Apply for an SME Business Loan in Singapore
Whether you’re a one-person job trying to turn your Instagram or Facebook side hustle into a brick-and-mortar business, a startup looking to grow your next round of funding, or a small business that’s trying to expand your operations – we’ve got you covered.
We know that behind the glamorous ‘hustle culture’ lifestyle that people associate with entrepreneurship, there are major financial, emotional, physical, and mental hurdles that business owners need to overcome. Not all business ventures may succeed on the first try, and you may even spend years fighting to stay afloat before finally breaking even. Businesses that find themselves expanding too rapidly can also face their own obstacles to long-term stability and success as they struggle to keep up with customer demands or changing market trends.
That’s why our SME business loans for businesses and startups in Singapore give you the financial backing and support you need to transform your dreams into tangible reality. Our simple yet reliable loan options make it possible for you to secure financing on terms that suit your business needs, while retaining flexible repayment options to give you more agility in taking your business to new heights.
Business Financing Options in Singapore
Our SME business loans and financing options in Singapore can be taken out to cover various types of short-term and long-term business needs. This includes but is not limited to:
- Business expansion and franchising
- Cash flow-related concerns
- Purchasing of necessary equipment, machinery, or tools
- Disaster or damage recovery
- Day-to-day operations
- Initial capital injection or investment
- Property renovation or refurbishment
Our consultants will consider each and every loan application individually to determine the right loan terms to suit your specific situation. We will also work with you closely to ensure that fair repayment and loan servicing terms are agreed upon.
Eligibility Requirements for SME Business Loans
CreditXtra offers SME and startup business loan options to Singaporeans and foreign residents alike. Whether you’re starting a whole new business from scratch or expanding to the next phase of your business strategy, we believe no one should be held back from pursuing their dreams or passions in life. We welcome individuals with all credit scores to apply, and will evaluate each and every application individually to best understand your financial situation and needs.
Potential customers should take note of the following necessary documentation needed to complete the loan and borrowing application process.
Singaporeans:
- Identity card (NRIC)
- Recent 3 month payslips
- SingPass
- Note: Singaporean individual applicants need to be a minimum age of 21 years old
Foreign residents:
- Passport and work pass or permit
- Recent 3 month payslips
- Employment contract
- Local tenancy agreement
- Note: Foreign resident individual applicants need to be a minimum age of 21 years old
Businesses in Singapore:
- ACRA-registered company profile
- Recent company annual report
- Recent 3 month bank statement
- All Directors’ and/or Shareholders’ information (as reference in Personal Loans)
Borrowing Limit for SME Business Loans
The legal borrowing limit for our SME business loans is set by Singapore’s rules and regulations is a maximum of 6 months salary worth. Our SME business loan consultants will be able to provide you with more information about a specific borrowing limit during the loan application process.
Interest Rate for SME Business Loans
The interest rate for our SME business loans is up to 8% per month. Customers can also expect to pay up to 10% admin fee upfront as part of the loan application process. Our SME business loan consultants will work closely with you to agree upon an interest rate that suits your monetary and financial needs. Find out more about loan interest and associated fees in our FAQs.
Apply for Simple and Sincere Financial Solutions with CreditXtra
In a competitive small business environment such as Singapore’s, there’s no shortage of forward-thinking entrepreneurs who dream of making it big and leaving an impact on their community.
At the same time, we know that there are plenty of unlicensed moneylenders out there who might be willing to take advantage of business-minded Singaporeans with a drive to succeed.
As a legal Licensed Moneylender in Singapore, we are proud to offer legitimate, simple, and sincere financial solutions that are personalised and fair to our customers. Entrepreneurship is already a difficult journey as is, and we’re here to help you make the process easier, smoother, and smarter.
Let our team at CreditXtra help you make your business dreams come true.
Get in touch with us today to find out more about our SME business loans or to begin your SME business loan application. If you are new to this process, you can also consult our FAQs on obtaining loans from Licensed Moneylenders before pursuing any loan or financing options with us.
Frequently Asked Questions about SME Business Loans in Singapore
1. How much business loan can an SME receive from CreditXtra?
2. Does CreditXtra offer SME business loans to startups?
CreditXtra offers SME business loans to companies in Singapore that meet the eligibility criteria outlined above, including complete ACRA registration. Startups are welcome to apply for our SME business loans and SME micro loans for Singaporean businesses if they are able to fulfil the necessary requirements. Customers are also invited to re-visit us for additional loans thereafter to further their business goals.