Loan Scheme for Business in Singapore
You do not need to have your blood pressure rise over the high interest rate charged by financial institutions in Singapore. All that you probably need is a loan scheme that works and has the potential to take your business to the next level. Small business owners in Singapore operate a revolving loan scheme. Which involves individuals who sell or produce homogeneous services coming together to finance their businesses. Hence, to fund your business for expansion requires being a loyal member of a group with similar income levels. In many cases, the interest rate is non-existent and the informal mode of operation allows for flexibility.
Easy to access
Although SME Loans to finance your businesses are making available by the government. However, the source of finance is still largely operating by financial institutions in Singapore, with a strict and rigid regulatory framework. Accessing the $100,000 SME micro Loan for instance, still, require an annual turnover of $1,000,000 which of course may not be realistic for a business with the projection of 4 years payback period. In fact, financing businesses through the government loan scheme in Singapore will make it easier for young businesses to thrive without the bottleneck associated with acquiring loans through banks.
Adequate money to run a business
Most people are held up in their quest to expand their business because they don’t have the fund. Funding businesses for expansion in Singapore is making possible through sharing responsibilities. What this implies is that the burden of sourcing for funds is lifted and there can be peace of mind. People who have relied on this scheme only have to pay their monthly dues to access it. Payment is can be the course of monthly contributions.
In case, you’ve ever needed money urgently and by calculations and agreement made you are not yet entitled to a loan, laws, and guidelines are easily shift to accommodate such urgent need. Such may not be possible for other government Loan scheme in Singapore. Where there is rigidity in the process of accessing urgent loans. Besides that, Financial Institutions are most likely to enforce it on you that the money should only spend on a particular project and will ensure strict compliance through monitoring. However, just as many of us are aware, other needs may emerge such as health challenges, children’s school fees etc.
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