Invoice Financing in Singapore: A Business Loan For SMEs

Written by Alwin Goh

It is never easy having to rely on multiple clients for income. As reliable as they may be, no client is immune to the need for an occasional late payment request, especially in times of economic crisis like global pandemics or recessions. Neither is a 60-day invoice that you issued to a client going to hasten itself simply because you are in a cash crunch. Here’s where business loans can help. 

What Is Invoice Financing And How Does It Work?

infographic of what business loan - invoice financing is
Invoice financing is a type of business loan offered by financial institutions in Singapore

If your business is highly dependent on external factors for its income, a single unpaid invoice could easily hinder the financial growth of your business. 

It’s important to plan and ensure that your cash flow remains intact. Invoice financing in Singapore exists as an uncomplicated solution for this, allowing smaller businesses to remain operational through advancing on unpaid invoices.

There are 2 types of invoice financing that financial institutions in Singapore offer. 

1. Invoice Financing Or Invoice Factoring

Invoice financing is also commonly known as invoice factoring. It is an alternative to traditional business loans. Banks and lenders issue these short-term loans by advancing your unpaid invoices and using them as collaterals. 

Simply put, invoice financing allows businesses to get payments owed in advance. The process involves financing receivable accounts to third-party financial institutions. 

With invoice financing, you can advance between 70% – 90% of your total invoiced amount, regardless of your client’s payment terms being 30, 60, or 90 days away. This allows SMEs and businesses to get almost instant cash on hand.

Here’s an example: you invoice your clients as you normally would. You then sell your invoices to a factoring company, which in many cases, is the financial institution. 

These invoices are treated as collaterals and will entitle you to the advance a percentage of your total invoiced amount.

Your clients will then have to make payment to the factoring company instead. Once paid, the factoring company will pay you the remainder of your invoices (excluding fees). 

2. Invoice Discounting

Invoice discounting is less commonly practised. It allows you to retain ownership of the invoices, unlike invoice financing. 

After invoicing your clients, you can send the invoice slip to your lender. The lender will decide on a final percentage of the total invoiced amount to lend you. It will be disbursed to you in the form of a lump sum, or as a line of credit. 

You can repay the loan lent to you, along with any interest and fees, after your clients have paid your invoices.

What Are The Fees Involved For This Type of Business Loan?

It is best to do your research before delving into getting an invoice financing plan for your business, as rates and fees vary based on lenders. 

Success Fees

Some lenders charge success fees as a commission fee of sorts. They can also commonly be coined as “processing fees”, “set-up fees”, and “disbursement fees”.

It is seen as an incentive for the financial transactions they help put in place. In most cases, these fees fall in the range of 2% – 5%. Do take note, however, that fee structures vary based on who your lender is. Thus, you should always consult your lender and ensure the transparency of their fee structures.

Interest Rates

On average, interest rates for invoice financing can range between 1% – 3% a month and will be calculated until the date of repayment. 

This is because of the lowered risk that lenders take with invoice financing. Interest fees of 1% – 3% are generally considered to be low for short-term financing options. Some lenders even offer complete discounts on interest fees if you repay the loan early. 

Looking for short-term financing options to boost your working capital? Read more about the different types here.

What Are The Eligibility Requirements For Invoice Financing?

As with every business loan, eligibility requirements for invoice financing tend to vary based on lenders. Here’s a general overview: 

1. Company Providing Goods Or Services 

First and foremost, SMEs and businesses have to meet the basic criteria of providing goods or services on normal credit terms. 

Your business needs to have invoices that are issued for goods or services that have been fulfilled. The only remaining part of the transaction between your business and your client is the payment. 

Advancing invoices based on fulfilled orders help ensure that your ability to pay lenders back will not be affected by any disputes between you and your client.

Man calculating invoice slip, thinking of taking up a business loan
If your company provides goods and services on credit terms, you are eligible for the business loan.

2. Minimum Revenue Requirement

While invoice financing seems highly advantageous for small companies, as with any business loans, there is a minimum revenue requirement. Your business revenue will need to be of at least S$100,000 – S$500,000 a year. 

This is to reduce the risk involved in invoice financing, making younger or smaller companies ineligible for the funding.

3. Operational Years

Though it may seem like all business loans have an operational history requirement for businesses, invoice financing, on the other hand, hardly takes that into account. Factors like the age of your business and its asset positions are more negligible considerations.

Financial institutions are more concerned with your repayment ability. The reality is that just like you, they are hoping that your clients pay up on invoices promptly too. So, as long as you have the invoices to prove an exchange of goods and services on credit terms, you do not need to worry if you are a new business. 

