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Whether it’s a business loan, SME working capital loan, or expansion financing, we do what we can to help.
Recognised as top-ranking countries in ease of doing business by The World Bank, starting a new business in Singapore is easy. Although it’s an ideal business hub, small business owners face range of challenges. Among this is finding for enough funds to ensure that the operation will run smoothly. Some are using their savings, borrowing from family members or friends or ask for funding from financial institutions.
Finding for your business capital can be a tough task especially if you have a small business or medium enterprise. Among the requirements that make raising for capital difficult is the tenure, wherein the business needs to be active for over two years. We acknowledge this as an opportunity. This is the reason why we are providing instant business loan for varying business types.
Capitall Singapore knows that each small business has their own unique needs in terms of financing. We provide SME business loans catered according to your needs. Either you have a restaurant, a retail business, hotel or even cleaning business, we will provide the best business loan in Singapore. Using our online platform, applying for an online business loan is easy. With quick approval and with lower interest rates and fees, you will have the assurance of achieving your business goals.
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Why Small Business Owners in Singapore Apply for a Loan?
Securing a business loan does not mean that you are facing a problem. In reality, it could mean that your business is growing, or you are in front of wider opportunities. It could mean that you need additional funding to start your business expansion. It could also mean that you need to purchase new equipment. In addition, misconceptions about loans existed, making it earn a bad reputation. Some are believing that it will lead them to a financial crisis. Or, will cause a debt to pile-up. Taking it would be a risker option. And this is an exact opposite. Getting a loan can answer numerous business opportunities.
Take in kind, loans will give you a bad financial state is a hoax. Those numerous reasons prove that getting a commercial loan is a wiser decision. It can support your business growth and be successful in your small business.
Types of Business Loans We Offer
Whatever type of business niche you have, there is a specific loan that can fit your needs. Getting the funding that you need is important in order not to miss a business opportunity. Capitall Singapore understands each business’s needs. We know that you need a specific type of loan for your niche. Our loan offers are simply crafted to address your unique needs. If your goal is to expand your business or financing your business growth, we are here to help you. We wide range of fast business loans just for your business.
SME Working Capital Loan
A SME working capital loan is a loan used by a company to finance its everyday operations, such as payrolls, rent, and inventory.
Working capital loans are usually taken when a company requires cash/asset liquidity to cover day-to-day operational expenses so that they can put more money into expansion.
They are commonly used by companies that have high seasonality or cyclical sales, such as retailers, to tide them through periods of reduced business activities.
One of the benefits of a working capital loan is that it does not require an equity transaction. Therefore, a business owner still maintains full control of their company. It’s also a good way for business owners to cover any gaps in working capital expenditures.
Benefits of this loan:
- Cover short-term business expenses
- Finance daily operations
- Suitable for businesses with high seasonality/cyclical sales
Business Line of Credit
Many businesses have a credit line to manage unforeseen expenditures and fund growth opportunities. It can be thought of as a credit card for your business. Interest is charged only on the amount that is drawn, and the credit limit goes back up once the amount drawn is repaid.
It is worthwhile to consider a business line of credit, even if your finances are healthy. With a credit line, you can draw funds as needed, up to a limit over a short period of time. This allows quick access to capital for any reason and have greater control and flexibility over the use these funds.
Business Line of Credit can also serve as Merchant Credit Line, which merchants can use to pay for goods from suppliers.
Credit lines are a great way for a company to increase their capital and take advantage of sudden business opportunities.
Benefits of this loan:
- Cover short-term business expenses
- Cover recurring financial expenses
- Quick access to funds
A bridging loan is a short-term loan to help you meet current obligations by providing immediate cash flow, while expecting fresh fund coming within a short time frame.
Bridging loans can be used to purchase property, fund restoration works, and even to secure business opportunity.
For example, bridging loan could be used to prepay F&B event premises, that in turn drive revenue for the business.
Benefits of this loan:
- Temporary funding
- Ability to cover urgent business expenses
- Lower interest due to shorter repayment periods
Payroll loans are short-term loans that help to cover your staffing fees. They can help you to divert your capital into other ventures, such as growing your business.
