Bugis Credit Pte Ltd is a licensed moneylender (License No. 25/2024) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.

Best SME Loan for Small Businesses in Singapore this 2024

Woman holding we are open sign

Singapore is a country well-known for its outpouring support for small and medium businesses. It even has its respective start-up support, cultivation, and networking program. You can bet that you can find the best SME loan in Singapore amidst the challenges 2022 brings.

Business Loans in Singapore

In March 2020, Singapore’s government ensured small business owners would receive the financial support they need through subsidized SME loans, such as the SME Working Capital Loan and Temporary Bridging Loan.

In doing so, many SMEs stayed afloat with enough to finance new equipment, platforms, and other necessities to adapt to 2020’s new market challenges.

On the other hand, private sector banks gave business owners their standard loans. Some banks have made terms and conditions, interest rates, and other specifics much more flexible in light of 2020’s market challenges.

As a result, Singapore has four kinds of loans available for businesses.

Standard Business Loan

If you needed immediate capital to expand or adapt to new challenges, a bank’s standard business loan could give you enough.


  • Standard business loans require companies to have at least 1-2 years of activity in their respective industry.
  • Must meet the eligibility to have access to bank offers, such as minimum yearly revenue and employees.
  • Most standard business loans can give you S $100,000 – S $350,000 that is payable in 1-5 years.
  • All standard business loans have their respective bank-assessed interest rate, processing, and early repayment fees. You can expect bank business loan effective interest rates (EIR) to bounce between 8-15% per year.

SME Working Capital Loan

Businesses directly affected by population movement restrictions are eligible to receive funding from the SME Working Capital Loan.


  • This government-subsidized financing gives businesses up to S $300,000 business financing that they can pay within 1-5 years.
  • Up to 17 Singaporean banks have partnered with Enterprise Singapore to provide small businesses the financial aid they need.
  • Enterprise Singapore shares 50% of the loan risk value (acting as a guarantor) of small and medium companies qualified for SME Working Capital Loan.

In 2020, SME Working Capital Loan had a maximum loan amount of S $1 million, which intended to aid all small and medium companies with enough financing to adapt to the year’s extremely sudden changes.

Temporary Bridging Loan

From April 2021 to September 30, 2021, SMEs can apply for a Temporary Bridging Loan once again. Last year, the Temporary Bridging Loan Programme began in March and expanded throughout the year with the same goal as SME Working Capital Loan.


  • Enterprise Singapore offers this loan alongside its SME Working Capital Loan, providing S $3 million per borrower and a group cap of S $20million.
  • Your Temporary Bridging Loan is payable in 1-5 years with an interest cap of 5% per annum.
  • Enterprise Singapore shares a 70% risk with borrowers.
  • The 17 participating Singaporean banks and financial institutions provide SMEs the Temporary Bridging Loan cash.

Start-Up Business Loan

The Singaporean government encourages its population to chase after their business concepts, subsidizing financial products with Singapore’s banks and lending institutions to provide affordable start-up business loans in the country.

Some examples of Singapore’s available start-up business loans include:

  • SME Micro Loan
  • SME Venture Loan
  • First Business Loan
  • Personal Loan for Businesses
  • Start-up Loan for Medical Doctors and Dentists

Alternatively, private Singaporean banks can independently supply you with these loans. Some of the participating banks are the following:

  • DBS
  • Maybank
  • OCBC
  • UOB
  • Standard Chartered Bank

Government-Backed SME Loans

Both the SME Working Capital Loan and Temporary Bridging Loan had changed their maximum loan amount and interest rates from April 2020 when the government first introduced it.

Today, borrowers will deal with the following figures. Budget accordingly using this easy table.

