Top Business Loans Providers in Singapore

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.

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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.

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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

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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.

DBS Top Business Loans Providers in Singapore

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

AddressView branch locations here

Contact

1800 111 1111
Operating HoursView branch operating hours here

 


OCBC Top Business Loans Providers in Singapore

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
PricingContact for loan rates

Website

https://www.ocbc.com/group/gateway
AddressView branch locations here

Contact

Contact via form here
Operating HoursView branch operating hours here

 


UOB Top Business Loans Providers in Singapore

Loan Provider

UOB Bank

Speciality

  • Allows one to borrow up to S$100,000
  • Maximum repayment period is at 3 years
PricingContact for loan rates

Website

https://www.uobgroup.com/uobgroup/default.page
AddressView branch locations here

Contact

Contact here
Operating HoursView branch operating hours here

 


Maybank2U Top Business Loans Providers in Singapore

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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
PricingContact for loan rates

Website

https://www.maybank2u.com.sg/en/personal/index.page
AddressView branch locations here

Contact

Contact here
Operating HoursView branch operating hours here

 


SC Top Business Loans Providers in Singapore

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%
PricingContact for loan rates

Website

https://www.sc.com/sg/
AddressView branch locations here

Contact

Contact here
Operating HoursView branch operating hours here

 


HSBC Top Business Loans Providers in Singapore

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
PricingContact for loan rates

Website

https://www.hsbc.com.sg/
AddressView branch locations here

Contact

Contact here
Operating HoursView branch operating hours here

 


CitiBank Top Business Loans Providers in Singapore

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
PricingContact for loan rates

Website

https://www.citibank.com.sg/portal/bluehome/index.htm
AddressView branch locations here

Contact

Contact here
Operating HoursView branch operating hours here

 


Multiply Top Business Loans Providers in Singapore

Loan Provider

Multiply Capital

Speciality

  • SMEs who apply for this product borrow around S$20,000 and receive it within 3 days
PricingContact for loan rates

Website

https://www.multiply.com.sg/about
Address10 Eunos Rd 8, #09-04 Singapore Post Centre, Singapore 408600

Contact

65 8775 0069

[email protected]

Operating HoursMon – Fri: 8.30am – 6pm

 


Aspire Top Business Loans Providers in Singapore

Loan Provider

Aspire

Speciality

  • Business owners in Southeast Asia with the financial tools to solve their cashflow management and working capital needs
  • For younger SMEs who have to make recurring payments or might have small, unanticipated costs to pay
PricingContact for loan rates

Website

https://sg.aspireapp.com/
Address #04-04, 01 Syed Alwi Rd, 207628

Contact

65 3165 1500
Operating HoursMon – Fri: 9.30pm – 6.30pm

 


Validus Top Business Loans Providers in Singapore

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
PricingContact 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 HoursMonday – Friday 9.00AM – 6.00PM

 


Ara Mindset Top Business Loans Providers in Singapore

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
PricingContact for loan rates

Website

https://www.minterest.sg/
Address1 Raffles Boulevard, Crescent 1, Level 2 Suntec City,

Contact

65 6386 8623
Operating HoursMon – Fri: 9am – 6pm

 


moolah sense Top Business Loans Providers in Singapore

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%
PricingContact for loan rates

Website

https://www.moolahsense.com/
Address150 Cecil St, #03-00, Singapore 069543

Contact

65 6871 8780
Operating HoursDaily, 9am – 6pm

 


Grab Top Business Loans Providers in Singapore

Loan Provider

Grab Singapore

Speciality

  • Loans between $10,000 to $100,000
  • Loan tenure of 12 months
  • Ability to customise loan
PricingContact for loan rates

Website

https://www.grab.com/sg/merchant/finance/hub/products/business-loan/
Address28 Sin Ming Lane, #01-143, Midview City, Singapore 573972

Contact

Contact here
Operating Hours65 6655 0005

 


Capitall Top Business Loans Providers in Singapore

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
PricingContact for loan rates

Website

https://capitall.com.sg/business-loan-singapore/
Address35 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

 


RHB Top Business Loans Providers in Singapore

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
PricingContact for loan rates

Website

https://rhbgroup.com.sg/business/loans/sme-business-loan
AddressView branch locations here

Contact

Contact here
Operating HoursView branch operating hours here

 


Capable Top Business Loans Providers in Singapore

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
PricingContact for loan rates

Website

https://www.capable.loans/about-us/
AddressOnline business only

Contact

Contact via form here

 


Capital Match Top Business Loans Providers in Singapore

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
PricingContact for loan rates

Website

https://www.capital-match.com/borrow.html
Address1 Changi Business Park Crescent, #02-17 Plaza 8 @ CBP, Podium C, Singapore 486025

Contact

65 9429 9471
[email protected]

Operating HoursMon – Fri: 9am – 6pm

 


Sing Business loan Top Business Loans Providers in Singapore

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
PricingContact for loan rates

Website

https://www.singbusinessloan.sg/
AddressOnline business

Contact

Contact via form here

 


Raffles Credit Top Business Loans Providers in Singapore

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
PricingContact for loan rates

Website

https://www.rafflescredit.com.sg/
Address17A Circular Road, Singapore 049373

Contact

6562351788
Operating HoursMon to Fri: 10.30am to 8pm
Sat & Sun: 10.30am to 4.30pm

 


Lending Bee Top Business Loans Providers in Singapore

 

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
PricingContact for loan rates

Website

https://www.lendingbee.com.sg/business-loans/
AddressView branch locations here

Contact

View branch contact details here
Operating HoursView branch operating hours here

 


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.


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.

If you are a service provider and wish to be featured in this listing (MediaOne reviews are read by hundreds of thousands of Singaporeans), please contact us at [email protected]. There is no charge! Please allow us up to 3 working days to review before adjusting the information or including your entry.

Author Bio

Tom Koh is widely recognised as a leading SEO consultant in Asia who has worked to transform the online visibility of the leading organisations such as SingTel, Capitaland, Maybank, P&G, WWF, etc. Recently he was instrumental in consulting for a New York-based US$30B fund in an US$4Bn acquisition. Tom is a Computational Science graduate of the National University of Singapore. In his free time he performs pro-bono community work and traveling.
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