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 |
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| 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 |
DBS Bank’s Business Loan is designed to provide flexible financing options to help businesses grow and expand. Their loan application process is streamlined and can be completed online, making it convenient for busy business owners. The loan comes with a competitive interest rate and a repayment period of up to five years.
The bank has a unique feature, the Loan Care program, which provides businesses with personalised advice and support throughout the loan process. The Loan Care team helps businesses evaluate their financial needs, select the right loan product, and manage their cash flow.
Loan Provider |
OCBC Bank |
| Speciality |
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| 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 |
OCBC Bank’s Business First Loan is an excellent option for startups and small businesses looking for financing. The loan comes with a low-interest rate and flexible repayment terms of up to five years. What sets OCBC apart is its willingness to lend to businesses that have been operating for less than two years, which is a rarity in the industry.
It also offers a unique program called “OCBC Business Leap,” which provides customized financial solutions and mentorship to help startups and small businesses grow. Through OCBC Business Leap, businesses can access resources such as business workshops, networking events, and funding opportunities.
Loan Provider |
UOB Bank |
| Speciality |
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| 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 |
UOB Bank helps businesses meet their daily financial obligations but offering loans such as the BizMoney Loan. This loan is designed to provide businesses with quick and easy access to funds. The loan application process is entirely digital and can be completed within minutes, with loan approval granted in as little as one working day.
One of its highlights is the “UOB BizSmart,” a suite of digital tools that helps businesses manage their finances more efficiently. The suite includes cash management, invoicing, and accounting tools, making it easy for businesses to manage their cash flow and expenses.
Loan Provider |
Maybank Singapore
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| Speciality |
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| 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 |
Maybank Singapore’s Business Term Loan is an excellent option for businesses looking for flexible financing solutions. The loan comes with a competitive interest rate and a repayment period of up to five years. The repayment period can also be customised to match the financial capability of the business.
With no collateral required for loans up to SGD 500,000, Maybank Singapore is definitely one of the best business loan providers in the country. In addition, the loan comes with a unique feature known as the “Maybank SME Digitalisation Grant,” which provides businesses with up to SGD 10,000 in funding to help them adopt digital solutions and transform their operations.
Loan Provider |
Standard Chartered Bank |
| Speciality |
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| 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 |
Are you looking for a convenient business loan in Singapore? Talk to Standard Chartered Bank to get the Business Installment Loan. This loan is a flexible financing solution for businesses that require funds to purchase equipment, expand their operations, or manage cash flow. The loan comes with a competitive interest rate and a repayment period of up to five years, with no collateral required for loans up to SGD 200,000.
To offer holistic financial support to businesses, the bank has a”Business Protection Suite” that provides businesses with insurance coverage to help mitigate risks.
Loan Provider |
HSBC Bank |
| Speciality |
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| 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 |
HSBC Bank’s Business Term Loan is a financing solution that allows businesses to borrow funds for various purposes. High-interest rates and stringent terms and conditions hinder businesses from applying for loans. HSBC Bank is different as it charges fair interest rates on all business loans. You can get up to SGD 200,000 with no collateral, and the repayment period is currently capped at 5 years.
In addition to its financial solutions, HSBC has a team of dedicated Relationship Managers who provide personalized service and support to businesses. HSBC Bank is an excellent option for businesses looking to finance their growth and manage their finances.
Loan Provider |
Citibank |
| Speciality |
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| 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 |
Citibank offers a range of business loans tailored to the specific needs of businesses. Their loans come with competitive interest rates, repayment periods of up to five years, and flexible financing options. One of the loans the bank offers is the Business Term Loan which is ideal for businesses looking for funds to finance their growth and expansion plans.
The loan application process is straightforward and you can expect a response within three business days. Also, Citibank has financial advisors and support team to help you make an informed decision.
Loan Provider |
Multiply Capital |
| Speciality |
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| 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
sales@multiply.com.sg |
| Operating Hours | Mon – Fri: 8.30am – 6pm |
Multiply Capital Singapore is a boutique business loan provider that offers a range of flexible financing solutions to businesses in Singapore. They specialize in providing customized loan packages tailored to businesses’ specific needs. Their loans include working capital, invoice, trade, and equipment financing, among others.
One unique feature of Multiply Capital Singapore is their “Business Growth Loan.” This loan is designed to help businesses finance their expansion plans, whether opening a new outlet, launching a new product line, or expanding overseas. The loan comes with a repayment period of up to three years, competitive interest rates, and no collateral is required for loans up to SGD 250,000.
