Investment in the business is a very important thing, it helps to grow the business very fast. For investment in the business you need some capital, but if you don’t have that required amount then you need to look for taking debt, which could be debt from friends or relatives, from money lenders, from mini banks, from banks or another source.
Here, at this stage, you need to look at the SME loan. A small Medium Enterprise loan or SME loan will work for you, through the SME loan you will be able to invest in your business enterprise.
What is SME Loan?
A small Medium Enterprise loan or SME loan is a business loan that a medium-sized enterprise would take for an investment in their business. It is also given for startups to the young entrepreneurs as well as to the woman entrepreneurs on a short term basis.
If you are living in Singapore and want a loan for your small enterprise or your startup then you should go for the best SME loans in Singapore for your small businesses. We have made huge research on the best small business loan, we have made this research based on low-interest rates and their fees as well as based on their services.
Here are some of the options for SME loan in Singapore:-
SME working capital loan:- SME working capital loan is a special loan option for the local SMEs who have a maximum of 200 employees in their company. Singapore government collaborated with the banks to offer a 1 million dollar loan to the small businessman, repayment should be done within 1 to 5 years.
Startup business loan:- A startup business loan could also be called a mini business loan that offers a 100,000 dollar loan to the entrepreneurs. The process of startup business loan is not very much tricky, also you don’t need a strong financial background to get benefited from this startup business loan.
Temporary Bridging loan:- This as another business loan that is backed by the Singapore government, came under Singapore government-backed business financing scheme for helping all the tide businesses including SME over the COVID 19 pandemic. This loan is given to the Singapore-registered companies where 30 per cent of stocks are owned by Singapore locals.
Here, loan up to 5 million dollars are given and their repayment should be done within 5 years.
If you are a foreigner in Singapore and wanted an SME loan for your startup and businesses then you must look at these options listed below:-
HDFC personal loan:- This is the best option for the foreigner in Singapore who is looking for a kick start to their business idea. Here, you must have some funding, this is the best option to start. As compare to others, HDFC personal loan is quite affordable which requires just 40,000 dollar per annum that is very less than others.
Standard Chartered CashOne:- This could be a good choice for a foreigner who requires a minimum income of 60,000 dollars per annum. You can get the loan instantly here at Standard chartered bank, after you qualify for the loan you could get a chance to borrow 4 times your monthly income. Other options for the best SME loans in Singapore for a foreigner are Citibank Quick Cash (New loan customers).
So, these are some of the best options for getting an SME loan in Singapore, for more information you can visit their official site or could directly visit the bank. If any of the particular schemes suits you then go with that, before taking the loan please read all the terms and conditions and verify all the scheme related documents carefully.