Evidently, the eligibility requirements for invoice financing differ from normal business loans offered by banks and private financiers. 

Here’s a glance at the differences:

Invoice FinancingBusiness Loans
BanksCapitall
Minimum annual revenueS$100,000 – S$500,000At least S$300,000At least S$100,000
Operational historyNo requirementsAt least 1 year, preferably 2 yearsAt least 10 months

How Quickly Can You Get The Funds? 

On average, you can get them within 3 days to 1 month. Invoice financing is a short-term loan. As such, funds can be disbursed in as quick as 3 days. 

This makes it a great option for start-ups and SMEs that require immediate funding options, giving them space to focus on growing their business and managing other expenses. 

For instance, a small-time caterer might rely on payment from invoices to purchase the ingredients and food for another event.

Thinking of getting a business loan to help fund your business? Capitall offers loan rates ranging from S$5,000 to S$300,000, processed and approved within 24 hours.

Is Invoice Financing The Right Type Of Business Loan For Your Business?

If you run an SME or a business, invoice financing could make a drastic difference in ensuring that your company’s progress is continuous. 

But that doesn’t mean that invoice financing is a one-stop solution for everyone. The minimum eligibility of applying for invoice financing may make it out of the grasp of young, smaller start-ups. 

If you are the owner of a smaller business, perhaps you might want to consider another type of business loan. 

But if you are a goods or service provider who does meet the requirements, invoice financing could be your solution to cash flow driven delays. These risk-free business loans will also keep you free of debt.

Need a hand with your business finance? Apply for a business loan tailored to your business needs with Capitall.

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Given the economic impact of Covid-19, many businesses around the world have taken a hit. In Singapore alone, as many as 457 retailers have closed down in September 2020. But it is not all doom and gloom for businesses in Singapore, as Covid-19 support loans are available to help them tide through this tough period.  […]

Business Loan 7 Reasons Your Temporary Bridging Loan Programme (TBLP) Application May Have Been Rejected

Getting a loan application rejected is the last thing businesses want, especially during this tough period. If you applied for the Temporary Bridging Loan Programme (TBLP) but your application was rejected, knowing the possible reasons for its rejection can help you improve your chances for future loan applications.  What Is The Temporary Bridging Loan Programme […]

Business Loan A Guide To The Temporary Bridging Loan Programme (TBLP)

Is your business looking for short-term financing support to alleviate its cash flow needs? The Temporary Bridging Loan Programme (TBLP) can open up access to more working capital for your business, helping it bounce back stronger.  As a bridging loan, the TBLP provides immediate cash flow via a fast application and approval process, thus allowing […]

Media Business Insider | Capital C Corporation Announces Partnership and Digital Onboarding Plans To Meet Today’s Evolving Consumer and Business Communities

Capital C Corporation (“Capital C“) announces its partnership with Citystate Group. The joint-venture, Capitall Auto Financial Services Pte Ltd., marks Capital C’s foray into Singapore’s auto-financing market. This builds up Capital C’s existing portfolio of financial services for individuals and businesses. With deeper integration to Singapore’s National Digital Identity platform initiative, Capital C is poised for more growth in […]

Media yahoo!finance | Capital C Corporation Announces Partnership and Digital Onboarding Plans To Meet Today’s Evolving Consumer and Business Communities

Capital C Corporation (“Capital C“) announces its partnership with Citystate Group. The joint-venture, Capitall Auto Financial Services Pte Ltd., marks Capital C’s foray into Singapore’s auto-financing market. This builds up Capital C’s existing portfolio of financial services for individuals and businesses. With deeper integration to Singapore’s National Digital Identity platform initiative, Capital C is poised for more growth in […]

Company Capital C Corporation Announces Partnership and Digital Onboarding Plans To Meet Today’s Evolving Consumer and Business Communities

Capital C Corporation partners CityState Group to launch Capitall Auto Financial Services Capital C Corporation integrates more of National Digital Identity platform to meet underserved consumers with more user-friendly FinTech services 19 November 2020 — Capital C Corporation (“Capital C“) announces its partnership with Citystate Group. The joint-venture, Capitall Auto Financial Services Pte Ltd., marks […]

Business Loan How Does Getting An Sme Working Capital Loan Help My Business?

