Types of Unsecured Business Loans
It is important to understand which form of unsecured loans suit your business best.
Temporary Bridging Loan
A government-backed business financing scheme to help tide all businesses (not just SMEs) over the Covid-19 outbreak. Businesses must be registered and physically present in Singapore that are at least 30% owned by locals. The loan amount can be up to $5 million (depending on industries) and repayment period of up to 5 years. Currently offers the lowest interest rates in the market.
*Participating banks includes: CIMB, DBS, HSBC, OCBC, MayBank, UOB, Standard Chartered Bank
*Participating FIs : Ethoz Capital, Hong Leong Finance, IFS Capital , ORIX Leasing, Sing Investments & Finance, Singapura Finance
SME Working Capital Loan
Designed to support the SMEs who are 30% Singaporeans/PRs owned and with a maximum of 200 employees, the Singapore government works with the banks to offer financing to SMEs for their business operations. The loan amount can be up to $1 million and a repayment period of 1- 5 years.
Startup Business Loan
The startup business loan is a mini version of the regular business loan, sometimes can be referred as the Micro Business Loans, would offer a smaller capital up to $100,000. This is for startup businesses who do not need a strong financial history to borrow.