Singapore’s economy is largely driven by small business enterprises. There are many innovators who have nurtured their ideas to build some of the most successful businesses in the country. If you are an entrepreneur in the country, these are exciting times where unique opportunities and challenges come hand in hand. There is more competition and to stay ahead, you have to work harder or simply get a business loan from U Credit to tide through.
Why a Singapore Business Loan?
Well, you need more money to compete within your niche and this poses a problem. No matter if yours is an SME or MNC business that is struggling to gain traction, you will find the going getting tougher without an alternative source of cash. This is where a Singapore business loan comes in handy.
This line of credit opens up opportunities for you if you are expanding operations, purchasing inventory, hiring, buying equipment or need to take care of any other large expenditure. These loans are unsecured and they are tailored to meet a client’s specific needs.
These loans are more easily accessible compared to traditional business and personal loans with the local banks. Since the entry of licensed moneylenders, access to credit is easier than before, making it easier for businesses in the country to grow.
Business Loan Myths in Singapore Busted
If you are in the market shopping for a business loan, you have most likely stumbled on lots of inaccurate information. Below are just a few of these myths which might be preventing you from accessing funding for your business:
Banks have the final word – Gone are the days when your bank was the only source of credit. There are many licensed moneylenders who offer competitive rates and in fact, their loan process is less stressful.
Large businesses have an advantage – This is a myth that has hindered many small businesses from growing. Moneylenders in the country are open to dealing with any kind of business as long as you have good cash flow and the ability to repay the loan.
All moneylenders are scammers – You can expect bad apples in every industry, and the money lending industry in Singapore is no different. You should only work with a licensed moneylender with a solid track record in lending to businesses, like us.
Small businesses can’t get funding – You shouldn’t lose out on opportunities just because your company is small. As long your company is opened for at least 2 years, private money lenders like us offer tailored loan packages to suit your unique needs.
You need to have a perfect credit score – While banks focus on credit scores, private lenders are interested in funding anyone who has the ability to repay the loan.
Talk to us today or simply apply for a loan here if you are looking for an affordable Singapore business loan. Our consultants will answer any questions you might have on business funding.