Top Business Loans Providers in Singapore

Setting up a business in Singapore is lucrative yet expensive. As one of the most expensive Asian countries to live in, coupled with its strategic port location, Singapore is a goldmine for potential businessmen and startups.

Despite the high costs of living and a saturated business market, there are numerous helplines if you are an aspiring businessman. Government subsidies and the availability of business loans make it easy to finance your small business to get it up and running. 

What is a business loan?

A business loan is a broad umbrella term used to describe any type of finance loan offered to a company for financing. Business loans are typically offered by banks and financial institutions.

Business loans in Singapore can be used for a variety of business-related purposes, such as business expansion, plugging of working capital gaps, financing inventory purchases or covering rental of workspace. 

What are the various business loans options in Singapore?

There are various types of business loans offered by banks and financial institutions. The type of business loan that you go with will ultimately depend on your business needs – whether you are looking to support your business capital or taking a loan to finance certain purchases.

Here are some of the more common types of business loans offered:

Unsecured Business Term Loan

An unsecured business term loan, also referred as the “standard” business loan, is the most common type of business loan offered by banks and financial institutions. This type of loan is unsecured, which means that you do not have to offer any of your assets as collateral when taking up the loan. However, most banks and financial institutions may require a guarantor, in which case it is often the company’s director.

A typical business term loan amount ranges between SGD300,000 to SGD500,000. The repayment term for this type of loan is usually anywhere between 1 year to 5 years. 

SME Working Capital Loan

The SME Working Capital Loan is a government-backed business loan that is offered exclusively to local Small and Medium Enterprises (SMEs). The criteria is that the SME should have an employee headcount not exceeding 200 and must be Singapore-registered with at least 30% ownership by Singapores or Permanent Residents (PRs).

This government-assisted financing scheme was first launched in 2016 and further enhanced by the Singapore government in 2020. Under the SME working capital loan, the Singapore government partners with banks in Singapore to offer financing of up to SGD1M. The repayment term for this scheme is within 1 to 5 years.

Startup Business Loan

A startup business loan, sometimes referred to as a “first business loan”, is the child version of the standard business loan. It offers a smaller loan amount, such as SGD100,000 for those who need capital for their startup. 

This type of business loan is considerably easier to get as it places less emphasis on the financial performance and history of the company due to lack of records.

Where can I get a business loan in Singapore?

If you are an aspiring businessman or need some financing for your fledgling small business, here are some banks and financial institutions in Singapore that offer business loans.

Loan Provider	DBS Bank
Speciality	DBS offers an unsecured business term loan for SMEs DBS Digital Bank Loan allows one to borrow up to S$200,000, with a repayment period as long as 5 year No collateral is required depending on the type of loan
Pricing	Contact for loan rates
Website	https://www.dbs.com.sg/personal/default.page
Address	View branch locations here
Contact	1800 111 1111
Operating Hours	View branch operating hours here

 

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Loan Provider	OCBC Bank
Speciality	OCBC’s Business First Loan offers up to S$100,000 with a maximum tenure of 4 years No paperwork or collateral required for this loan, but at least one Guarantor
Pricing	Contact for loan rates
Website	https://www.ocbc.com/group/gateway
Address	View branch locations here
Contact	Contact via form here
Operating Hours	View branch operating hours here

 

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Loan Provider	UOB Bank
Speciality	Allows one to borrow up to S$100,000 Maximum repayment period is at 3 years
Pricing	Contact for loan rates
Website	https://www.uobgroup.com/uobgroup/default.page
Address	View branch locations here
Contact	Contact here
Operating Hours	View branch operating hours here

 

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Loan Provider	Maybank Singapore
Speciality	Loan disburses up to S$500,000, and has a loan repayment of up to 5 years Business must be at least 30% locally held, established for at least 3 years, and have a minimum annual turnover of at least S$300,000
Pricing	Contact for loan rates
Website	https://www.maybank2u.com.sg/en/personal/index.page
Address	View branch locations here
Contact	Contact here
Operating Hours	View branch operating hours here

 

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Loan Provider	Standard Chartered Bank
Speciality	Standard Chartered Business Instalment Loan allows one to borrow from S$70,000 to S$300,000 collateral free A loan repayment period of between 1 to 3 years Effective interest rate of this loan will vary, but at present it is capped at a maximum of 11%
Pricing	Contact for loan rates
Website	https://www.sc.com/sg/
Address	View branch locations here
Contact	Contact here
Operating Hours	View branch operating hours here

