Running a business can be difficult; after all, you need to think about how you are going to expand and how much you need to do so.
On top of this, you also need to think about how you’re going to pay back the money and whether or not it is worth the expense you are going to incur in interest.
You also need to plan out how much you need and whether or not you will need more in the future, so as you can see, a seemingly simple situation just turned into a difficult and complicated one. When you hire a reputable financial professional to help you however, you really don’t have anything to worry about and it has never been easier to make sure that your SME loans are smoother and faster than ever. If you do want to apply for an SME loan in Singapore then there are a couple of things that you need to know first and this could mean the difference between you getting the loan and not getting it at all.
In order for you to be considered for SME loans, you first need to make sure that you are eligible. After all, there is no point in sitting down with your financial advisor and discussing everything if you don’t actually qualify for the loan. A lot of loan companies will sit with you to make sure that this is the right option for you so it is really easy to get started. Some registered money lenders in Singapore will be able to help you to get your money fast as well and this is great if you find that you are on a short deadline or if you need the money to pay for an upcoming investment.
As for the eligibility however, you need to make sure that you are a Singapore registered business and you may even need to have 50% or more shareholdings by the Singaporeans or the Singapore IRS. This might not be the case for all lenders, but it is certainly a requirement for some so this is something that you need to look into. You will also find that before you get your loan, you need to prove that you have been in operation for a number of years as well. On top of this, you may need 3 years of business stock operation and a minimum turnover of around $500k. Again, this may differ from company to company, but it is a requirement for some.
Another thing you need to think about is the documents that are required. You may need to bring copies of the people who are sole proprietors in the company and you may also need passports and identity cards as well. If you want to apply for a business loan with the company then you might also need to bring along your company statements over the last 6 months. On top of this, you also need to make sure that you have the right application form with you because this will determine whether or not you can apply for the loan there and then.
That’s really all you need to know about applying for an SME loan in Singapore and there are so many benefits to doing so as well. You can expand your business, increase your sales and you could even boost your success as well. Contact your Singapore loan company today to find out more about how they could help you as well as finding out whether or not you are eligible.