Expanding your business is usually one way to get the most of out the market. However, business expansion may not be possible without any funding. Other companies also loan money to provide salaries to their employees, or for other short and long-term investments. SPRING Singapore recently launched a scheme that aims to help SME businesses get funds easier and more conveniently from any local bank or financial institution. For a local company, they can loan at the most $100,000 for business expansion funding or other purposes.
Most of the time, business loans from financial institutions like banks take up to weeks or months to be processed. In AccountingGuru, our staff can help your company to:
- Plan your business loan by considering your financial ability
- Obtain a better schedule of repayment
- Get a fast approval of business loans from banks
Processing of a business loan also requires filling out an application form, and submitting some documents. Here are those that you need to have when planning to get help in obtaining a business loan from Accountingguru:
- NRIC of the owners or directors of your company
- Bank Statements for each of the preceding six months
- Notice of Income Notice assessment
- Financial statements of the business in the past 2 years
If you are operating a foreign business within Singapore,it can be especially difficult due to the fact that it is a foreign business not organized under the laws of Singapore. Approving a bank loan to a foreigner takes a long time for processing and the approval itself may be quite rigorous. Here are possible scenarios to expect when you plan to get a business loan and you are a foreigner:
- Interest rate is higher than standard rate
- Longer processing time
- Stricter rules and regulations
The interest rates on these loans are significantly higher than the standard rates for loans. This can be due to the fact that foreigners do not possess or own a property located in Singapore for collateral purposes. Foreign businesses usually pose a bigger risk for banking or financial institutions than local businesses, so it may be harder for you to obtain a business loan if you are operating a foreign business in Singapore. Nevertheless, Accountingguru is aimed at helping you with your business loans for expansion or other business purposes.
It is especially hard for businesses to operate without a steady amount of cash flow. Accountingguru will help you in making sure that loan applications are being processed fast and that money becomes available in the shortest time possible.
Simply call our office at (+65) 6728 5483 to book an appointment with us and we can discuss your business needs which we would be happy to help you with.