 

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Loan Provider	HSBC Bank
Speciality	Low-income requirements on foreign lenders Borrow up to 4 times one monthly income, capped at S$100,000 Good choice for small business owners as it boasts one of the lowest interest rates in Singapore, and the longest loan tenure of up to 7 years
Pricing	Contact for loan rates
Website	https://www.hsbc.com.sg/
Address	View branch locations here
Contact	Contact here
Operating Hours	View branch operating hours here

 

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Loan Provider	Citibank
Speciality	Enjoy preferential interest rates on Citibank personal loans for new customers Minimum loan repayment of 1 year to maximum 5 years Maximum that can borrow is 4 times your monthly salary
Pricing	Contact for loan rates
Website	https://www.citibank.com.sg/portal/bluehome/index.htm
Address	View branch locations here
Contact	Contact here
Operating Hours	View branch operating hours here

 

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Loan Provider	Multiply Capital
Speciality	SMEs who apply for this product borrow around S$20,000 and receive it within 3 days
Pricing	Contact for loan rates
Website	https://www.multiply.com.sg/about
Address	10 Eunos Rd 8, #09-04 Singapore Post Centre, Singapore 408600
Contact	65 8775 0069 [email protected]
Operating Hours	Mon – Fri: 8.30am – 6pm

 

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Loan Provider	Aspire
Speciality	Business owners in Southeast Asia with the financial tools to solve their cash flow management and working capital needs For younger SMEs who have to make recurring payments or might have small, unanticipated costs to pay
Pricing	Contact for loan rates
Website	https://sg.aspireapp.com/
Address	#04-04, 01 Syed Alwi Rd, 207628
Contact	65 3165 1500
Operating Hours	Mon – Fri: 9.30pm – 6.30pm

 

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Loan Provider	Validus Capital
Speciality	Cost effective option for many businesses due to its competitive rates that start at 0.67% per month or 8.7% p.a Platform offers competitive cash disbursement, with 90% of approved businesses receiving funding within 48 hours Loans range up to S$250,000 for 12 months
Pricing	Contact for loan rates
Website	https://validus.sg/
Address	6 Shenton Way, #17-09 OUE Downtown 2, Singapore 068809
Contact	65 6100 0610 [email protected]
Operating Hours	Monday – Friday 9.00AM – 6.00PM

 

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Loan Provider	Minterest
Speciality	Great choice for SMEs looking for a large loan with relatively inexpensive fees SMEs can apply for anywhere from S$10,000 to S$3 million with flexible repayment terms Minterest has a more holistic application process
Pricing	Contact for loan rates
Website	https://www.minterest.sg/
Address	1 Raffles Boulevard, Crescent 1, Level 2 Suntec City,
Contact	65 6386 8623
Operating Hours	Mon – Fri: 9am – 6pm

 

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Loan Provider	MoolahSense
Speciality	Offers the largest business loans—up to S$5 million—of any crowdfunding platform in Singapore Have to pay a success fee (the fee charged when MoolahSense disburses the funds they’ve raised on business owner behalf) of 4%
Pricing	Contact for loan rates
Website	https://www.moolahsense.com/
Address	150 Cecil St, #03-00, Singapore 069543
Contact	65 6871 8780
Operating Hours	Daily, 9am – 6pm

 

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Loan Provider	Grab Singapore
Speciality	Loans between $10,000 to $100,000 Loan tenure of 12 months Ability to customise loan
Pricing	Contact for loan rates
Website	https://www.grab.com/sg/merchant/finance/hub/products/business-loan/
Address	28 Sin Ming Lane, #01-143, Midview City, Singapore 573972
Contact	Contact here
Operating Hours	65 6655 0005

 

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Loan Provider	Capitall
Speciality	Provide a wide range of holistic financial services to small businesses make repayment effortless by utilising customised repayment options designed to fit individuall business need Everything is approved and processed within 24 hours
Pricing	Contact for loan rates
Website	https://capitall.com.sg/business-loan-singapore/
Address	35 North Canal Road, #02-01 Singapore 059291
Contact	65 6333 [email protected]
Operating Hours	Mon – Fri: 09:00AM – 6:00PM Sat, Sun and Public Holidays: Closed

 

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Loan Provider	RHB Group
Speciality	Be a business entity that is registered and physically present in Singapore Have at least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership Have a Maximum Borrower Group revenue cap of S$500 million for all companies
Pricing	Contact for loan rates
Website	https://rhbgroup.com.sg/business/loans/sme-business-loan
Address	View branch locations here
Contact	Contact here
Operating Hours	View branch operating hours here