Loan Provider |
Aspire |
| Speciality |
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| 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 |
Aspire Singapore is a digital lender that offers a range of financing solutions to small and medium-sized enterprises (SMEs) in Singapore. Their loans are designed to be fast, flexible, and accessible, with an entirely online application process that makes it easy for businesses to get the funding they need. Aspire Singapore’s loans include working capital loans, invoice financing, and trade finance.
One unique feature of Aspire Singapore is their “Invoice Financing” solution. This financing solution provides businesses with an immediate advance on their unpaid invoices, allowing them to access the cash they need to fund their operations or growth plans. In a nutshell, Aspire Singapore’s Invoice Financing comes with flexible repayment options and competitive interest rates, and businesses can get approval within 24 hours.
Loan Provider |
Validus Capital |
| Speciality |
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| Pricing | Contact for loan rates |
| Website | https://validus.sg/ |
| Address | 6 Shenton Way, #17-09 OUE Downtown 2, Singapore 068809 |
| Contact | 65 6100 0610
sme@validus.sg |
| Operating Hours | Monday – Friday 9.00AM – 6.00PM |
Validus Capital Singapore is a peer-to-peer lending platform that provides financing solutions to small and medium-sized businesses in Singapore. Their loans are designed to be fast, flexible, and accessible, with a straightforward online application process. Validus Capital Singapore’s loans include working capital loans, invoice financing, and trade finance.
One unique feature of Validus Capital Singapore is its “Supply Chain Financing” solution. This financing solution gives businesses access to funding based on their receivables from their supply chain partners.
Loan Provider |
Minterest |
| Speciality |
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| 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 |
Minterest Singapore is a peer-to-peer lending platform that offers a range of financing solutions to SMEs in Singapore. The loans include working capital loans, trade finance, equipment financing, etc. If approved, you will have 5 years to repay the loan, and approval takes anywhere between 24 and 48 hours.
One unique feature of Minterest Singapore is its “Green Financing” solution. This financing solution is designed to support businesses that are committed to sustainable practices by providing them with the necessary funding to achieve their sustainability goals.
Loan Provider |
MoolahSense |
| Speciality |
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| 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 |
MoolahSense is another reputable peer-to-peer lending platform that provides financing solutions to small and medium-sized businesses in Singapore. Their loans are designed to be fast, flexible, and accessible, with a straightforward online application process.
Businesses get invoice financing, working capital, and even funds to buy new office supplies and equipment through the platform. One attribute that makes MoolahSense different is its “Secured Lending” solution. This financing solution is designed to provide businesses with access to secured loans backed by the borrower’s assets, such as property or equipment. Concisely, it enables businesses to access larger loan amounts, longer repayment terms, and more competitive interest rates.
Loan Provider |
Grab Singapore |
| Speciality |
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| 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 |
Grab Singapore, a well-known ride-hailing and food delivery company, has also ventured into the financing industry to offer various financing solutions to small and medium-sized businesses in Singapore. The company has implemented processes that allow it to offer loans quickly and flexibly.
One of its primary perks is the Merchant Cash Advance solution. This financing solution provides businesses with a lump sum of cash based on future credit and debit card sales. It enables businesses to access quick and hassle-free funding without collateral or personal guarantees. The repayment is automatic and based on a percentage of daily sales, which means businesses can repay the loan at their own pace.
Loan Provider |
Capitall |
| Speciality |
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| 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 6000enquiry@capitall.com.sg |
| Operating Hours | Mon – Fri: 09:00AM – 6:00PM
Sat, Sun and Public Holidays: Closed |
Capitall is a Singapore-based digital lender that provides a range of financing solutions to small and medium-sized businesses in Singapore. The loan application process is 100% online, and the average approval time is 24 hours. The company is best known for providing invoice financing solutions and working capital loans.
All clients get access to the custom Supply Chain Financing solution. This financing solution allows businesses to finance their inventory and pay their suppliers promptly. It enables businesses to access quick and affordable funding with no collateral required. This loan comes with flexible repayment terms, competitive interest rates, and businesses can get approval within 24 hours.
Loan Provider |
RHB Group |
| Speciality |
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| 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 |
RHB Group is a leading banking and financial services provider in Southeast Asia, including Singapore. They offer a wide range of financial products and services, including business loans, to help businesses grow and succeed. RHB Group’s business loans are designed to meet the unique financing needs of businesses of all sizes and types, with flexible repayment options and interest rates that are relatively lower than other options.