A payroll loan can also be a good way to tide your company through jumps in employee salaries, examples of which include year-end or loyalty bonuses.
They can be used to subsidise immediate financial needs, such as when you’ve contracted extra workers for a big event.
Benefits of this loan:
- Covers urgent payroll expenses
- Lower interest due to shorter repayment periods
- Allows better management of increments in staff salaries
Expansion financing comes in handy when your business sees an opportunity to grow and expand. It can be used for internal growth by launching new products or the acquisition of smaller companies.
It is also useful for taking advantage of opportunities that may lead to compounded growth, despite not having the available funds at the moment.
Companies typically use expansion financing to fund growth projects while still retaining enough capital to handle daily company operations.
Benefits of this loan:
- Shift to a larger retail space
- More staff can be hired
- Financial ability to create new products
An auto financing plan allows you to use revolving credit facility to finance an existing stock of new/used vehicles. This allows you to free up cashflow by not tying up large amounts of assets in showroom stock.
For instance, a dealer may want to purchase 100 models of a new car but needs additional capital to do so. Through auto financing, he can draw down the credit facility to finance the cars and proceed with repayment as they are sold off.
Benefits of this loan:
- Increase your stock of vehicles
- Increase working capital
- Improved cashflow
Merchant Cash Advance (MCA)
Businesses that need additional working capital can receive extra funds through the merchant cash advance, as long as these enterprises accept payments through debit or credit cards. Using the Merchant Cash Advance (MCA), it is more efficient for businesses to obtain the funds they need depending on debit or credit card receivables in the future. We would buy future debit or credit card receipts from your business using upfront cash payment, and this should provide quick cash for your financial concerns.
Once your application has been approved, you would receive a cash payment (lump sum) in exchange for the total amount of future debit or credit card transactions. You can use the funds received for whatever purpose you have in mind for your business. Then, a percentage of card transactions agreed upon will be sent to us after settling debit or credit card sales. Moreover, this fixed percentage will be remitted to us as payments, whilst card sales are completed in your business.
Benefits of MCA:
- Payments depend on the fixed percentage of card sales transactions
- No penalties or fees for late-payments
- MCA application is quick and easy to apply
More Types of Business Loans
Unsecured Business Term Loan.
With unsecured business loan, collateral is not needed. It answers your working capital needs. The loan range is from $3,000 up to $300,000 and this is given in a lump sum. Repayments can be within 3 years or 36 months.
Used by SMEs to get up to 80% of advance payment from their customers’ outstanding invoices. With invoice financing loans, a financier gives an early payment every time there is a sale. No need to wait for the credit period.
Startup Business Loan.
Singapore is very attractive to budding entrepreneurs. It provides lower tax rates and ease of doing business. A wide range of financing options is also available. This is the reason why startup businesses continue to rise. As startups continue its operation, the big challenge that it meets is the lack of funds. Opting for a traditional lending institution is not an ideal decision. Most bank requires at least 2-3 years of tenure. And this is the main reason why we exist to provide the best short-term loan, or business bridging loans.
Business Loan Guides for SME
In applying for a SME loan, important factors must be considered. We know that your goal is to be approved with your needed business loan. Here are the top considerations to be successful in your application.
1. Do Some Research
With a competitive market in Singapore, there are numerous of financing institutions available. Oftentimes, you will think that banks provide the best option for you. When you do some research, you will find out that there are more reliable financial institutions. They feature a much competitive loan offers at an easier application process. You can search online, or you can visit them personally. Doing the first one is much more convenient. List down their requirements and loan offers and have a comparison.
2. Understand the Fine Print of Loan Details
In order not to be deceived by advertising campaigns, checking loan details is critical. Whether you see a higher loan offer or a lower interest rate, reviewing the fine print of loan details is vital. You must check over the repayment terms, fees, interest rate, and all requirements.
3. Be Truthful and Transparent with Your Loan Application
As financial institutions following the strict laws, borrowers need to abide also. They need to follow the requirements set by the financial institutions. Being honest with your loan application is the key to approval. Remember also that you are working on your credit history, so be transparent. Always begin your loan application with honesty.
