10 Best Business Loans in Singapore for SMEs [2021]

We all know financing is critical and essential for the success of your small business. As such, we have put together the 10 best business loans in Singapore for SMEs, to make sure you get the help your company needs.

Singapore Business Owners



Finance

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Small and medium enterprises (SMEs) are one of the biggest players in Singapore’s economy, contributing 48% of its GDP, employing about 65% of its workforce and constituting 99% of all its enterprises. That being said, we all know financing plays a critical role for the success of SMEs. So, we have compiled a list of the 10 best business loans in Singapore for SMEs, making sure you business owners have enough to get through rainy days.

1. SME Working Capital

SME-Working-Capital business loan in singapore
Type of informationDetails
Websitehttps://www.enterprisesg.gov.sg/financial-assistance/loans-and-insurance/loans-and-insurance/enterprise-financing-scheme/sme-working-capital/overview 
Highlights to Note– Maximum loan: S$ 1 million
– Loan tenure: Up to 5 years
– Interest and fees: Per bank or FI assessment
Contact DetailsEmail:
[email protected]

Tel:
+65 6898 1800

As a scheme under Enterprise Singapore, the SME Working Capital is a business loan in Singapore that grants a maximum loan of S$1 million, with a loan tenure of up to 5 years. To be eligible, your business must be registered and physically present in Singapore. At least 30% of your business needs to be owned locally. There is a maximum borrower group cap of S$500 million and a maximum group revenue of S$100 million or 200 employees.

If you are interested, you can apply for this scheme at either the banks, such as CIMB, DBS, HSBC, MayBank, OCBC, Resona Merchant Bank Asia, RHB, Standard Chartered, UOB, or financial institutions such as Ethoz Capital, Hong Leong Finance, IFS Capital, ORIX Leasing, Sing Investments & Finance, Singapura Finance.

2. Temporary Bridging Loan 

Temporary-Bridging-Loan business loan in singapore
Type of informationDetails
Websitehttps://www.enterprisesg.gov.sg/financial-assistance/loans-and-insurance/loans-and-insurance/temporary-bridging-loan-programme/overview 
Highlights to Note– Maximum loan: S$5 million
– Loan tenure: Up to 5 years
– Interest and fees: Up to 5% per annum
Contact DetailsEmail:
[email protected]

Tel:
+65 6898 1800

Another scheme under Enterprise Singapore, the Temporary Bridging Loan Program (TBLP) is a business loan in Singapore that provides access to working capital for business needs. TBLP grants a maximum loan of S$5 million, with a loan tenure of up to 5 years. TBLP has been extended for 6 months, from 1 April 2021 to 30 September 2021 so do apply for it before it is gone!

To be eligible, your business must be registered and physically present in Singapore, with at least 30% owned locally. If you are interested, you can apply for this scheme at either the banks, such as CIMB, DBS, HSBC, MayBank, OCBC, Resona Merchant Bank Asia, RHB, Standard Chartered, UOB, or financial institutions, such as Ethoz Capital, Hong Leong Finance, IFS Capital, ORIX Leasing, Sing Investments & Finance, Singapura Finance.

3. OCBC Business First Loan

Type of informationDetails
Websitehttps://www.ocbc.com/business-banking/smes/loans/business-first-loan 
Highlights to Note– Maximum loan: S$100,000
– Loan tenure: Up to 4 years
– Interest and fees: Per bank assessment
Contact DetailsTel:
+65 6538 1111

Your business just needs to be 6 months old to qualify for this loan and hence it is extremely easy for small businesses to qualify for OCBC Business First Loan. No paperwork is needed and you get to enjoy 50% off your facility fees when you apply online.

To be eligible, your business must be registered and physically present in Singapore 6 – 24 months. At least 30% of your small business needs to be owned locally. There must be no more than 10 employees or annual turnover less than S$1 million. You will also need at least 1 guarantor Singaporean or PR between 21 to 62 with a minimum annual income of S$30,000.

4. UOB SME Loan

UOB-business-loan in singapore
Type of informationDetails
Websitehttps://www.uob.com.sg/business/finance/business-bundle-loan.page
Highlights to Note– Maximum loan: S$100,000
– Loan tenure: Up to 3 years
– Interest and fees: Per bank assessment
Contact DetailsTel:
1800 222 2121

The aim of the UOB Business Loan is to help SMEs expand their business and gain access to working capital financing to support their day-to-day business operations. This loan is a bundled loan facilities which combines SME Working Capital Loan, Temporary Bridging Loan, and is offered jointly by Enterprise Singapore and UOB BizMoney.

To be eligible, your business must be registered and physically present in Singapore at least 12 months. At least 30% of the ownership must be local, and more than 50% equity owned by individuals. There can be no more than 200 employees or annual turnover less than  S$100 million.

5. DBS Digital Business Loan

Type of informationDetails
Websitehttps://www.dbs.com.sg/sme/business-loan.page?pk_source=google&pk_medium=organic&pk_campaign=seo 
Highlights to Note– Maximum loan: S$200,000
– Loan tenure: Up to 5 years
– Interest and fees: Per bank assessment
Contact DetailsTel:
1800 222 2200

The DBS Digital Business Loan is dedicated to helping small businesses to grow your business faster and smarter. To be eligible for this business loan, your business must be registered and physically present in Singapore.

