Singapore has seen rapid business development in recent years, and you may even have
experienced it firsthand. Among these developments, Small and Medium-sized Enterprises
(SMEs) have been flourishing. In many ways, SMEs have become the backbone of Singapore’s
growing economy, which presents us with many opportunities to make out business dreams a
reality!
But with all that said, establishing an SME is not always an easy task. They come with their own
set of hurdles, from finance to staffing and getting a steady flow of customers. The great thing
is, that it’s become increasingly easy to find external financing for your SME from private loans,
so let’s run through how taking out a loan can help you with your SME business!
Why you should look at the loan options for your business
Well, it is true that not every reason is a good reason for you to get a loan from licensed money
lenders or banks. That’s why you have to carefully assess when you should take out a loan for
your business!
● A loan can help you in establishing your business in the initial stages, especially when
you have no capital.
● If you are looking to invest in a physical store, taking out a loan to tide you over during
this period of extra expenditures is wise.
● You should also look for a loan when you’re building credit for the future. This means
that you are applying for the large scale financing business in a few years.
● A loan can be extremely helpful when you are looking to expand your inventory for the
upcoming season. And you can pay off that loan after the season ends.
So, these are some of the reasons for SMEs to take out a loan from a licensed money lender.
You’ll be surprised how far a personal loan can take your business!
Why personal loan can be a better option for your business
While there are business loans out there specially targeted at helping fund SMEs, there are
some major reasons why opting for a personal loan can be the better option instead!
● A major reason people favour taking out a personal loan is that it is easier to acquire a
personal loan as opposed to a small business loan.
● For a business loan, the bank requires a concrete business plan and financial
statements, which also lengthens processing time.
● In periods where you might need extra funds more urgently, getting a personal loan lets
you do so more quickly.
Personal Loan for Businesses in Singapore
With all that in mind, we hope this encourages you to achieve your business dreams in the
coming year! And while personal loans are a reliable and effective way to fund your business, all
loans come with its own set of pros and cons.
We always encourage anyone looking to take out a loan to speak to a reliable money lender in
Singapore. So if you’re looking to find funds for your SME, contact us today at (+65) 62244746
(Yishun) or (+65) 62244749 (Tampines).