4. Seek for a Professional Advice
Getting a business loan oftentimes involves a large sum of money. To avoid a high-risk decision, it is important to seek professional help. They can help you in better understanding the figures involve in your loans. They will also give suggestions on what is the best decision to take. Helping you find the right financial institution for your business is also one of their key roles.
5. Check the Interest Rates
Since Singapore has a highly competitive market, you can see varying loan interest rates. You need to know how to compute it so that you can see the estimates of how much you will repay. By doing this, you will foresee how your application goes by considering your capacity to pay.
6. Find out the Repayment Terms
Another important factor to consider when applying for a business loan. It is not enough to know about the interest rates, you must make sure that you understand the repayment terms. You can able to see if your business has the capacity to pay based on their term agreements like on a monthly basis.
7. Evaluate Your Credit Profile
To predict the success rate of your application, it is vital that you have to check your credit profile. You must evaluate beforehand your business identity. Among the key considerations are capacity to pay, assets, tenure, and credit score. If you are in good standing, getting approved in your loan is 100% possible. The financial institution can see you as a prospective borrower.
You need to evaluate your business as if you are a credit company. By doing this, you will predict your application status.
Taking a business loan from Capitall brings numerous advantages. Here are the top reasons why you need to get a business loan.
1. Tailor-Made Business Loan Solution
As they listen to their client’s needs, Capitall creates tailor-made loans. A wide range of business loan offerings is made available to cater to each type of business. In addition, terms are also specially created to address each business’s needs.
2. Accessibility to All Type of SME Business Owners
Whether you’re in the retail industry or service industries, Capitall has various types of small business loan offers. Business Owners can easily apply to competitive loan offers they provide.
3. Easy Application Requirements and Process
Most of the business turn to Capitall since they provide easy requirements. The process is also simple, and you can easily qualify. Unlike banks, you don’t need to be in business for 2-3 years. Even you are just 6 months old, you can still qualify for an instant business loan in Singapore with Capitall.
4. Fast Loan Approval
Aside from the simplified application process, experience also an instant approval of your business loans. Capitall understand your immediate need for funds. They know that you need the working capital for your business growth. As long as you have the complete requirements, your loan will be approved immediately as fast as 24 hours.
5. Expertise in Business Evaluation
Business evaluation is highly important when providing the right loan amount to business owners. Capitall has knowledgeable and expert evaluators. They understand each business’s needs and they know the right loan amount to be approved. They usually consider each business capacity to pay.
6. Take Advantage of the Technology
As the world is embracing the power of technology, Capitall is also taking advantage of it. They provided an online application platform for a seamless transaction. No need to queue just to submit your application. There’s less paperwork. All you need to do is fill in their form and in just a minute you will be given a specific loan offer.
7. Trusted and Reliable
Your private information is highly protected. They ensure also that you can’t have an interest rate that is beyond the standard. You can simply trust Capitall when taking a corporate business loan.
8. Offers Short Term Business Loan
Capitall have flexible loan offers. You can either have a long-term and short-term business loan financing option. Most SME businesses prefer short-term financing. This is helpful to businesses with seasonal demand.
Singapore provides an ideal location in setting up a business. It has received numerous accolades for ease of doing business. Both locals and foreign nationals can be an entrepreneur.
If you are planning to open a business in Singapore, here is our ultimate guide that can you follow.
How to Register Your Business in Singapore
Singapore has a simplified approach when it comes to starting a business. The process can be summarized in just 4-steps.
1. Select Your Business Entity Structure.
You can apply online at Bizfile, the Business Filing Portal of Accounting and Corporate Regulatory Authority (ACRA). To start the registration of your new business you are prompted to choose among the business entity structure. Among the structures are: Business (Sole proprietor/partnership), local company, Foreign company, limited partnership, or a limited liability partnership. One of the most preferred structures is the Private Limited Company due to its credibility and scalability. The liability of shareholders is limited based on their share capital. It comes with tax incentives. For foreigners with this type of structure, they can own 100% of their shares.
2. Setting Up Your Company.
When creating a company set-up, here are the following steps to follow:
- Choose a company name. You must follow the guidelines set by ACRA in order that it will be approved. When you have created an ideal name for your business, you can search it over BizFile. The chosen business name must be unique, desirable and not prohibited by the Minister of Finance.
