Singapore is home to one of the most dynamic, thriving and agile business communities on earth. Recognised as a leading commercial hub both regionally and globally, it’s a fantastic place to start a company. If you’ve got a business dream and the will to make it happen, often one of the biggest – and earliest – stumbling blocks is a lack of capital. Whether to acquire plant and equipment, purchase inventory or finance your everyday business operations, a business loan helps alleviate some of the financial difficulties faced by all new businesses during this vulnerable period. But where to get one? And what should I be looking for? Read on to find out more.
Look in the right places
Our country’s sophisticated financial market offers entrepreneurs a wealth of choices in how and where they look for a business loan. While large institutions such as banks are the most obvious source of business loans, often these institutions will refuse to provide a loan to a business below a certain age or annual turnover, or will simply only offer loan products that are unsuitable for your needs. Equally, many entrepreneurs turn to friends and family members for informal loans, but businesses in high-growth industries will quickly outstrip this source of income.
In this situation, finance companies and other professional lenders may provide the service that you require. Offering the flexibility and personalisation of a friendship loan with the scalability of a bank, they can be just the thing you’re looking for. Finance companies come in all shapes and sizes and may specialise in certain areas. Do your research before approaching a certain company to ensure that your philosophies are aligned and you meet their criteria.
Know what to ask for
Just as important as the who is the what. Once you’ve found the perfect loan company for your needs, research their product offering extensively. Many will offer specialised business loans which are tailored to your precise needs, meaning you don’t have to take a general personal loan. The terms of each individual loan product will differ, so it’s important to understand how the terms and conditions stack up compared to your own needs and requirements.
For more information on finding the right loan to help you grow and develop your business, speak to the loan consultants at Fast Money today and find out how we can help.