As a client, you can leverage the Secured Overdraft solution to safeguard your brand’s financial stability. This financing solution provides businesses with a flexible credit line that they can use to meet their short-term financing needs, such as purchasing inventory or paying for operating expenses.
Loan Provider |
Capable Loans |
| Speciality |
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| Pricing | Contact for loan rates |
| Website | https://www.capable.loans/about-us/ |
| Address | Online business only |
| Contact | Contact via form here |
Capable Loans is a digital platform that provides fast and hassle-free business loans to Singapore’s small and medium-sized enterprises (SMEs). Their loans are designed to help businesses meet their financing needs, whether working capital, expansion, or investment. Because the whole loan application and review process is done online, clients never have to wait more than 24 hours to get an update.
The flexible repayment plans and terms are other perks that make Capable Loans ideal for small businesses. The repayment schedules can be customised to suit your cash flow and financial needs. With their innovative approach to business financing and flexible repayment options, Capable Loans is an excellent choice for SMEs looking for a reliable and efficient lender.
Loan Provider |
Capital Match |
| Speciality |
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| 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 support@capital-match.com |
| Operating Hours | Mon – Fri: 9am – 6pm |
Capital Match is a digital lending platform that provides innovative financing solutions to businesses in Singapore. They offer a wide range of business loans, including working capital loans, invoice financing, and term loans, which are tailored to the needs of SMEs in different industries. Capital Match’s loan application process is entirely online, which makes it quick, easy, and convenient for businesses to apply for financing.
Capital Match’s automated credit assessment process uses advanced data analytics and machine learning algorithms to assess a business’s creditworthiness. This allows them to make fast and accurate lending decisions, meaning businesses can access financing quickly and easily.
Loan Provider |
SingBusinessLoan |
| Speciality |
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| Pricing | Contact for loan rates |
| Website | https://www.singbusinessloan.sg/ |
| Address | Online business |
| Contact | Contact via form here |
SingBusinessLoan is a licensed moneylender that offers a variety of financing options for small and medium-sized enterprises (SMEs) in Singapore. Their loans include working capital loans, business term loans, machinery and equipment financing, and trade financing. They pride themselves on their quick, hassle-free loan approval process and flexible repayment options.
The loans are unsecured, meaning you don’t need collateral to get one. This aspect makes it an ideal choice for new businesses that are just starting and don’t have sufficient assets to commit as collateral. The maximum repayment period is 36 months, and the maximum loan amount is $300,000.
Loan Provider |
Raffles Credit |
| Speciality |
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| 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 |
Raffles Credit is a licensed moneylender in Singapore that provides various business loan products to meet the diverse needs of small and medium-sized enterprises (SMEs). The repayment options are flexible, and the interest rates are fair compared to other business loan providers.
They pride themselves on delivering loan approvals in as little as 30 minutes, allowing SMEs to access funds quickly and efficiently. Additionally, some loans don’t require collateral, but you need to pay attention to the interest rates and terms of the loan before applying.
Loan Provider |
Lending Bee |
| Speciality |
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| 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 |
Lending Bee is a go-to source for businesses in need of financial support. The company is transparent and offers a variety of business loan options, including working capital loans, SME loans, and equipment financing. No prior experience is required, thanks to its user-friendly online application process and quick turnaround times.
Due to the harsh economic environment, servicing loans is challenging for most businesses. Lending Bee is determined to help brands easily repay their loans by offering customisable repayment plans. Borrowers can repay their loans in small, manageable amounts over time, making it easier for businesses to manage their finances.
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:
- Apply online via the bank or financial institution’s website
- Receive a call back from the bank/financial institution to understand more about your business or company
- Submit the requested documents for verification. The main documents are:
- ACRA business profile information
- Latest Notice of Assessment (NOA) of all the Company Directors
- Latest Credit Bureau Singapore (CBS) Report Of All Directors
- Latest 2 Years Company’s Financial Statements
- Latest 6 Months Of Bank Statements
- Application process for approval
- Presentation of business loan proposal for clarifications or sign-off
- 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.
Editor’s Note:
While every precaution has been made to ensure the accuracy and fairness of this listing, we acknowledge that they may be inaccuracies. Therefore, we urge you to contact the service provider above for the correct information and/or contact us with the correct information.
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