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frequently asked questions
SME business loans are financing solutions designed to help small and medium enterprises (SMEs) in Singapore access capital for growth, cash flow management, and expansion. These loans provide businesses with the financial flexibility to invest in equipment, hire staff, or manage operational costs.
Singapore offers a range of SME business loan options, including unsecured business term loans, working capital loans, SME micro loans, and government-backed financing such as the Enterprise Financing Scheme (EFS). Each loan type caters to different business needs, from short-term cash flow support to long-term growth financing.
To qualify for an SME business loan in Singapore, businesses typically need to meet criteria such as being registered and operating in Singapore, having a minimum operational history of 6 months to 2 years, and maintaining a healthy credit profile. Lenders may also assess annual revenue and financial statements.
Commonly required documents for an SME loan application include your company’s ACRA business profile, financial statements, income tax assessments, bank statements, and director’s NRIC or passport copies. Specific requirements may vary depending on the lender and loan type.
The loan amount you can borrow depends on factors such as your business revenue, creditworthiness, and the type of loan. In Singapore, SME business loans typically range from SGD 50,000 to SGD 1 million or more, with government-backed loans offering higher limits based on eligibility.
Interest rates for SME business loans in Singapore vary based on factors such as the lender, loan tenure, and business risk profile. Rates typically range from 3% to 12% per annum, with government-backed loans often offering lower rates to support SMEs.
The approval timeline for SME business loans in Singapore depends on the lender and the complexity of your application. Generally, it takes between 3 to 14 working days for approval, with some online lenders offering quicker processing times for smaller loan amounts.