Taking a working capital loan in Singapore is common among SMEs. In short, a working capital loan is a specialised type of loan designed to help businesses cover daily operational costs.  Unlike other business loans, working capital loans generally do not need you to state the purpose of borrowing, as these loans are short-term and […]

Business Loan How Much Should You Get For Your SME Working Capital Loan

If you’ve been following this space, you would know that we’ve been discussing what working capital loans are and how they can benefit SME businesses. Working capital loans help SMEs finance day to day operations and provide short term solutions to pressing challenges such as seasonal fluctuations and downturns. Perhaps your business needs to take […]

Business Loan 5 Common Misconceptions On Getting A Business Loan In Singapore

Thinking of striking it out on your own? Do you have big plans and an ambitious vision but don’t have enough capital yet? Getting a business loan in Singapore might just be the first step you need to take! Many business owners hesitate to take a business loan due to a range of reasons. It’s […]

Business Loan Why Your Business Loan In Singapore Might Have Been Rejected

There’s nothing more frustrating than to find out that your business loan application has been rejected.  Business owners look to banks and financial institutions to get business loans for a myriad of reasons. Whether it is to expand, innovate, or to cover day to day operations, having access to funds at the right time is […]

Business Loan Business Loan In Singapore: 6 Tips To Increase Your Approval Chances

Does your business need a loan? Have you already tried applying for loans in the past but got rejected?  In Singapore, it’s almost impossible to go about building up your business without getting a business loan. Having your business loan rejected can be extremely troublesome.  If you have been following this space, we have previously […]

Business Loan 6 Reasons Why SMEs Take Business Loans In Singapore

In Singapore, 65% of the economy is made up of SMEs. From e-commerce startups to financial products, there are all sorts of SMEs in the Singapore market. With a high saturation of competitors in different markets, growing your business is extremely challenging in Singapore.  On top of stiff competition, SMEs also face the challenges of […]

Business Loan Avoid These 6 Mistakes When Applying For A Business Loan In Singapore

Starting a company can be a challenging feat. Not only must you have a good business idea, but you must also get enough capital. That’s not even considering all the countless administrative matters to handle. The first part, getting a good idea, is often already established when the company is founded. However, most companies struggle […]

Business Loan SME Working Capital Loan: 6 Types Of Short Term Financing Options To Boost Your Working Capital

Running a business costs money. If you are an experienced business owner, you would know that it is not easy to run a startup in Singapore. From employees’ pay to inventory, or even just turning the lights on, the cost of day to day operations adds up. That is why loans are unavoidable when you […]

Business Loan Working Capital Loan For SMEs: 5 Essential Questions To Ask When Taking One

Have you ever considered taking a business loan to meet the financial needs of your Small and Medium Enterprise (SME)? If yes, you probably have heard of working capital loans for SMEs. In short, working capital is the money companies use for daily operational expenses. Managing your working capital properly can be challenging for an […]

Business Loan Digital Presence and E-Seller loans in Singapore

As the world is moving at a fast pace, the society is converting into a cashless society. People are more likely to be digitally active and doing business. Online selling and buying have become a new business market. The new generation is drawn towards the trend and soon the world will convert into a society […]

Business Loan 7 Ultimate Reasons Why Successful SMEs Get a Business Loan

Small and medium enterprises (SMEs) continue to be one of the biggest players in Singapore’s economy. Based on a survey conducted by SME Magazine, SMEs continue to grow amid economic difficulties. The data also showed that the average revenue increases by about 109% than the previous year. As SMEs increases in numbers, we have observed […]

Personal Finance How to Manage Your Finance?

Managing your finances is a very tedious task especially for the ones who don’t understand accounts and finance at all. Most of us, even the ones who have just stepped adulthood have a job. We may have our own startup, work in an MNC, or maybe a government employee. We are here to let you […]

Media CNA | The Entrepreneur 2019

This series celebrates the achievements of 10 businessmen and women who prove to have what it takes to break boundaries and emerge as winners of Singapore’s Entrepreneur of the Year Awards (EYA).

Media sgsme.sg | 10 Business Leaders Recognised as Entrepreneur of the Year

From training aspiring pilots to lending money, 10 local entrepreneurs received the Entrepreneur of the Year Award (EYA) 2019.

Media MoneyFM89.3 | The Breakfast Huddle

Find out how local firms are helping F&B SMEs scale their businesses.

Media The Business Times | CEO Conversation: Transforming into a Digital Financial Services Provider

Singapore-based Capital C Corporation has come a long way since the inception of its money lending arm in 2011.

Media e27 | The Case for Alternative Lending

In the last decade, we have witnessed rapid growth in the alternative lending space, with the creation of new business models opening up the range of alternative lending products available.

Media APAC CIO Outlook | How Fintech is Driving Innovative Lending

In Singapore, SMEs account for around two-thirds of the workforce and a large chunk of GDP growth.

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