5 Advantages of a Singapore Business Loan
If you are running a business enterprise in Singapore, you will agree that a lot of ingenuity is required. Many start-ups come and go without making a mark and with increasing competition, you have to rethink your old strategy to stay afloat. The country’s economy is built on small businesses but there are many challenges that entrepreneurs have to overcome in order to survive.
Among the main challenges is lack of financing which can curtail innovation, expansion and better services. If you are facing a credit crunch, you will not be able to hire the best personnel and this will affect your firm’s output. With time, your business will be unable to provide quality services, eventually leading to its demise.
Luckily, you can now use a Singapore business loan from a reputable lender to revitalize your business operations, leverage new technology, purchase inventory, and hire new staff among other things. Of course you can do all these using a credit card but the cost is prohibitive. Indeed, many companies are struggling with credit card debt and this is not the route to take.
Here are some other reasons to opt for a loan:
- Unsecured loan – As a start-up, you might not have any assets to use as collateral for a loan. For this reason, most lenders don’t require any security. Instead, you just need to prove you have good flow of income and a stable business model.
- Versatile financing – Whether you need to open a new store, purchase inventory, hire a new manager or buy laptops for your staff, your business loan gives you the freedom to do all this. Loan companies appreciate that you understand your business best and you are best placed to prioritize what to spend money on.
- Convenient financing – These loans are easy to apply for and get approval. As long as your business is incorporated in Singapore, has been in operation for over 6 months, has an existing bank account with accompanying statements and has all necessary documentation, you can easily access credit. Loan repayment is based on fixed monthly repayments which are flexible and tailored to your needs.
- Legal financing – There are other options for business financing including loan sharks and while they might not require a lot of documents for approval, their services are illegal. You will be unnecessarily jeopardizing your family and business by using such services.
- Dedicated customer support – Once you make an application, you will receive comprehensive advice on your loan, repayments and any other issue you might need clarified by the loan company.
For the most flexible and affordable business loans in the country, get in touch and let’s help boost your business.