This is a government assisted initiative and therefore only Singapore-registered businesses with at least 30% local shareholding will be considered. In addition, your company must have a group annual sales of less than S$100m or group employment size of less than 200 people. No physical collateral will be needed but guarantor(s) is required.

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6. StanChart Business Installment Loan

StanChart business loan in Singapore
Type of informationDetails
Websitehttps://www.sc.com/sg/business-loans-and-working-capital/business-instalment-loan/ 
Highlights to Note– Maximum loan: S$300,000
– Loan tenure: Up to 3 years
– Interest and fees: Up to 11% per annum & Default fee of S$100
Contact DetailsTel:
1800 743 3000

With StanChart Business Installment Loan, you can now grow your business and secure up to $300,000 loan, collateral-free. Also, you can get to enjoy a repayment period of up to 3 years. To be eligible for this loan, your business must be registered and physically present in Singapore at least 3 years. At least 30% of your business needs to be owned locally and there needs to be a minimum turnover of S$750,000 per annum.

7. UOB BizMoney Loan

UOB-BizMoney business loan in singapore
Type of informationDetails
Websitehttps://www.uob.com.sg/business/finance/bizmoney-business-loan.page 
Highlights to Note– Maximum loan: S$350,000
Loan tenure: Up to 5 years
– Interest and fees: 10.88% per annum, 2% facility rate & S$500 annual fee
Contact DetailsTel:
1800 226 6121

With UOB BizMoney Loan, you can borrow up to $350,000 over a repayment period of up to 5 years. There is no requirement to pledge any property or deposit as collateral to apply for this loan. Personal guarantee(s) may be required. You can apply for your UOB business loan with minimal documents required and get a response within 1 business day.

To be eligible for this loan, your business must be either a Sole Proprietor, Partnership or Private Limited Company. It also has to be registered and physically present in Singapore at least 3 years.

8. Maybank Business Term Loan

maybank business loan in singapore
Type of informationDetails
Websitehttps://www.maybank2u.com.sg/en/business/local-enterprise/sme/grow-business/index.page 
Highlights to Note– Maximum loan: S$500,000
– Loan tenure: Up to 5 years
– Interest and fees: Per bank assessment
Contact DetailsTel:
1800-777 0022

Next on the list of the 10 best business loans in Singapore is Maybank Business Term Loan which aims to help small local enterprises and start-ups gain easy access to financing with competitive business loans interest rates. You can now grow your business and secure up to $500,000 loan, collateral-free. Also, you can get to enjoy a repayment period of up to 5 years.

To be eligible for this loan, your business must be registered and physically present in Singapore for at least 36 months.
At least 30% owned locally. At least 30% of your business needs to be owned locally and there needs to be a minimum turnover of S$300,000 per annum.

9. Minterest Working Capital Loans

Minterest business loan in singapore
Type of informationDetails
Websitehttps://minterest.sg/working-capital-solutions/ 
Highlights to Note– Access up to S$5,000,000 of cash flow
– Flexible repayment options of up to 12 months tenor
Contact DetailsEmail:
[email protected]

Tel:
+65 6386 6823

Minterest is a great choice for SMEs who are looking for a large loan with relatively inexpensive fees. With Minterest Working Capital Loans, SMEs can have access up to S$5,000,000 of cash flow, with flexible repayment terms of up o 12 months tenor. No collateral will be needed.

To be eligible, your business needs to be a company and LLP that is set up in Singapore, and in operations for more than 1 year. It also must have a minimum of S$500,000 in annual turnover and at least 1 director who is a Singaporean PR/citizen.

10. MoolahSense

MoolahSense business loan in singapore
Type of informationDetails
Websitehttps://www.moolahsense.com/loans 
Highlights to Note– Access funds from $50,000 to $5 million under Small Offers Exemption
– Access funds above $5 million under Private Placement Exemption.
– Loan tenure for Unsecured loans ranges from 3 months to 24 months
– Loan tenure for Secured loans ranges from 6 months to 24 months
Contact DetailsTel:
+65 6386 6823

MoolahSense would be a great fit for borrowers seeking a large business loan that do not qualify for traditional bank loans or are seeking quick financing. That being said, MoolahSense offers both business loans and invoice financing and provides the largest P2P/Crowdfunded business loans of more than S$5 million with incredibly quick cash disbursement within just three business days.

To be eligible, your business is a Singapore-registered Private Limited or Limited Liability Partnership entity. It must have a minimum incorporation of 3 years and has a minimum annual turnover of S$500,000.

Conclusion

Do you have any reviews and comments to share regarding our choices for the best business loans in Singapore for SMEs?

While SBO is committed to supporting our local businesses, we welcome any feedback and anonymous sharing regarding your experience with the listed outdoor furniture in Singapore.

We hope that this guide will be useful in helping you to make an informed decision when it comes to finding the best business loans in Singapore.

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