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The EFS Working Capital Loan is a government-assisted financing initiative designed to help small and medium-sized enterprises (SMEs) in Singapore access working capital financing to support their business operations.
The EFS Working Capital Loan can be used to finance daily operational expenses, such as inventory, equipment, salaries, and rent.
SMEs that are registered and operating in Singapore, have a minimum of 30% local shareholding, and have an annual revenue of up to SGD 100 million can apply for the EFS Working Capital Loan.
SMEs can apply for up to SGD 3 million in financing under the EFS Working Capital Loan.
Interest rates and repayment terms for the EFS Working Capital Loan are subject to the individual lender’s assessment of the SME’s creditworthiness and business viability. Generally, the loan tenure is up to five years, and the interest rates are lower than market rates.
Documents required for an EFS Working Capital Loan application may include business financial statements, bank statements, and any other relevant documentation.
SMEs with existing financing facilities can still apply for the EFS Working Capital Loan, subject to the lender’s assessment of the SME’s creditworthiness and business viability.
Fees and charges associated with the EFS Working Capital Loan may include processing fees, early repayment fees, and late payment fees, among others. These fees and charges may vary depending on the individual lender’s terms and conditions.
The processing time for the EFS Working Capital Loan may vary depending on the individual lender’s requirements and documentation. Generally, it takes around 1-4 weeks for the loan to be approved and disbursed. Contact us for customized solutions specifically tailored to your needs today.
A business term loan is a type of loan that provides a fixed amount of money to a business, which is repaid over a fixed period of time with interest.
You can use a business term loan for a variety of purposes, such as purchasing equipment, expanding your business, buying inventory, or financing a new project.
The amount you can borrow will depend on your business’s financial situation, creditworthiness, and other factors. Typically, the loan amount will be based on a percentage of your business’s annual revenue.
Repayment terms can range from a few months to several years, depending on the amount borrowed and the lender’s requirements.
Interest rates can vary widely depending on the lender, the loan amount, and other factors. Generally, interest rates for business term loans are lower than those for unsecured loans, such as credit cards or lines of credit.
The approval process can vary depending on the lender and the amount of money you are requesting. Typically, the process can take anywhere from a few days to a few weeks.
If you miss a payment on your business term loan, you may be charged a late fee and your credit score may be negatively impacted. It is important to make all payments on time to avoid additional fees and negative credit consequences.
Yes, you can typically pay off your business term loan early without penalty. This can help you save money on interest over the life of the loan. However, some lenders may charge a prepayment penalty, so it is important to read the loan agreement carefully.
To apply for a business term loan, you will typically need to provide information about your business’s financial history, such as revenue and expenses, as well as information about the purpose of the loan. Contact us for customized solutions specifically tailored to your needs today.
Machinery financing is a type of loan that helps businesses purchase new equipment, machinery, or technology for your operations.
You can finance a variety of machinery and equipment, such as industrial machines, printing presses, construction equipment, and more.
The amount you can borrow will depend on the value of the equipment being financed and your business’s financial situation. Typically, lenders will finance up to 100% of the equipment cost.
Repayment terms can vary depending on the lender and the amount borrowed, but typically range from 1 to 5 years.
Interest rates can vary widely depending on the lender, your creditworthiness, and other factors. Generally, interest rates for machinery financing are lower than those for unsecured loans, such as credit cards or lines of credit.
It may be more difficult to get approved for machinery financing if you have bad credit, but there are lenders that specialize in working with businesses with less-than-perfect credit histories.
If you miss a payment on your machinery financing loan, you may be charged a late fee and your credit score may be negatively impacted. If you continue to miss payments, the lender may take legal action to repossess the equipment.
Yes, you can typically pay off your machinery financing loan early without penalty. This can help you save money on interest over the life of the loan. However, some lenders may charge a prepayment penalty, so it is important to read the loan agreement carefully.
To apply for machinery financing, you will typically need to provide information about the equipment you want to purchase, as well as information about your business’s financial history and creditworthiness. Contact us for customized solutions specifically tailored to your needs today.
