Apply for an SME Micro Loan in Singapore

Are you an aspiring business owner in Singapore? SME micro loans can help you get the funding you need to launch or grow your venture. This type of financing is designed specifically for small and medium enterprises (SMEs) with limited resources, offering competitive rates and flexible repayment terms.

How Can A Micro Loan Help Your SME Business?

A micro loan can be a great way to help bolster the financial capability of SME businesses and entrepreneurs who have limited access to traditional lending sources. Micro loans provide borrowers with access to smaller amounts of cash that can be used for specific projects, allowing them to take advantage of opportunities that may otherwise have been missed.

Some common uses for micro loans include: covering one-off costs such as an emergency repair or purchase, refurbishment costs for expanding your business, purchasing inventory to increase sales and profitability, boosting cash flow during slow periods, and taking advantage of urgent projects.

Eligibility Requirements for SME Micro Loan

Whether you are looking for a personal loan, business loan, micro loan or need an urgent cash loan today, we are here to help make your dreams come true. CreditXtra, as a legal moneylender in Singapore, can provide the best loan solutions for all your financial needs.

To apply for a micro loan, business owners or SMEs must provide the following necessary documentation required. 

Singaporeans:

  • Applicants need to be a minimum age of 21 years old
  • Identity card (NRIC)
  • Recent 3-month payslips
  • SingPass

Foreign residents:

  • Applicants need to be a minimum age of 21 years old
  • Passport and work pass or permit
  • Recent 3-month payslips
  • Employment contract
  • Local tenancy agreement

Pte Ltd | LLC | LLP | Ltd:

  • ACRA-registered company profile
  • Recent company annual report
  • Recent 3-month bank statement
  • All Directors’ and/or Shareholders’ information (as a reference in Personal Loans)

Borrowing Limit for SME Micro Loan

Micro loans are a viable option for entrepreneurs and SMEs looking to finance their short-term business needs. At CreditXtra in Singapore, SMEs can apply for micro loans worth up to 6 months’ worth of salary depending on their creditworthiness.

Furthermore, our loan consultants can provide you with more information on the exact borrowing limit and help guide you through the application process. Once your loan is approved, you can choose a repayment schedule that works best for your budget. We also understand that you may need more funds at some point in the future, hence, we also provide additional loans if necessary.

Apply for an SME Micro Loan with CreditXtra

Small and medium-sized enterprises (SMEs) play a vital role in the global economy. Despite their importance, they face unique challenges that affect their growth and success. SMEs often require micro loans in order to grow their business, such as to purchase inventory, hire new employees, expand operations, and make investments that will help them become more successful. 

CreditXtra is a great solution for SMEs in Singapore who are looking for micro loans to help them get their operations up and running. With our easy application process, quick approval, and competitive interest rates, we make it simple for you to get the financing you need in order to grow your business.

As a Licensed Moneylender in Singapore, we here at CreditXtra are proud to offer legal, simple, and sincere financial solutions that are personalised and fair to our customers. Here is our simple three-step process that allows you to apply, visit and get money in no time:

  • Start your application online for fast processing of your loan request. We will call you to schedule an appointment with us at the soonest time possible.
  • Come visit us on the appointed day and bring your personal documents for verification and loan contracting.
  • Lastly, you can receive your loan disbursement in cash or bank transfer right after signing the loan agreement. For larger amounts, we can also arrange to directly transfer the loan into the borrower’s bank account.

For more details, you can refer to our FAQs on obtaining loans from Licensed Moneylenders.

Frequently Asked Questions About SME Micro Loans

The SME Micro Loan scheme is designed to help support the growth of Singapore’s local small and medium enterprises (SMEs). With access to funding, local businesses in Singapore can acquire the capital needed to expand their operations, purchase equipment, hire employees and more. By providing access to affordable financing options, local businesses can continue to thrive and contribute to Singapore’s economy.

At CreditXtra, we understand the need for SMEs to get access to funds quickly. Just like our SME business loans have a legal borrowing limit set by Singapore’s rules and regulations, which is a maximum of 6 months’ salary worth, we follow the same rule for micro loans. During the loan application process, our consultants will guide you through and provide you with more information about your borrowing limit that best suits your needs. Get in touch with us today to start the application process.

When it comes to taking out a loan, interest rates can be a major concern. At CreditXtra, we offer competitive SME micro loans with interest rates of up to 8% per month and an admin fee of up to 10%. We understand that no two businesses have the same needs and requirements. Hence, we work on an individual basis to ensure that you get your loan approved at the best interest rates and fees in order to help you make the most out of your loan. For more information about interest rates and other details, please refer to our FAQs page.