Grow Your Company Even Faster With Our Business Loan in Singapore
Growing your business? Let us lend a helping hand.
Accelerate your company’s growth with 1-Cash’s business loan in Singapore! Expand your firm’s operations in no time, with fast approvals and low interest rates for our SME loans.
Secure cash quickly
Get customised loan solutions
Work with experienced loan consultants
What Are Business Loans?
A business loan is financing that companies acquire from banks or licensed money lenders. SME business loans in Singapore are like personal loans, where you borrow a lump sum of money before repaying the SME business loan and its interest monthly.
Why Choose 1-Cash for Business Loans?
Our business loan is a great solution for entities that need a large sum to grow their business.
Quick and Simple Applications
Applying for a business loan for SMEs and start-ups is easily done online or in person at 1-Cash’s office. Plus, applications for SME business loans in Singapore can be carried out with Singpass, too!
A Competitive Fee Structure
With affordable interest rates and fees which comply with the Ministry of Law’s regulations, you can be certain that our business loan is the ideal solution for you.
Efficient Approvals and Disbursals
Through our decades of experience processing and disbursing business loans for SMEs and start-ups, we ensure you secure the funding your company requires as quickly as possible.
Solutions Tailored to Your Needs
Every business loan for SMEs and start-ups we offer takes into consideration the firm’s financial situation and their expansion plans. No two SME business loan offers are ever the same.
Experienced and Trusted
With over 17 years of experience in the moneylending industry, 1-Cash has the expertise and knowledge to attend to your financial needs and guide you through every step of the journey.
How Business Loans in Singapore Can Help
If you’re looking for more cash to take your business to the next level, our SME business loans in Singapore are here for you. With a business loan, you can focus on expanding your firm and set your worries aside from a financial point of view — we’ve got you covered.
1. Upgrade Your Team
If you need talent or your existing staff to level up, an SME loan grants you the funds to acquire and train them. An SME business loan in Singapore is an investment every company would say is worth it.
2. Expand to New Locations
An SME loan is essential when you’re considering additional business premises locally or entering another market in the region. This is a huge reason why firms take up business loans in Singapore.
3. Execute Marketing Strategies
If your firm created a game-changing product or just rebranded, you’d be wise to use a business loan to amp up your marketing efforts and gain the visibility you deserve.
4. Improve Cash Flow
A business loan for SMEs and start-ups comes in handy when your company is facing cash flow issues during extended downturns, helping you pay your staff and vendors punctually.
3 Hassle-free Steps to Secure Your Funds
1. Apply for the business loan
Provide us with your business loan application through Singpass or our online form.
2. Await your application status results
Receive an update on your business loan application results within minutes.
3. Receive your cash
Stop by our office to review and sign your contract so our loan officer can release the funds via PayNow or cash.
Business Loans in Singapore — Common FAQs
What business loans can SMEs apply for?
SMEs aren’t only eligible for SME loans in Singapore, but many other business loans as well. No matter the size of your company, you can apply for an SME business loan if you’re a registered firm in Singapore.
Do I need a personal guarantor when I apply for a business loan?
If you’re planning to apply for an SME loan in Singapore with a bank, there may be chances you’d need to either provide collateral or have a strong guarantor if you’re not opting for the former. This ensures the SME business loan can be repaid in the event of a default.
In case you didn’t already know, even though some banks offer unsecured business loans, you may still need to back the loan with a personal guarantee. Whether or not personal guarantees are necessary depends very much on the bank you’re applying the business loan from.
With licensed lenders, it is not necessary to get a guarantor. But if you have a low credit score, it may be good to consider a loan guarantor as it’ll boost chances of loan approval, better securing your business loan.
How will I obtain my business loan’s funds?
You’ll receive the funds for your SME loan in Singapore via a transfer to your company’s bank account.
Are there any penalties for repaying my business loan earlier?
No. 1-Cash does not impose any early repayment fees for SME loans in Singapore. However, do note that many banks might implement a penalty for early business loan repayments.
Does my company have to be a Singapore-registered company and headquartered in Singapore to be eligible for a business loan?
Yes, your company needs to be registered with ACRA (Accounting and Corporate Regulatory Authority) in Singapore before you can apply for an SME loan.
How long does my company have to be established in order to be eligible for a business loan?
For the most part, 1 year is the minimum amount of time your company has to be established before you can apply for an SME loan in Singapore from a licensed lender.
Do I have to repay my business loan in Singapore if my company fails or if I pull out of it?
Yes, you’re still required to repay the SME loans in Singapore you took up. Often, the repayment of the SME business loan in Singapore is done through the cash generated from liquidating the company’s assets.
However, not to worry if you’re unable to pay a money lender, they are more than willing to help with repayments. You can consider:
- Negotiating with the lender: Licensed lenders are patient and accommodating, let them know your financial difficulties and they may be willing to restructure the loans by changing repayment terms or extending the loan tenure.
- Loan counselling: There are many loan counselling organisations with the experience and knowledge to help borrowers who are in a financial pinch. Consider seeking their help and they can offer guidance or even solutions to customised repayment plans.
- Government financing programs: Ease your load by counting on financial aid by the government, there are some that you can even consider before opting for a business loan; such as the Enterprise Development Grant (EDG) or Startup SG Founder (SSGF) programme.
What’s the maximum amount I can borrow from 1-Cash’s business loan?
We do not offer secured SME business loans in Singapore.The maximum amount we offer for unsecured SME business loans in Singapore is $150,000.
What are the required supporting documents when applying for a business loan in Singapore?
Here are the necessary supporting documents you should prepare and furnish when applying for a business loan in Singapore.
- ACRA business profile
- Your company’s most recent bank statements and financial reports in the past six months
- A Credit Bureau Singapore (CBS) report of Directors
- NRIC and income tax Notice of Assessment from the director/major shareholders
- Income proof and credit history of the director/major holder(s)
- Your firm’s debtors and creditors ageing list