10 Best Business Loans in Singapore for SMEs [2022]

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


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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. DBS Digital Business Loan

10 Best Business Loans in Singapore for SMEs [2022] 1
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.

2. OCBC Business First Loan

10 Best Business Loans in Singapore for SMEs [2022] 2
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.

3. 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.

4. 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.

5. 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.

6. 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.

7. Capitall

best business loans in singapore_capitall
Type of informationDetails
Websitehttps://capitall.com.sg/
Highlights to Note– Maximum loan: S$300,000
– Interest and fees: Between 2% and 7% per month
– Flexible Repayment Structure. Can be made in weekly, bi-weekly, and monthly instalments over 2 to 12-month terms.
Address35 North Canal Road
#02-01 Singapore 059291
Opening HoursMon – Fri
9 am – 6 pm

Weekends and Public Holiday
Closed
Contact DetailsEmail:
[email protected]

Tel:
+65 6333 6000

WhatsApp:
+65 8780 9645

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.

8. SingBusinessLoan

best business loans in singapore_singbusinessloan
Type of informationDetails
Websitehttps://www.singbusinessloan.sg/
Highlights to Note– Maximum loan: S$1,000,000
– Interest and fees: As low as 12% per annum
– 1 Hour Loan Approval
Email[email protected]

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.

9. Validus

best business loans in singapore_validus
Type of informationDetails
Websitehttps://validus.sg/sme-loans/
Highlights to Note– Maximum loan: S$1,000,000
– Loan tenure: Up to 12 months
– Interest and fees: From 0.5% per month
Address6 Shenton Way, #17-09 OUE Downtown 2, Singapore 068809
Contact DetailsEmail:
[email protected]

Tel:
+65 6100 0610

WhatsApp:
+65 8306 6646

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.

10. 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 October 2021 to 31 March 2022 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.

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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