Not having enough capital is probably one of the major problems that keeps a business from growing simply because you are going to need more money in order to expand your operations. Fortunately, companies can secure an SME loan in Singapore, which is still one of the best options when it comes to getting the money you need to boost your business.
However, finding the best deal and getting approved for it still remains to be a complicated matter for many business owners. To give a brief overview of how a typical SME loan application takes place, here are 4 frequently asked questions:
1. What do banks and financial institutions look for in an SME loan application?
It depends on the bank and the financial institution. That’s because each creditor has its own set of criteria to help them identify a good busines. As varied as these criteria may be, there are some common factors they consider:
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- A legitimate and profitable business
- A company that has been active for at least 6 months proof of which can be shown through its corporate account transactions
- Ability to repay through business and personal assets
- A good personal and business credit history (this includes no bounced cheques in your account)
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- NRIC of the Director(s)
- Latest 2 years Notice of Assessment (Income Taxes) of the Director(s)
- Latest 6 months Company Bank Statements
- Latest 2 years Audited or Management Financial Reports or Statement
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