How To Make The Most Of Your Covid-19 Support Loan

Many companies might find themselves facing financial difficulties due to the Covid-19 pandemic. But do you know that there are many government schemes to financially support local businesses, especially Small and Medium Enterprises (SMEs)? If you are a business owner, here is what you need to know to make the most out of your Covid-19 support loan.

Covid-19 Support Loans: Temporary Bridging Loan Programme (TBLP) And More

When it comes to Covid-19 support loans, a prominent example that may come to mind is the TBLP.

The TBLP is a government-assisted loan that provides firms access to working capital for their business needs regardless of sector.

Eligible firms can borrow up to S$5 million from participating financial institutions and banks for applications until 31 March 2021, and S$3 million for applications from 1 April 2021 to 30 September 2021.

The maximum repayment period is 5 years, with the interest rate capped at 5% per annum. Even though the TBLP is managed by Enterprise Singapore (ESG), the approval of your loan is still dependent on the assessment of the participating financial institutions (PFIs) you are borrowing from.

The government is providing 90% risk-share on loans initiated from 8 April 2020 to 30 March 2021, and 70% risk-share for applications from 1 April 2021 to 30 September 2021. However, you are still liable to pay back 100% of the amount you have borrowed. 

You can apply for multiple temporary bridging loans under different PFIs, but the maximum amount you can borrow across all the PFIs is still capped at S$5 million. 

If your business has been affected by the pandemic, you can consider applying for the TBLP. 

Want a quick understanding of the TBLP? Read this article here to know 9 key facts about this Covid-19 support loan. 

However, if you still need more cash flow or your TBLP application keeps getting rejected, there is no need to worry. There are other Covid-19 support loans that you can turn to. 

For example, you can explore taking a business loan from private financial institutions like Capitall

From bridging loans to business lines of credit, we have a diverse range of business loans that can be tailored to suit your needs and tide you through. In addition, approval can be as quick as within 24 hours.

Head over here to explore the funding help that we can offer.

How To Spend Your Covid-19 Support Loan Effectively

Infographic listing the different ways to spend your Covid-19 support loan effectively.
It’s crucial to have a plan on how the loan will be used.

Getting your business loan approved is only the first step. The next step is equally critical: knowing what to do with the extra funds. These are some steps you can take to fully maximise your loan. 

1. Plan Out How The Covid-19 Support Loan Will Be Used

You should already start making a detailed plan on how you will spend the money even before you secure your loan. 

Be strategic about how you are going to spend your loan, and be specific when planning allocation of expenses. 

By planning beforehand, you can identify specific areas of your business that need the most cash. Doing so also allows you to take advantage of time-sensitive opportunities that may come your way.

Remember to set a budget for the expenses and stick to it to ensure you don’t end up spending the capital faster than expected.

Even though the best way to utilise your funds can depend on factors like your industry and the situation, there are a few areas that will generally benefit from having more money pumped in.

Inventory And Equipment

If you are selling products, you can replenish your stock by purchasing inventory. You can also update your inventory and broaden your product range to keep existing customers happy and bring in new customers.

It might also be a good time to purchase new and improved equipment or upgrade existing equipment. Take this opportunity to bring your business to a new level, whether by purchasing new machinery to increase efficiency or embarking on a digital transformation to streamline processes.

If you are in the delivery business, you could consider using these funds to get new vehicles, hire more drivers, or improve your delivery processes.

Are you a business in need of a fleet of vehicles? Capitall’s auto finance loan can help you. Read more about it in this article. 

Operational Expenses

In these economically challenging times, your profit may have been taking a dip even while your operational expenses remain constant. 

You might still have to bear the same costs for rent, utilities, employee salaries, and other expenses. If these regular operational expenses are significant, you can consider delegating a part of your loan to help defray the costs. 

Marketing And Advertising

Marketing might not feel like a top priority right now. However, there is no better time for your company to make itself known. 

Marketing and advertising is an important investment that can help you further grow your business and draw in new clients. 

It’s worthwhile investing into areas like search engine optimisation (SEO), advertising, digital marketing, and other related areas to improve your brand presence and get more business. After all, people are spending more and more time online these days.

Here is a quick recap of the business areas that you can consider using your Covid-19 support loan for. 

Business areaWhy you may want to channel funds here
Inventory and equipmentBy introducing new products, you get to keep existing customers interested and pull in new ones. Upgrading your equipment or purchasing better ones can help your business be much more efficient.
Operational expensesIf these expenses are proving to be too heavy, a Covid-19 support loan can help you keep the business running and retain employees.
Marketing and advertisingMore and more people have been spending time online since the pandemic. You can take advantage of this by boosting your online presence.

2. Introduce A New Product Or Service

If you already have a loyal customer base, you might want to focus on retaining them. 

Having a new product or service can be useful in maintaining your old customer base, as well as attract new customers. For example, businesses like Starbucks and McDonalds are always pushing out new offerings to keep customers coming back.

Introducing new products or services also differentiates your company from the rest of your competition and helps you stay ahead.

3. Repay Existing Debts With The Covid-19 Support Loan

Your loan can also be used to repay other debts, especially if you took out some loans before the pandemic and are struggling to meet the repayments now.

It may be a good idea to repay your existing debts, especially if the interest for those debts are higher than that of your Covid-19 support loan. 

Furthermore, by paying off your existing loans, all your debts will be consolidated into one place for easier management of repayments. 

4. Put The Covid-19 Support Loan In A Separate Account

It’s advisable to place your loan in a separate account when you receive it, and transfer funds to your business spending account only when required. 

This could help to make you more conscious in your spending since there is an added step before spending. This is also a good practice if you want to avoid impulsive spending with your extra funds.

This can also help you better track your expenses so that you do not unwittingly spend too much of your loan on expenses you did not plan for.

5. Implement Checks And Balances

Businessman getting ready to spend from a business debit card
It’s best to have a system in place that ensures funds are used judiciously.

Another way to ensure that you don’t overspend your Covid-19 support loan is to implement checks and balances. Create good operational controls to monitor your cash such as having a procedure to authorise the release of funds.

By requiring all expenses to be approved regardless of the amount, you can avoid impulsive or unplanned spending. 

With an approval process in place, cheaper alternatives for expense items could possibly be suggested along the way, and the purchase can be evaluated to ensure it is really a necessity.

Implementing checks and balances also makes it easier to keep track and record your company’s expenditure.

6. Only Buy Top-of-the-line Equipment When Absolutely Necessary

It might be tempting to splurge on the newest and best equipment when you have more capital at your disposal. However, you might want to think twice.

Consider whether you actually need the equipment. While it may be more advanced, top-of-the-line technology can become updated fast. If an older model can meet your business needs, it might be more prudent to get it instead.

Only spend on such equipment if you actually require the specifications to run your business as planned. 

If you are unlikely to fully maximise the equipment’s features, you should not get it just for the sake of having the latest piece of technology.

7. Plan Out On How To Repay The Covid-19 Support Loan

Even before your loan is approved, you should start making plans on how you will repay it. 

Make sure you know how much to pay and when to do so, because missing out on a payment can increase the amount of interest and fees.

Schedule your loan repayments into your calendar and make sure that the loan can be fully repaid. Ready to apply for a Covid-19 support loan now that you know how to make the best of one? Apply here for a business loan with Capitall to get you through these tougher times.

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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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