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Private Financing is a form of short term loan which is extended by private funders or a lender to clients based on unpaid invoices and potential incoming funds. Private Funding, like the name suggests, is funding that needs to be repaid between 1 to 9 months although some private funders might be willing to stretch it to 10 months or even 1 year. This is different compared to the 4 to 5 years for typical business loans from banks.
WHAT IS THE PROCESS LIKE?
Compared to Banks, Private Financing empowers you to obtain short, or long-term financing. Each private financing option individually tailored criteria to your needs so you might find it much more flexible compared to traditional bank lending. Some of the more popular short-term loans in Singapore include credit lines, invoice financing and bridging loans.
Private financing is especially valuable for small businesses and start-ups as typically it is hard for them to receive financing from banks, given they do not meet the minimum operating age requirements that most banks have for longer tenor loans. Companies can also take up private funding if they find themselves in a sudden need for money.
As private financing is of shorter tenors, they are usually less risky and thus, lenders take less time to process the loan and borrowers can obtain the needed funds more quickly. Short-term loans also generally have easier requirements compared to longer-term loans. Downsides of private funding, however, are that approved loan amounts are usually smaller, significantly higher monthly instalment and potentially higher interest rates.
HOW DOES PRIVATE FINANCING BENEFIT ME?
Private Financing enables you to get tailored and custom solutions for your business. Short and long-term financing are available for different scenarios. If you have not qualified for bank lending OR require tailor made solutions, then private financing might be for you.
Funds can arrive as early as 5 days after an on-site visit, if we have all the documentation we need, and your financing is approved. That’s great news for busy entrepreneurs who need to expand in a hurry!
It is easy to apply, with fast processing time. Leave all the hassle and difficult explanations to us.
FEATURES OF PRIVATE FINANCING
$30k - $500k
1 - 12 months
2% - 5% per month
SPEED OF GETTING THE FUNDS
2 - 7 days
WHO ARE THE PRIVATE FUNDERS?
The private funders are companies such as :
1. Peer to Peer crowdfunding companies (with MAS license) who lend money to business owners for an investments
2. Investment Companies who wish to invest into other companies for a return
3. Private Equity Fund who has an interest in Debt Financing investment
4. Normal operational company that who has excess cash and looking for investment opportunity
Bizsquare has a strong connection with many private funders and investors and understand what they are looking at for the approval of the private loan. We will advise our client accordingly on if they are eligible for the loan, thus our client don’t have to worry about it
PRIVATE FINANCING FAQ
Depending on the application the loan approval process will take between 3 to 10 working days.
For the Microloan scheme, you can expect an interest rate from 3.7% flat per annum. You can pay off the loan at any point of time and the interest will be pro-rated.
If you are a Singapore incorporated company, you can potentially qualify for business financing, no matter how long your company has been incorporated. To know your options simply enquire here or call us.
We work with all local and foreign banks in Singapore, Private Financiers and other lenders.