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Invoice financing is a type of funding that allows businesses to borrow money against their outstanding invoices. The lender advances a percentage of the invoice amount, and the borrower repays the loan when the customer pays the invoice.
The borrower submits their outstanding invoices to the lender, who advances a percentage of the invoice amount, typically up to 90%. The borrower then repays the loan plus interest when the customer pays the invoice.
The amount you can borrow will depend on the value of your outstanding invoices and your business’s financial situation. Typically, lenders will advance up to 90% of the invoice amount.
Repayment terms can vary depending on the lender and the amount borrowed, but typically range from 30 to 90 days.
Interest rates can vary widely depending on the lender and the borrower’s creditworthiness. Typically, interest rates for invoice financing are lower than those for unsecured loans, such as credit cards or lines of credit.
It may be more difficult to get approved for invoice financing if you have bad credit, but there are lenders that specialize in working with businesses with less-than-perfect credit histories.
If your customer does not pay the invoice, you will still be responsible for repaying the loan. Some lenders offer recourse or non-recourse invoice financing, which can provide protection against non-payment.
You can use invoice financing for some or all of your outstanding invoices, depending on your needs and the lender’s requirements. Some lenders may require a minimum or maximum invoice amount to be eligible for financing.
To apply for invoice financing, you will typically need to provide information about your outstanding invoices, as well as information about your business’s financial history and creditworthiness. Contact us for customized solutions specifically tailored to your needs today.
A trust receipt is a document that allows a borrower to take possession of goods that are being financed by a lender. The borrower holds the goods “in trust” for the lender until the loan is repaid.
The purpose of a trust receipt is to provide security for the lender, as it allows them to take legal ownership of the goods if the borrower defaults on the loan.
A wide range of goods can be financed with a trust receipt, including inventory, equipment, and raw materials.
The borrower takes possession of the goods and signs a trust receipt, which gives the lender a security interest in the goods. The borrower is responsible for storing, maintaining, and insuring the goods until the loan is repaid. Once the loan is repaid, the borrower takes full ownership of the goods.
A trust receipt is a type of loan, but it is specifically designed to finance goods. The borrower takes possession of the goods and holds them in trust for the lender until the loan is repaid.
The repayment term for a trust receipt can vary depending on the lender and the amount borrowed. Typically, repayment terms range from 30 to 180 days.
Interest rates can vary widely depending on the lender and the borrower’s creditworthiness. Typically, interest rates for trust receipts are lower than those for unsecured loans, such as credit cards or lines of credit.
Yes, a trust receipt can be used to finance imported goods, as long as the goods are being held in a bonded warehouse.
If you default on a trust receipt, the lender can take legal ownership of the goods and sell them to recover the loan amount. Contact us for customized solutions specifically tailored to your needs today.
A letter of credit is a document issued by a bank that guarantees payment to a seller on behalf of a buyer. It is commonly used in international trade to facilitate transactions between buyers and sellers who may not know each other.
The buyer and seller agree on the terms of the transaction and the buyer applies for a letter of credit from their bank. The bank issues the letter of credit to the seller, guaranteeing payment for the goods or services provided. The seller then ships the goods or provides the services, and presents the necessary documents to the bank to receive payment.
There are several types of letters of credit, including commercial letters of credit, standby letters of credit, and revolving letters of credit.
A letter of credit provides security for both the buyer and seller in a transaction. The buyer is assured that the goods or services will be delivered as specified, while the seller is assured of payment once the necessary documents are presented.
The documents required for a letter of credit can vary depending on the type of transaction, but typically include a commercial invoice, bill of lading, and insurance certificate.
The buyer is responsible for paying the bank’s fees associated with issuing the letter of credit.
The processing time for a letter of credit can vary depending on the complexity of the transaction, but typically takes a few days to a few weeks.
If the documents presented do not meet the requirements specified in the letter of credit, the bank may refuse payment until the discrepancy is resolved.
A letter of credit can be cancelled by the buyer, the seller, or the issuing bank, but cancellation may result in fees or penalties. Contact us for customized solutions specifically tailored to your needs today.
A line of credit is a flexible form of borrowing where a lender agrees to provide a borrower with a certain amount of credit that can be drawn down at any time.