Maximum Loan Amount Loan Tenure Interest Rate Additional Fees Qualifications Subsidiary Banks
SME Working Capital Loan S$300,000 1-5 Years Depends on bank assessment Depends on bank assessment 30% Singaporean Owned

Physically Registered in Singapore

Borrower Group Maximum Cap: S $500million

Group Revenue: S $100million yearly or business has 200 employees

CIMB, DBS, HSBC, MayBank, OCBC, Resona Merchant Bank Asia, RHB, Standard Chartered, UOB

FIs: Ethoz Capital, Hong Leong Finance, IFS Capital, ORIX Leasing, Sing Investments & Finance, Singapura Finance

Temporary Bridging Loan S$3million

Group Limit: S$20million

1-5 Years 5% Yearly n/a 30% Singaporean-Owned
Physically Registered in Singapore
CIMB, DBS, HSBC, MayBank, OCBC, Resona Merchant Bank Asia, RHB, Standard Chartered, UOB

FIs: Ethoz Capital, Hong Leong Finance, IFS Capital, ORIX Leasing, Sing Investments & Finance, Singapura Finance

Bank SME Loans

If government-subsidized financing does not satisfy your business needs, then private term loans for businesses might work best for you. Singapore banks offer their respective SME term loan products with affordable interest rates.

Max Loan Amount Max Loan Tenure Interest Rate Processing Fee Early Repayment Fee

DBS Digital Business Loan

S$50,000 – S$200,000 1-5 Years 12-month Service only Interest
Principal and interest payments within the appointed max loan tenure
Bank Assessed Bank Assessed


S$100,000 1-4 Years Bank Assessed 2% of Loan Quantum None

UOB Bizmoney Loan

S$350,000 1-5 Years 10.88% per annum 2% of Loan Quantum Bank Assessed

Maybank Business Term Loan

S$500,000 1-5 Years Bank Assessed Bank Assessed Bank Assessed
Standard Chartered

Standard Chartered Business Installment Loan

S$300,000 1-3 Years BIL Board Rate + 2% Yearly (EIR: 11% First Year Fee: 2% of the approved loan amount or S $400

Succeeding Yearly Fee: S $100

3% of prepaid amount + 1 month written notice.

Please take note: we have procured all information on this table in April 2021. The figures we’ve listed might have updated terms and conditions, interest rates, and other details. We highly recommend visiting each product’s respective page for updated data.

Let’s dive into each available listed product below.


DBS Digital Business Loan

During 2020’s challenges, DBS partnered with the Singapore government to provide risk-shared loans for companies struggling.

However, to help businesses overcome limitations and gain conveniences using their partnerships with the bank. DBS has its own Digital Business Loan, which can act as a working capital or bridging loan.

Features: Business owners can apply as a group using their respective SingPass MyInfo, giving them access to a maximum of S $200,000 financing to keep their business afloat.

Eligibility: 30% of the business must be owned by a Singaporean national and physically exist in Singapore.



One of the biggest advantages OCBC’s SME Loan gives business owners is it’s relatively start-up friendly.

Features: The loan is mostly limited because of its requirements that favor small companies than medium-sized enterprises. For example, the company must have either ten employees or a turnover that does not exceed S $1million yearly.

Then again, OCBC’s SME Loan can only provide business S $100,000 payable in 1-4 years, making it perfect for its target borrowers. Plus, its easy terms make it accessible and reliable for expansion, retention, or floatation.

Eligibility: If your business is six months old, you can conveniently apply for OCBC’s SME Loan.


UOB Bizmoney Loan

UOB’s SME loan offers an excellent alternative to government-subsidized loans, especially if you’ve been extensively working with UOB through the years.

Features: The bank offers a generous payment period of 1-5 years and a maximum loan amount of S $350,000, which is more than enough to allow a small or medium business to adapt effectively to digital transitions or expansions.

Eligibility: UOB’s financing is available for any business with a sole proprietor, partnership, or private limited company. However, 30% of the business must be Singaporean-owned and is physically established in the country.


Maybank Business Term Loan

For medium enterprises that want to expand or adapt their services to digital platforms with more than enough capital, Maybank’s Business Term Loan might be perfect for their needs.

Features: Applicants can receive up to S $500,000 maximum loan payable within 1-5 years. Because Maybank requires at least two years of financial statements and six months of previous bank statements, it’s open for 3-year old businesses that can comply with its other requirements.

