8 Best Business Loans in Singapore for SMEs [2024]

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. DBS Digital Business Loan

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.

2. OCBC Business First Loan

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.

3. UOB SME Loan

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.

4. Maybank Business Term Loan

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.

5. StanChart Business Installment Loan

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.

6. Capitall

Looking to grow your business but lack the necessary funds to do so? Capitall allows you, as a business owner, to take up loans up to S$300,000 with a flexible repayment structure that can be made in weekly, bi-weekly and monthly instalments over 2 to 12-month terms.

They offer various loans such as business line of credit, working capital loan, bridging loan and expansion loans. The entire process from application to loan disbursement will take 24 hours at most so that you will be able to meet the immediate needs of your business. Rest assure that there are no hidden fees.

7. SingBusinessLoan

SingBusinessLoan is the ideal place for business owners to take up loans so that they can finance their expenses. They offer loans to several industries in Singapore such upholstery/furniture cleaning services, fish shop/aquarium, seafood supplier/wholesaler, online/homebaker bakery and e-waste/reprocessing.

Because finances could mean the life or death of a business, SingBusinessLoan allows for the fast approval of loans without the need for extensive and lengthy paperwork. Their payment schedule is fair such that you can repay with ease.

8. Validus

Established in 2015, Validus is the largest SME financing platform for small businesses, individual and institutional investors in Southeast Asia.

So long as your business is an ACRA-registered private limited company that has been running for at least 2 years, you will be able to take up a loan of up to S$1,000,000, with no collateral needed and personalised low-interest rates from 0.5% a month as well as get approved as quickly as 48 hours.

To help business owners meet their needs, Validus provide 3 types of SME loans: Purchase Order Financing, Invoice Financing and Working Capital Loan.

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.

Explore More Content

• Management
• Best in Singapore
• Business