Singapore Company Incorporation with Paul Hype Page
Company Registration at Paul Hype Page Singapore

For businesses in Singapore, there are various loan options available. However, the limitation in the amount and type of loans available depends on the documents and credibility that your company possess. Applying for loans may be a tedious procedure, thus it would be advisable to seek a professional service provider for assistance when going through this process. Paul Hype Page has worked with many small businesses during our course of operation. We know the minute details when it comes to loan applications, and we can assist you along the way. Most importantly, we have industry insight to the appetites of different banks, and which would be most suitable for you.

Here are the main requirements that qualify your small business for a loan:

ACRA Business Profile

ACRA refers to the Accounting and Corporate Regulatory Authority. It provides potential loaners the necessary information they require for a loan. These include business information, directors, shareholders, and your company’s paid-up capital. The information will provide potential loaners an idea of your business model, your company’s worth, and whether your business will be eligible for the loan.

Bank Statement for the Last 6 Months

By showing the day-to-day money transaction, it displays your company’s revenue and expenses for the month. Interested loaners can then evaluate if your company has sufficient funding to repay the loan amount per month.

Eligibility Credit Criteria

The fundamental eligibility criteria require your business to be incorporated in Singapore.

Other specifications to be met include:

  1. At least 2 years of operation,
  2. At least $300,000 in revenue, and
  3. At least 30% shareholding owned by Singaporean or Singapore PR
Want to Start business in Singapore
Want to Start business in Singapore

Notice of Assessment of Directors for the Last 2 Years

The Notice of Assessment (NOA) gives loaners an idea of the director’s income.

For example, if the amount of debt exceeds the director’s income, they would be less receptive to loans. The NOA gives loaners the impression that the directors are not capable to repay their loans.

Recent Credit Bureau Singapore Report of All Directors

The Credit Bureau Singapore (CBS) report allows potential loaners to view your company’s ability to repay loans in the past. If your company has a history of repaying loans on time, it will create an image of credibility to loaners.

Company’s Financial Statements for the Last 2 Years

This showcases your company’s profit and losses for the previous 2 years, determining whether your company is eligible for certain loans.

The most important trait that your company must possess when applying for loans is the credibility of your business, and your ability to repay these loans.

It is always important to have the right documents and the company’s credibility when looking into loans. Paul Hype Page has experience in dealing with applying for small business loans, and we can provide you assistance with your loan application.

Apply for your loan with Aspire Bank

Once you have all the documents, you may apply for your small business loan with Aspire Bank. ASPIRE provides flexible financing options for small business owners. Whether you need cash flow to start your business, or you need quick cash to obtain a new machine, rest assure Aspire can offer you the right business loans. Among the small business loans that offered by Aspire Bank are:

  • Small Business Line of Credit
  • Term Loans
  • Small Business Administration Financing

For more information, check out https://aspirebanks.com/business/.

How to Qualify for a Small Business Loan in Singapore? FAQs

How long does it take to process my loan?2020-11-11T14:42:23+08:00

Normally 2-3 weeks, but for certain cases, it can take up to one month.

What is the typical Interest Rate for a business loan?2020-11-11T14:42:07+08:00

The typical interest rate for a business loan should be between 3.5% to 7% per year.  

What is SME Working Capital Loan? Can I apply for this loan?2020-11-11T14:40:46+08:00

SME Working Capital Loan is an initiative of Singapore government to support local SMEs. The Singapore government collaborates with banks to offer loans up to $1 million to SMEs owners. The loaners are expected to pay back within 1 to 5 years. To apply, your SME should fulfill the following requirement:

  • Your SME must not have more than 200 employees
  • Your company must be a Singapore-registered SME
  • 30% shares of your SMEs must be owned by Singaporeans/PRs
What are the types of loans available for small businesses in Singapore?2020-11-11T14:39:10+08:00

Loans that available for small businesses in Singapore including business loan, SME Working Capital Loan, Temporary Bridging Loan, and Startup Business Loan. 

2021-06-03T16:18:36+08:00August 17, 2020|0 Comments

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