Are you looking to start a business in Singapore? If so, you may be wondering which bank can give you a loan to help you get started. Fortunately, there are several options available to help you finance your business ambitions. The Business First loan is a government-assisted loan that provides up to 300,000 SGD in unsecured working capital. This loan is offered jointly by Enterprise Singapore (ESG) and UOB BizMoney.
It combines the ESG Temporary Bridge Loan and the Working Capital Loan for SMEs. At UOB, we offer SME loans in Singapore to help local small businesses and start-ups easily access funding with competitive interest rates for commercial loans. Our loan options range from microloans to term loans and more. Our team will contact you to finalize your loan and disburse the funds to your bank account.
As part of the Resilience Budget, you can choose to pay only interest for the first 12 months of your loan. Generally speaking, the maximum loan amount that a bank can grant to a particular SME usually ranges from 20 to 40% of the borrower's annual income. These calculations are intended to provide an indication of repayment information based on certain loan parameters and are provided for reference only. The UOB business loan consists of UOB BizMoney, a working capital loan for SMEs and a temporary bridge loan.
You can apply for any of them. By continuing, you confirm that you have obtained and agree to be bound by the bank's (corporate) Privacy Notice. The Temporary Transitional Loan is an ESG initiative that provides an unsecured working capital loan of up to 1 million SGD. If the advance payment is made within the first 2 years of disbursing the loan, there is a fee that is calculated on the basis of a fixed rate of 2.5% on the amount of the principal paid in advance.
You agree that the Bank collects, uses and disclses the contact details and personal data provided for basic banking, co-branded, research and marketing purposes, as described in the bank's (corporate) Privacy Notice. The bank loan criteria for businesses and the required documents vary from one financial institution to another. According to its current version, the Singapore government assumes a 70% share of the loan risk; borrowers are still responsible for repaying 100% of the loan amount. The effective interest on this loan is currently set at 10.88% per annum, with an installation fee of 2%. Leon Foo, founder and president of PPP Coffee, recently took advantage of the Temporary Transitional Loan with UOB to maintain and boost his business amid the pandemic crisis.
He shared his experience in an interview with UOB. When leaving Standard Chartered Bank (Singapore) Limited (“SCBSL”) website to access a third party website (third-party website), please note that SCBSL does not control such third-party websites and is not responsible for their content.
