Business Term Loan In Singapore: A Complete Guide

Written by Alwin Goh

At some point in your business, you may require a business loan to help in expanding and building your company. One type of business loan that companies commonly apply for is a business term loan.

Here, we will share what business term loans are and what you need to know about them before applying.

What Are Business Term Loans?

Infographic on business term loan
Business term loans do not require collaterals.

Business term loans are unsecured loans offered by banks and financial institutions. As they are unsecured, no collateral is needed. Instead, they are supported by your business’ monthly sales and cash flow. 

Here is a summary of what taking out a business term loan generally entails: 

Loan amountUp to S$500,000
Loan tenure1-5 years
Interest rate7-12% per annum
Administration fees1-5% of the approved loan amount

Business term loans usually have a regular monthly repayment schedule at a fixed interest rate. 

The loan amount, loan tenure, and other fees vary across different banks and financial institutions. Hence, it will depend on the financial institution that you apply the business term loan at. At Capitall, you can get a loan amount of up to S$300,000 and a loan tenure of up to 12 months. 

Getting a business loan for the first time? Here are 9 things you should ask before applying for a business term loan in Singapore.

Typical Process Of Applying For A Business Term Loan

Now that you know what business term loans are, what is the typical process like when applying for a business term loan in Singapore? 

Here is the general process, including things to note and what documents to prepare. 

1. Apply Online Or Physically At The Branch

You can choose to either apply online or head down to the branch of the financial institution. For a faster application and approval, some banks and financial institutions allow you to apply with MyInfo Business.  

In addition, you will need to prepare documents that show your business track record for a substantial period of time. Some of these documents include your financial reports, bank statements, and GST declaration.

2. Get A Callback From The Financial Institution

A Relationship Manager (RM) will contact you to find out more about your company, such as its type of business and number of directors.

It would be best to be upfront about your company’s financial situation so that the RM can assess and assist you in the best way possible. You should also inform the RM about any existing loans that are currently outstanding for the business.

3. Submit Documents

These are the main documents that will be needed for a business loan application. 

ACRA Business Profile Information– A document that shows your business information, directors, and shareholders, as well as your company’s paid-up capital
You can get this information from the ACRA website
Latest NOA of all directors– The Notice of Assessment (NOA) of all the company directors
You can get a copy of your personal NOA from IRAS
Latest credit history of directors– You can get them from Credit Bureau Singapore (CBS) and Moneylenders Credit Bureau (MLCB) 
Company financial statements for the last 2 years– A copy of the Profit & Loss Statements and Balance Sheets for the last 2 years
– If your company is less than 2 years old, show your first-year statements and let them know what has been done so far
Latest 6 months of bank statements– Copies of your company’s corporate bank statements 
Other relevant documents– List of existing banking facilities
Source: Finder

Some financial institutions may also request for documents that are not mentioned above on a case-by-case basis. 

4. Potentially Get Another Call From The Financial Institution

Afterwards, the financial institution might call you again to verify the provided documents and details. They may also take this chance to clarify any issues regarding the application. 

5. Submission For Approval

The RM will then submit your application and relevant documents for approval.

6. Get A Business Loan Proposal From The Financial Institution 

Once your business term loan has been approved, the RM will come up with proposals and solutions for your business needs and share them with you.

7. Sign The Documents And Have The Funds Disbursed

Before signing the agreement, be sure to take note of details such as loan amount, interest rate, type of rate, and penalties. 

After signing the document in-person, the funds will be disbursed to your corporate bank account.

Looking to get funds for your business? Get your business term loan in 3 easy steps with Capitall!  All you have to do is to apply online, provide the required documents, and wait for approval within the same day. Once approved, just head down to our office to sign the contract and have the funds transferred to your account.

4 Alternatives To A Business Term Loan 

Is your company not eligible for a business term loan? Don’t worry, here are 4 alternatives that you can consider. 

An individual searching for alternatives to business term loan
Start-ups can consider other alternatives to a business term loan, such as merchant cash advance and venture debt financing.

1. Merchant Cash Advance 

Merchant cash advance is usually used by businesses in retail, F&B, and e-commerce industries that rely on credit card payments. It is suitable for SMEs who require temporary funds, but do not meet the requirements for a business term loan.

Through merchant cash advance, you can get an advance on your future credit card and debit card sales, which you can use to cover your daily expenses. 

Find out how merchant cash advance works here. 

2. Invoice Financing

With invoice financing, you can get funds of up to 70% to 90% of your total invoice amount. Instead of waiting for payments, you can put up your invoices as collateral to get an advance. 

The financial institution will then receive the repayment through your customers, and the remaining funds will be used to pay for interest and fees. The balance will then be passed to your business. 

When applying for invoice financing, you will need to show a proven track record of service performance or a history of past transactions. This gives the financial institution an indication of whether they can be repaid promptly. Other factors like the age of your business do not affect the evaluation process that much.

Invoice financing is useful for SMEs who require greater cash flow for current operational expenses.  

Want to know more about invoice financing? Find out more about how it works.

3. Business Line Of Credit

A business line of credit is another type of business loan that is suitable for businesses which require short-term working capital. In Singapore, it’s also known as business overdraft or unsecured overdraft (OD). 

Factors such as past financial performance, current bank statement records, and personal credit history of the directors will be considered during the application process. 

It sounds similar to a business term loan. However, what is different is instead of a lump sum amount, you are given a line of credit. Interest will only be charged on the amount that is taken out. Multiple withdrawals are allowed until you have reached the credit limit. 

A business line of credit does not have a fixed monthly repayment. Instead, you will be required to make a minimum monthly repayment of 20% of the amount used in the credit line. Essentially, it is similar to credit cards. 

This is advantageous for SMEs who want the flexibility of having credit as and when they need funds. 

4. Venture Debt Financing

Another alternative to a business term loan is venture debt financing. It is offered to start-ups that are supported by venture capital investors. In Singapore, this type of financing is offered by DBS and OCBC and is only applicable to a small group of SMEs that have met the criteria. 

Traditionally, banks are not able to provide debt financing for companies that are not making profits. However, more start-ups are securing multi-million dollar investments, even when they are still unprofitable. 

This initiative seeks to address the financial gap for these start-ups. 

For venture debt financing, the start-up will be judged on the equity funding that they have gotten from venture investors, its innovation solution, or business model. As these start-ups are not yet profitable, there is less focus on the company’s history and financial performance. 

These start-ups will then receive a lump sum and are required to make monthly repayments.

With the different types of business loans available, there is bound to be one that fits your business needs and solution. 

Still unsure of which business loan to apply for? Get in touch with Capitall now and get advice from our financial consultants. 

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Many businesses have been affected by COVID-19. Over 27,000 business entities have shut down from March to November 2020, as the pandemic continues to put a severe strain on the Singapore economy. However, the government has put forth a slew of programmes and schemes to support businesses during this period. In this article, we summarise […]

Business Loan 5 Ways You Can Use The Temporary Bridging Loan Programme (TBLP) To Sustain Your Business

COVID-19 has affected businesses around the world — some more than others. Whether you are an MNC in a supply chain business or an SME in the media industry, your business has likely faced certain difficulties during this period. To help businesses pivot to survive the unprecedented challenges brought about by COVID-19, the Singapore government […]

Business Loan Covid-19 Support Loans Businesses In Singapore Can Take

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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