An Entrepreneur's Guide to Business Loans and Why You Need One - Singapore News

Before taking out any form of financing or bank loans in Singapore, you must fully understand the pros and cons to ensure it’ll help to achieve your goals but is within affordable limits. The same applies to taking out business loans.

For entrepreneurs in Singapore, business loans and SME loans offer a chance to recalibrate their businesses and explore their enterprising aspirations. There is also flexibility to use the loan funds to support various business activities. Unless you sign up for a loan for a specific purpose, such as a commercial mortgage loan or automobile loan, lenders are unlikely to interfere if you utilise the funds for activities that deviate from your initial intention.

The downside? There are strict eligibility requirements that your business needs to meet before the loan application is approved. Lenders will look at factors like your personal and business credit scores, annual revenue, business scale, business proposal and number of years in operation.Business loans can be secured or unsecured. The difference is that a secured loan requires borrowers to apply with a personal guarantor or collateral, such as a property, to ensure repayment of a loan.

, which offers a suite of financing products to help small businesses thrive in a competitive market.These loans are strictly for acquiring new business equipment and machinery or updating current ones. The loan sum may be up to 90% of the purchase price, and borrowers may opt for fixed or floating rates to suit their needs.A start-up business loan is similar to a term loan whereby SMEs will receive a lump sum amount to be repaid within five years.

that have only operated for a few months and do not have a strong financial performance record to back them up for a business loan.Invoice financing is designed to help businesses finance their purchases for better cash flow management and free up their funds for other business purposes. This is done by selling their unpaid invoices to a bank for an immediate cash advance that is usually between 70% to 90% of the invoice sum.

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