BIZSQUARE – BEST BUSINESS LOAN CONSULTING SERVICE

The maximum small business loan funding amount differs among various banks and also depends on your company credit profile (revenue size, industry, cashflow position etc.).

Most banks’ maximum financing amount granted to SMEs range between $300K to $500K. However, it is exceedingly hard to secure the maximum amount unless the company has close to perfect credit profile. If your main bank is not able to meet your requested financing amount, you can also apply across other banks concurrently to maximize the financing amount you’re targeting.

Yes, you can but options are very limited for new startups. Most banks do not provide start-up business loan for newly registered companies.

Most banks lend on track record and would require applicant company to have at least 1 to 2 years of operational business history before considering extending financing.

If your business is operational and at least 6 months old, a competent SME loan broker might still be able to help you secure business financing.

However, expect very limited financing options for a start for very young companies and also smaller financing quantum. If you manage to secure any form of business loans, ensure prompt subsequent repayments to build up a good credit record for your company.

As your business matures and coupled with a good credit record, it’ll be easier to source for financing in future from more banks, with more options.

If you are not qualified for our business loans, we will ensure that we let you know all the information you need to improve your financial situation and your business. Afterwards, you can put in another application at a later date with better chance of qualifying. Many businesses opt for loan due to urgent needs for project funding. When an application has been declined, the business may not be eligible to apply to the same lender for as long three to six months.

Here’s some of the potential reasons why an application might get rejected:  

•  Business’ owner credit profile  
•  Not understanding the financials that was submitted  
•  Applying to the wrong bank for funding  
•  The loan limit that is applying 

Once you apply for a loan, the financial institution will look up your personal credit report. Your credit report will then be taken into account when your application is being surfaced. If you have a low credit rating, there’s a higher chance that your business loan will be negatively affected by it. However, Bizsquare can help you to identify the various banks and other financial institutions that have credit criteria that is suitable for your business profile, so that you can maximize your chances of approval for a business loan.

The average interest rate currently ranges from 2.5% – 7.5% effectively per annum, depending on the type of business loan you are applying for and the company’s credit profile.

Typically we will need: 

•  last 6 months of company bank statement 
•  Last 2 years of financial statement 
•  Last 2 years of notice of assessment 
•  NRIC of the guarantor

Depends on the volume of application at that point in time. Typically 2-4 weeks.

1. Must be a Singapore registered SME company and at least 1 year in business.
2. Annual turnover of $100K and more.
3. Group employment size of not more than 200 employees. 
4. Minimum 30% shareholding by Singaporean PR