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Business Loan

Business loans are commonly used by business owners to access cash needed for business start up, growth or improvement. There are a wide variety of programs and moneylenders available, so it’s important to understand your specific needs and pursue a loan that fits your situation.Starting a business in Singapore isn’t easy, nor is it cheap. That’s because in addition to hard work and lots of preparation, behind every scene, there is an abundance of equipment, inventory, marketing and manpower — all of which cost money.Of course, if you don’t have money, you’ll need to find it.The first place you should go is your own savings. If you don’t have savings, though, you’ll need to borrow.Borrowing is especially never easy for the self-employed who lack partners and investors with which to share financial risk. For them, taking up loans are equal parts obstacle and opportunity, overcoming the former in order to seize the latter is a matter of preparation, planning and persuasion.

What Is A Business Loan?

A business loan Singapore is a financial tool available to business owners of all sizes who need funding to enhance their business. Small businesses and start-up businesses typically have a more difficult time securing a business loan, but it is certainly not impossible. Regardless of your business size, any moneylender you work with will want to see firm documentation that supports the viability of the business as well as the purpose for the loan.

What Can I Use It For?

Business loans Singapore can be used for many things. Some common uses include start up costs, expansion of the business, capital investments, and refinancing of business debt. Most business owners will pursue a business loan at some point because it is common to need additional funds at various stages of business development.

Where Can I Get A Business Loan?

Banks are a common source of business loans, but they are often more conservative in their lending decisions. For this reason a bank is much more likely to underwrite a loan to a larger or more established business. It’s not impossible to get a loan from a traditional bank if you’re smaller or just starting up, but you will usually need to provide more extensive documentation of your business plans.

There are many other sources of business loans in the Singapore, so do some research on other lending sources. There are licensed moneylenders and angel investors that specialize in small or start up loans, as well as venture capitalists seeking larger investment opportunities. Additionally, there are several government programs and grants designed to assist business owners with securing a business loan.

Understanding Risk.

More than half of all small business startup fail within their first five years. The number is even higher among sole proprietorships, that is why single-owner businesses lack many of the characteristics that make small businesses successful, such as experienced management teams and well-funded stakeholders.

Most small businesses fail, and most people starting them don’t actually make much money. When a moneylender looks at you, they’re considering averages. Sole proprietorships tend to perform worse than private limited, corporations or partnerships.


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