River Valley is an area located in the Central region of Singapore. The road on both ends of Singapore River is called the River Valley road. The residential area within this area consists of private property from the high-income section.
If you want financial help with your business in River Valley, here are a few reasons why you should apply for an SME business loan and how we can help you.
What is SME Business Loan and How It Works?
Applying for a business loan is a cumbersome & difficult process. Small businesses are known to have more risk associated with them, and hence the bank considers it threatful to provide loans as compared to big organizations.
Hence, to help small and medium businesses, banks and licensed moneylenders provide SME loans. It might be a little challenging to get approval though depending on various factors. Proper planning, idea and documentation can help you to get approval for this SME business.
Advantages of Taking an Sme Business Loan With a Money Lender?
Compared with a bank, approval for a loan is much easier with a money lender. Here are a few of the advantages of taking an SME loan:
- Speed up business growth and expansion rate: Cash increase in a business helps to grow and expand the business. It can help you to increase the workforce, upgrade to better technology, machinery and equipment, ultimately leading to better and faster production.
- Avoiding cash flow issues: At any point in time, the problem with cash flow in a business can occur. It may be due to any incidents or even taking a poor or wrong decision. To keep business smoothly flowing cash inflow can help you control the loss.
- Debt is cheaper than equity financing: This can also be a reason to take the loan over the equities. As a small business, it might be important to save every single penny and taking an SME loan helps.
How to Apply?
The eligibility criteria for an SME business loan is that a business should be registered in Singapore, it must be operational for at least 1 year with a minimum turnover of SGD60,000.
- All Directors / Partners NRIC
- Recent information report (Business Profile) from ACRA
- Income tax assessment notice (both personal & from the company)
- Recent financial statement
- Recent 6-month bank statements
- Invoices or business contracts
- Utility bills under the company name
- Singpass (password to log into CPF, HDB, IRAS website)
- List of assets owned by the company, directors & partners (if any)
- Office/Shop Tenancy Agreement (if any)
How Can We Help You?
At A1 Credit, we make sure to help all our clients in the best possible way. To ensure the same, we don’t solely consider credit score and also provide fast cash approval to make sure you get financial help in the quickest time possible.
We are located in River valley to question all your loan related queries, to reach us all you have to do it visit our office directly or call us at 6336 0833.