 

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Loan Provider	Capable Loans
Speciality	Online Business Loan Consultant Broker in Singapore Singapore’s #1 leading online aggregator of corporate financing solutions Work closely with banks and accredited financial institutions to provide you with the best corporate funding solutions and business loans
Pricing	Contact for loan rates
Website	https://www.capable.loans/about-us/
Address	Online business only
Contact	Contact via form here

 

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Loan Provider	Capital Match
Speciality	Peer-to-peer lending and invoice financing platform for SMEs in Southeast Asia Provide SMEs with affordable working capital from professional investors through an online platform To provide attractive lending opportunities characterized by short term commitment and low minimum capital requirement while managing credit risk to ensure capital preservation
Pricing	Contact for loan rates
Website	https://www.capital-match.com/borrow.html
Address	1 Changi Business Park Crescent, #02-17 Plaza 8 @ CBP, Podium C, Singapore 486025
Contact	65 9429 9471 [email protected]
Operating Hours	Mon – Fri: 9am – 6pm

 

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Loan Provider	SingBusinessLoan
Speciality	Offers loans for any types of business Credit officers have deep expertise in helping both new and seasoned entrepreneurs Loans offered are designed to meet individual business needs
Pricing	Contact for loan rates
Website	https://www.singbusinessloan.sg/
Address	Online business
Contact	Contact via form here

 

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Loan Provider	Raffles Credit
Speciality	One of the most distinguished licensed moneylenders in Singapore  Offers best selection of loan packages for our clients Committed to pushing the boundaries of what it means to be in the business of lending money to our clients
Pricing	Contact for loan rates
Website	https://www.rafflescredit.com.sg/
Address	17A Circular Road, Singapore 049373
Contact	6562351788
Operating Hours	Mon to Fri: 10.30am to 8pm Sat & Sun: 10.30am to 4.30pm

 

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Loan Provider	Lending Bee
Speciality	Offers unsecured loans of up to SGD100,000 with longer loan tenures up to 36 months and secured loans up to SGD2M Customer-centric business
Pricing	Contact for loan rates
Website	https://www.lendingbee.com.sg/business-loans/
Address	View branch locations here
Contact	View branch contact details here
Operating Hours	View branch operating hours here

 

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What is the eligibility criteria to apply for a business loan?

The eligibility criteria to apply for a business loan depends on the type of business loan you require as well as the nature of your company.

If you are running a small startup and require some startup capital, you may opt for a startup business loan. In order to qualify, your business needs to be registered and operating in Singapore. At the same time, the duration of business operations should be between 6 months and 2 years.

If you are intending to apply for an unsecured business loan, then the criteria varies between the respective banks and financial institutions. Before applying for a business loan, it is best to to find out the eligibility criteria and determine if your business nature and operations is eligible.

What is the application process for a business loan?

Here is an overview of the typical process when applying for a business loan in Singapore:

1. Apply online via the bank or financial institution’s website
2. Receive a call back from the bank/financial institution to understand more about your business or company
3. Submit the requested documents for verification. The main documents are:
   1. ACRA business profile information
   2. Latest Notice of Assessment (NOA) of all the Company Directors
   3. Latest Credit Bureau Singapore (CBS) Report Of All Directors
   4. Latest 2 Years Company’s Financial Statements
   5. Latest 6 Months Of Bank Statements
4. Application process for approval
5. Presentation of business loan proposal for clarifications or sign-off
6. Signing of documents and disbursement of funds

What affects the outcome of my business loan application?

While there are various business loans available, some of them even backed by the Singapore government, there may be instances whereby your business loan application is rejected.

The downside is that you will typically only find out the outcome of your business loan application after the long processing time.

Here are some of the possible reasons why your business loan application may be unsuccessful:

Track record of existing business

Getting a business loan when your business is just starting out or not profitable over the past years can be tough. Most banks and financial institutions require your business to be operating for a bare minimum of at least 6 months in order to qualify. 

Even if your business is well-established for several years, they may require you to submit documents of your company’s annual revenue to verify that the business is profitable in recent years. 

Credit score

Banks and financial institutions may also decide to reject your business loan application if the company directors or the business itself has a poor credit score.

A low credit score may cause business loan providers to question your ability to repay your loan. If they are not confident that you are able to repay the loan based on your credit history, the less likely your business loan application will be approved.

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Editor’s Note:

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