Rochor is a dynamic planning area in Central Singapore that is bustling in different kinds of activity. This area features different places and destinations that are frequented by Singaporean locals and tourists alike.
It is a hub to try different cuisines popular among the multicultural Singaporean society. It also houses various shopping centers that attract shoppers from all walks of life.
If you see yourself as an entrepreneur Rochor is an ideal place to start your business or to expand your existing business venture. Consider taking an SME business loan to get that much needed head start.
What Is an SME Business Loan and How Does it Work?
SMEs or small and mid-size enterprises give significant contribution to the economy of Singapore. Businessmen and entrepreneurs start or expand their businesses through getting an SME business loan.
Obviously, what sets this loan apart from other kinds of loans is that this one is specifically applied for reasons of starting or expanding a business. Business owners get SME business loans for different reasons. These reasons include paying for wages of employees until the business hits a stable ground, purchase of office supplies and inventory, and paying for new business projects.
There are different kinds of loans offered by different institutions. Banks and other lending institutions offer SME business loans. The most traditional provider of SME business loans are still banks. However, applying in banks can be tedious because they tend to place stricter requirements especially in the context of economic hardships.
This is why, if a borrower is just a small or medium entrepreneur, then bank loans may not be ideal. Fortunately, there are licensed money lending institutions that offer the same services.
Advantages of Taking a Business Loan from a Moneylender
Money lending institutions are the most fitting institution for small and mid-sized enterprises for a variety of reasons. But the primary advantage is that money lending institutions are more flexible than banks.
They are more considerate and more accommodating for small and starting entrepreneurs. The interest rates are almost similar (at times it can even be lower!) to that of banks and the eligibility requirements are nominal.
The loans that they are offering are also unsecured loans. This removes the burden of providing a collateral.
How to Apply?
SME business loan applications in Fortune Credit, a competent money lending institution in Singapore, involve a simple process:
- Complete your requirements and make sure that you meet the eligibilities:
- The business must be registered in Singapore and must be in operation for at least one year.
- Should have a minimum turn-over of S$60,000
- NRIC of all partners and directors
- Recent business profile from ACRA
- Recent income tax assessment
- Recent financial statement
- Recent utility bills
- Bank statement of the last six months
- List of assets
- Tenancy agreement (if any)
- Call or apply online
- Visit their office for a personal consultation
- Receive your loan money
How Can Our Company Help?
Fortune Credit provides SME business loans at competitive interest rates and with utmost efficiency and professionalism. It does not require collaterals and provides sound financial advice.