{"id":8496,"date":"2023-01-18T16:15:46","date_gmt":"2023-01-18T09:15:46","guid":{"rendered":"https:\/\/fazz.com\/?p=8496"},"modified":"2024-02-21T12:45:06","modified_gmt":"2024-02-21T05:45:06","slug":"tips-business-loan-approved-singapore","status":"publish","type":"post","link":"https:\/\/fazz.com\/newsroom\/business\/tips-business-loan-approved-singapore\/","title":{"rendered":"4 Tips to Get Your Business Loan Approved in Singapore"},"content":{"rendered":"\n

If you’re applying for a business loan<\/a>, you may be surprised to hear that it can be difficult to get approved. Despite the availability of financing options and the extensive government support for Small and medium-sized businesses (SMEs) in Singapore<\/a>, many business owners still have difficulty accessing capital.\u00a0<\/p>\n\n\n\n

However, from the lender\u2019s perspective, this is often because new businesses are unprepared for the business loan application process. So if you’re a first-time applicant with no previous experience, you may be met with some resistance.<\/p>\n\n\n\n

But worry not, as preparation is key to getting that loan that will fuel your growth. Let’s dive in on what you can do to get your business loan approved in Singapore.<\/p>\n\n\n\n

Why should SMEs consider business loans?<\/strong><\/h2>\n\n\n\n

To expand your business, you need more resources to reach your goals. That’s where access to working capital can help you. By taking advantage of this option, you’ll be able to speed up your growth and improve your bottom line.<\/p>\n\n\n\n

Taking on a SME business loan<\/a> can seem like a daunting task, but there are some reasons why business owners should consider doing so.<\/p>\n\n\n\n

Solve large working cash flow gaps<\/h3>\n\n\n\n

SMEs experience cash flow gaps from time to time. When this happens, business owners have to confront the choice of taking out a business loan. This infusion of fresh capital is typically used to improve cash flow, hire more talent, expand inventory, invest in innovation, or open new locations.\u00a0<\/p>\n\n\n\n

Maximize business opportunities<\/h3>\n\n\n\n

When your business is flourishing, you’d want to take advantage of all the available opportunities. This means staying on track and reacting quickly to opportunities. Often, this also involves investing in new equipment, property, or employees. This can be a significant upfront investment, so it’s important to make the most of your growth opportunities.<\/p>\n\n\n\n

Improve business creditworthiness<\/h3>\n\n\n\n

The best time to take a business loan is when you’re in a good financial position and know you can repay it on time every month. This builds good creditworthiness, which can be useful in the future as it opens up more financing opportunities for your business.<\/p>\n\n\n\n

Factors To Consider When Choosing A Business Loan<\/strong><\/h2>\n\n\n\n

Before applying for a business loan, you should always ensure that it is the right fit for your business. Here are some of the most important factors to consider.<\/p>\n\n\n\n

Understand The Annual Percentage Rate<\/h3>\n\n\n\n

An Annual Percentage Rate (APR) is a number that reflects the true cost of borrowing over a period of time, as well as the return on an investment. This number can help borrowers and lenders make more informed decisions about their finances.<\/p>\n\n\n\n

The APR covers any fees or expenses related to the loan, but does not include additional charges like interest. This allows customers to compare different lenders and credit cards easily, without having to worry about extra fees. Important to make sure to your lender what additional costs are in their APR calculation.<\/p>\n\n\n\n

The APR of your loan may include these additional costs:<\/strong><\/p>\n\n\n\n