The lender collects payments from your customers and instead of waiting a month, you can receive 80-90% of the invoice value today.
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On the other hand, business loans are probably better because you get a larger amount and you don’t have to sacrifice 10-20% of your loan amount.
Many small companies find it difficult to get business loans from traditional financial institutions. A common reason is that they do not have the required income or have a short credit history.
However, a few specialized lenders offer loans specifically to small and medium enterprises (SMEs). This business financing helps your company build credit and provide the necessary funds for growth and expansion.
Regardless of which financial institution you choose, by repaying your loans on time and in full, you show lenders that your business is a good credit risk. This method will help you find future financing easily and get better terms and rates.
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But even if you’re not expanding or looking for a different business opportunity, can you take an SME loan to boost your company’s creditworthiness?
The short answer is yes, because it helps build your reputation as a borrower. In the long run, this leads to better terms on loans and credit lines.
Although it has the word “loan” in it, it’s not a bad deal for the company. A business loan is a great way to get financing for your small or medium business. These loans offer many benefits including fast approval, quick funding and no collateral. They can help you improve your cash flow and build your company’s creditworthiness.
If you’re looking for a loan for your business, check out a small business loan from MPM Capital. We offer financing up to $2 million with flexible repayment terms. With quick applications and easy eligibility, you can receive your funding within one business day.
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Business growth often requires an injection of additional cash. Without it, your business may stagnate and your growth may be stunted because you don’t have enough cash flow or your capital is weak. This usually means that the business needs to raise the necessary funds quickly to ensure a smooth flow. Most businesses start by raising money from traditional sources like banks. Unfortunately, banks tend to be very selective about the businesses they lend to.
As such, most small and medium enterprises (SMEs) are stuck and suffer many consequences as a result. These include not being able to serve core customers, not being able to attract new customers, and missing out on very attractive opportunities that could be used to grow new business.
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The results have a domino effect, leading to failure to meet revenue targets, which in turn has serious consequences such as inability to pay taxes and utilities, meet payroll, deliver to customers, bill suppliers and more.
This is where MPM Capital comes in. We offer flexible financing for businesses. Our contracts are not long term and availability of funds means you never have to worry about the consequences of not having enough funds.
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