Known as Singapore’s Wall Street, Shenton Way will welcome visitors with its towering skyscrapers on both sides of the road. It is located in the Golden Shoe, an 80-acre tract of land housing the country’s financial and banking sector.
If you’re a business owner in Shenton Way needing a quick financial boost, consider a business loan from a moneylender!
What is an SME Business Loan?
Singapore is globally known for its vibrant business environment that is conducive for any sized enterprise to flourish. 99% of Singaporean businesses are small and medium-sized enterprises (SMEs), allowing many individuals to be their own boss and pursue their dream businesses.
To kickstart any venture, start-up owners must secure the necessary funds, either from their life savings, families, or financial institutions. Today, banks and licensed moneylenders offer SME business loans to finance small and medium enterprises’ needs.
Advantages of taking an SME business loan with a money lender
Banks are the traditional option for securing business loans, but here are some advantages of taking out a loan for your SME with a licensed moneylender:
No Collateral Requirement
Small and medium-sized businesses may not have enough assets to guarantee the repayment of their loan. Fortunately, licensed moneylenders offer unsecured loans that dispense with this requirement, which is common when you’re dealing with banks.
Solve Cash Flow Issues
Businesses of any size may face liquidity problems, but small and medium-sized businesses are more prone to limited cash flow. With licensed moneylenders, you can quickly secure the cash (within minutes!) you need to pay off your employees’ salaries, utility expenses, and much more.
No High Credit Score Needed
With a bank, your credit score can make or break your opportunity to secure a business loan. However, you only need to prove your ability to repay the loan amount with a moneylender.
How to apply?
To be eligible for a business loan with a licensed moneylender, you have to be at least 21 years old. Additionally, your business must be operating for at least one year with a minimum turnover of $60,000 annually.
To start the process, you have to fill in their loan application form, which you can access from any moneylender’s website.
You may also schedule an appointment with a moneylender and discuss your requirements in person.
Your moneylender will also require the following documents:
- All directors and partners’ NRIC
- Recent information report (Business Profile) from the Accounting & Corporate Regulatory Authority (ACRA)
- 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 six-month bank statements
- List of assets owned by the company, directors & partners (if any)
- Office/shop tenancy agreement (if any)
Finally, visit your moneylender’s office to sign your papers and secure your loan!
How can we help you?
Get the best loan package near Shenton Way! We strive to give your business the highest quality of service by delivering customized financial products to meet its unique and pressing needs. Choose Shenton Way Money Lender to give your business a financial boost with our business loans!
Find the best licensed money lender near me in Shenton Way! Or contact us today to secure the best loan for your business and other customized loan products!
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