- You must have at least one shareholder. During the application, you’ll need to provide their personal identification details.
- You need to appoint directors. One of the directors must be a Singapore resident.
- Appointing of company secretary within 6 months from incorporation. The secretary must also be a local resident in Singapore.
- Indicate the amount of issued capital, wherein it must be at least $1.
- Provide a registered company address. It must be a physical address where all communications and notices must be addressed.
After your registration, you may purchase a Business Profile. It is a PDF report from ACRA. It contains your basic company information: registration number, or unique entity number (UEN), company name, registration date, company officers and business owners. This is needed for verification purposes such as when opening an account to banks, licenses, and permits.
3. Opening a Corporate Bank Account
Once you have purchased your Business Profile, you can now open a corporate bank account in Singapore.
4. Processes to Work on After Your Company Registration.
- To apply for permits and licenses. After successful registration, you may now apply for a license or permit depending on your business. You can go over GoBusiness Licensing website if you need to apply for a license or a permit.
- You must also register your office hours and must have at least 3 hours per day.
- Attain a business registration number from ACRA, this is used in all of your business documents.
- Register your company at Singapore customs if your business is involved with export and import of goods.
- Registration under Goods and Services Tax (GST) is required if you have an annual taxable revenue that exceeds $1 million per year.
You must also register with Singapore Central Provident Fund (CPF). With CPF, every employer is required to register with its citizen and permanent resident and must contribute monthly.
Advantages of Business Registration
As defined by ACRA, a business needs to register if it is working for profit. There are numerous advantages that you can gain through registration.
- Your business can easily be validated since it can be searched by the public. It can help in featuring your authenticity
- Finding information and making a transaction with your business is easier.
- You can participate in government tenders. Additionally, you can secure intellectual property or apply for patents for your new products or technology.
- You have the privilege to access for business funding from the government such as from Enterprise Singapore
- You can also access on a wide range of working capital from bank and financial institutions.
As you go along your operation, you may realize the shortage of capital. You don’t have enough money to continue the operation, but you have seen that having a company loan can continue your business growth. As you find for working capital, you have found out that it is tough. Most banks in Singapore needs at least 2 years active in the business. And you don’t have enough history.
When you are starting up your business and it has been operational for at least 6 months don’t be disappointed. With credit companies, you are qualified for a SME micro loan or a start-up loan. You have the opportunity to grab a low interest business loan You don’t have to worry about where to scout for additional funding.
You are also qualified for an unsecured business loan. You don’t need to have a collateral. Although financing options can be limited but it provides a good start in addressing your funding needs. As long as you are a responsible borrower by paying on time, your credit score can increase in the future. Thus, it can lead you to have a higher loanable amount in the future.
Need Extra Capital for Your Business Expansion?
You don’t have to worry on where to look for a business loan for extra cashflow. We can help you. Get assisted with our fast approval business loan today.
Frequently Asked Questions FAQs
Unlike traditional financing options, we can offer as high as $300,000. Our loan amount range starts from $5,000 with over 3-12 months terms.
Our rates start for as low as 1.88% with flexible loan plans for weekly or monthly installments.
To expedite your application, we require the following documents for the first assessment:
- ACRA profile within the last 3 months
- Latest 6 months bank statements
Your company must be a Private Limited Company (Pte. Ltd). with at least 6 months active in the industry
You can simply apply for our instant business loan online and get fast approval. You can receive your approval results as fast as one business day.
Our loan offers spans to multiple industries. Whatever your business needs we can help you with your business loans.
We are dedicated to empowering SME in Singapore. And we only provide business loans to support their business growth.
At least you have about 6 months old active in the business, we can provide a suitable business loan. You are free to use our online form and start the pre-qualification.
If you don’t qualify now, do not worry, we will guide you for your next application. For about 3 to 4 months you can again reapply.
You still have a chance to get a business loan even you have bad credit. We will evaluate your current financial status and provide you a custom business loan solution.
Yes, you are welcome to apply on our SME business loan. You just need to have at least 6 months active in the business.