A line of credit works like a credit card in that the borrower can draw down the funds as needed up to a pre-approved limit. Interest is only charged on the amount of credit that has been used.
A line of credit provides flexibility for the borrower, allowing them to access funds as needed without having to apply for a new loan each time. It can also be a cost-effective way to borrow, as interest is only charged on the amount of credit that has been used.
There are several types of lines of credit, including personal lines of credit, business lines of credit, and home equity lines of credit.
The interest rate on a line of credit can vary depending on the type of credit, the borrower’s creditworthiness, and the current market conditions.
The repayment period for a line of credit is typically open-ended, meaning that the borrower can draw down and repay funds as needed as long as they remain within the pre-approved limit.
The credit limit on a line of credit is determined by the lender and is based on the borrower’s creditworthiness and other factors.
A line of credit can be cancelled by either the borrower or the lender, but cancellation may result in fees or penalties.
Collateral may be required for certain types of lines of credit, such as home equity lines of credit. However, unsecured lines of credit are also available for borrowers with strong credit scores. Contact us for customized solutions specifically tailored to your needs today.
A commercial and industrial property loan is a type of loan used to finance the purchase or refinance of commercial or industrial real estate, such as office buildings, retail spaces, warehouses, or factories.
Eligibility requirements for a commercial and industrial property loan vary depending on the lender, but typically include factors such as the borrower’s creditworthiness, financial stability, and the value and condition of the property.
Interest rates for commercial and industrial property loans can vary depending on the lender, the borrower’s creditworthiness, and the current market conditions.
The loan-to-value ratio (LTV) for a commercial and industrial property loan is the ratio of the loan amount to the appraised value of the property. LTV ratios typically range from 70% to 80%.
The repayment period for a commercial and industrial property loan is typically longer than a residential mortgage, ranging from 10 to 30 years.
Yes, the property itself is typically used as collateral for the loan.
Prepayment penalties may be applied for early repayment of the loan, but this varies depending on the lender.
Yes, a commercial and industrial property loan can be used to finance property renovations or construction.
Potential risks associated with a commercial and industrial property loan include property devaluation, changing market conditions, and tenant vacancies. It is important for borrowers to thoroughly research and assess the risks before taking on this type of loan. Contact us for customized solutions specifically tailored to your needs today.
A renovation loan is a type of loan designed to finance home renovations, repairs, and improvements.
A renovation loan can be used for a wide variety of renovations, including kitchen and bathroom remodels, room additions, roof repairs, and other home improvements.
The amount you can borrow with a renovation loan varies depending on the lender and your creditworthiness, but typically ranges from a few thousand dollars to several hundred thousand dollars.
Interest rates for renovation loans can vary depending on the lender, your creditworthiness, and the current market conditions.
The repayment period for a renovation loan typically ranges from 5 to 30 years, depending on the lender and the amount borrowed.
A secured renovation loan is backed by collateral, such as your home or other property, while an unsecured renovation loan is not. Secured loans may have lower interest rates, but come with the risk of losing your collateral if you are unable to repay the loan.
To qualify for a renovation loan, you will typically need to have a good credit score, a stable source of income, and sufficient equity in your home or other property.
Documents required for a renovation loan application may include proof of income, tax returns, employment history, and a list of the planned renovations and associated costs.
Some lenders offer renovation loans for rental properties, but this varies depending on the lender and your specific situation.
Potential risks associated with a renovation loan include taking on too much debt, not completing the renovations as planned, and potential decreases in the value of your home. It is important to thoroughly research and assess the risks before taking on this type of loan. Contact us for customized solutions specifically tailored to your needs today.
A refinancing loan is a type of loan that pays off an existing loan and replaces it with a new loan that has different terms, such as a lower interest rate, a longer repayment period, or a different lender.
People typically refinance loans to save money on interest, lower their monthly payments, or access equity in their home or other property.
Most types of loans can be refinanced, including mortgages, car loans, personal loans, and student loans.
Benefits of refinancing can include lower interest rates, lower monthly payments, and the ability to consolidate debt or access equity.