Eligibility: Maybank requires businesses to be 30% Singaporean-owned, physically registered, and established in the country, and earning a yearly turnover of S $300,000.

Standard Chartered

Standard Chartered Business Installment Loan

Whether it’s adaptation or expansion, you can count on Standard Chartered’s Business Installment loan for your business needs.

Features: Unlike other bank offers in this section, Standard Chartered provides you with a unique processing fee charge. Plus, instead of a fixed 2% per quantum charge, you will pay 2% of the approved loan’s value or S $400, whichever is greater. Yearly, you’ll be paying a fixed S $100 until the business fully pays its loans.

It might seem much more expensive on paper, but if you’re borrowing larger amounts or qualify for the S $300,000 maximum loan amount, it’s much more practical than other offers. However, loan conveniences might not be too beneficial unless you’ve done the math and traced your budget.

Two businessman shaking hands

Alternative Financing Option: Licensed Moneylenders

Business financing is greatly useful, especially if you can plan for it months or years ahead. However, if you’re on the brink of closing and need immediate cash, most banks can’t supply your financing until they approve it.

Some banks take as much as 6-8 weeks to process applications because of the hundreds of thousands they deal with daily.

If you need emergency cash, you can always count on licensed moneylenders. Bugis Credit is Singapore’s most dependable and established licensed moneylender offering a flexible business term loan for any Singapore-based company.

While licensed moneylenders might not have deep reserves, we can provide you with the following benefits, unlike banks.

  • Competitive Loan Amount: You can borrow up to S $200,000 per business group. This amount is competent against government-subsidized loans and banks, and financial institutions. Plus, your loan gets an immediate release.
  • Fair and Light Terms and Conditions: Licensed moneylender terms and conditions have slight differences with bank loans. For example, with Bugis Credit’s business loan, you can get a 5-15% interest charge per annum, and you can pay your loan within 1-2 years only. Your business wouldn’t need to comply with a minimum yearly turnover amount, and you can pay early without penalties, too.
  • Fast Approval: Licensed moneylender business loans focus on fast cash release with careful evaluation.
  • Zero Collateral and No Minimum Income Required: Their loans require no collateral, no minimum income, but only business stability and establishment of at least one year.

Eligibility and Requirements

Here are the general requirements for business loans from licensed moneylenders. To make sure you receive your business loan amount on the same day you apply, make sure you check and bring all the eligibilities and required documents we’ve listed below.


  • Singapore-registered business
  • In operation for at least one (1) year
  • The minimum yearly turnover of S $60,000


  • All directors and partners NRIC
  • Recent information report (Business Profile) from the Accounting & Corporate Regulatory
  • Recent Income tax assessment notice (both personal & from the company)
  • Recent financial statement
  • Recent invoices or business contracts
  • Recent utility bills under the company name
  • Recent 6-month bank statements
  • List of assets owned by the company, directors & partners (if any)
  • Office/shop tenancy agreement (if any)

Can Personal Loans Work As Business Loans?

Both bank and licensed moneylender business loans provide financing that purchases equipment and everything business expansions need. A personal loan only provides up to six months of a borrower’s salary.

Therefore, if a partnership business has two owners who take out a personal loan amounting to six months of their salary, it can amount to the financing amount needed to upgrade their business. It’s much more beneficial for private limited companies, too. However, personal loans Singapore, especially from licensed moneylenders, only give a one-year loan tenor for all its borrowers.

File for a Fast-Release Business Loan Today!

Business loans are well-needed by any business, especially now that Singapore’s business climate is at its most challenging. Luckily, licensed moneylenders can aid businesses that need immediate cash for their expansion.

If you need the best and high-quality business loans in Singapore with fair rates and competitive rates, you can always count on us at Bugis Credit. We guarantee only the best rates and terms for your business needs with our decades of providing quality transactions with various borrowers. Visit our website today and learn more about everything that we can do for you.

Ready To Get Your Loan?

Request for a quotation from our friendly officers by filling out the form below

× WhatsApp Us