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Until you find a suitable loan for whatever your company needs. Having a bridging loan allows businesses to invest in their business straight away without having to liquidize assets. This is a great plan especially when you don’t want to miss an opportunity of a lifetime in the business.
Alternatively, With our bridging loan, you can buy your ideal home. You can use our bridging loan to support your down payment on your new house while you wait for the funds from the sale of your previous property.
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.