Risks of refinancing can include additional fees and costs, a longer repayment period, and potentially higher interest rates if the new loan has a variable rate.
Qualifying for a refinancing loan typically requires a good credit score, a stable source of income, and sufficient equity in your home or other property.
A fixed rate refinancing loan has a set interest rate that does not change over the life of the loan, while a variable rate refinancing loan has an interest rate that can fluctuate over time.
Documents required for a refinancing loan application may include proof of income, tax returns, employment history, and documentation related to the existing loan being refinanced.
It may be possible to refinance a loan with bad credit, but you may have fewer options and may be offered higher interest rates.
When choosing a lender for a refinancing loan, it’s important to compare interest rates, fees, and repayment terms, and to consider the reputation and customer service of the lender. Contact us for customized solutions specifically tailored to your needs today.
BigCo works with more than 20 banks and financial institutions to provide our clients access to wide range of financial facilities, as they each have difference lending criteria and risk tolerance, some lenders avoid specific industries and others invite similar ones. Small and medium-sized enterprises (SMEs) owners aren’t sure which banks are best for their profile so they may waste time applying with the wrong bank.
Securing funding for SMEs is our core competency, as we are familiar with the lending standards of banks and financial institutions hence, we can maximize your approval chance and quantum at the lowest rate.
The loan amount varies depending on your current financial position, the type of loan you want to apply for and the banks.
If your application meets the criteria for credit risk, it will typically be granted within hours. If your application is complete and includes all required documentation, you can expect to get your loan within 24 hours.
Most financial institutions charge a fee of 1-3% for prepayment. Early repayment fees are typically waived by some non-bank lenders
After a rejection, it could be three to six months before the company is again eligible to apply to the same lender. You may contact us for a free loan evaluation, we will maximize your approval rate by applying to one of the lenders in our network whose lending standards fit your company’s profile.
Even if you are not currently qualified for a business loan, we will provide you the information you require to improve your finances and business so that you have a better chance of being approved if you reapply. A new application may be submitted in three to four months.
BigCo operates only in Singapore and only with financial institutions based there.
Most of these banks and financial institutions can only help SMEs based in the area where they are physically located.
While others require a loan term of at least six months before doing so.
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Several banks and other financial institutions in Singapore provide loans to businesses. The range of borrowing options, interest rates, and prerequisites is wide. Online calculators can compare loan interest rates and availability for startups, SMEs, and MNCs.
Some of the loan options include:
Unsecured Term Loan
The most common kind of capital borrowing is an unsecured business term loan that can range anywhere from 50,000 to 300,000 dollars for each bank. In most cases, the repayment of this type of loan takes the form of monthly payments spread out over three to five years.
SME Working Capital Loan
It is one of the financing schemes under Enterprise Financing Scheme (EFS). Since its introduction to the Singaporean public in June 2016, it has undergone many revisions of development under the scope of the 2020 Budget. SME in Singapore can acquire finance of up to $500,000 per borrower with maximum repayment period up to 5 years.
SME Micro Loan
Startups and small businesses that need micro-financing of up to $100,000 can turn to microloans for small and medium-sized enterprises (SMEs). To qualify, a company must have fewer than ten employees and yearly sales of less than $100,000.
Trade Financing
This is accomplished by providing access to an ongoing line of credit that can be used to pay for purchases from vendors. Many international suppliers offer Letters of Credit as a payment option. Trust Receipts can be issued with credit periods ranging from ninety to 120 days.
Business Property Financing
Mortgage loans are one method of acquiring capital to invest in commercial, industrial or residential property. SMEs can also pledge its property to secure bank loans. The interest rates on these loans are usually the lowest compared to others because of the security provided.
Equipment Financing
Equipment Financing allows you to invest in equipment and machinery you need without initial heavy capital, ease your mind by freeing your cashflow for operational overheads. Lease or hire purchase agreements with repayment up to 5 years tenor are common for this type of borrowing.
Receivables / Factoring Financing
This type of financing involves a cash advance of 80% to 90% of the bills still to be paid. In particular, it benefits SMEs that conduct business with reputable organizations that offer extended payment terms on credit.
