Guaranteed Business Loans No Credit Check – Business and Career 5 Reasons Why SMEs in Singapore Can Consider Taking a Business Loan The best time to take out a business loan is when you don’t absolutely need it.
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Small businesses are the lifeblood of many households. It is no different in Singapore as SMEs make up 99% of all businesses and employ 70% of the workforce in our country. However, statistics also show that non-SMEs – which make up the remaining 1% of businesses – contribute about 57% of Singapore’s gross domestic product (GDP).
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However, we can accept that almost all successful businesses come from humble beginnings. Most multinational companies started small at some point. In fact, then Trade and Industry Minister Chan Chun Sing challenged local SMEs to think of themselves as “Singapore’s emerging MNCs” with greater growth ambitions.
To grow your business, you must actively invest your resources — including time and money — into it. However, your operating cash flow alone may not be sufficient to support your expansion plans or may hinder your ability to scale quickly. In this regard, fundraising is a possible option to improve your business.
While taking out a small to medium business loan can seem unfamiliar and intimidating, here are 5 reasons why business owners may want to consider taking one.
Most business owners will be familiar with the television series “Shark Tank.” Raising funds from investors is a way to finance your expansion plans. However, as you saw on the show, you have to give up a clean part of your company in exchange for funding, especially if you don’t have leverage in your negotiations (for example, many investors competing to invest in your company).
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Raising funds from investors means bringing new shareholders to your table and possibly directors to your board, who you have to manage and work with. This presents advantages and disadvantages.
Equity investments are different from debt, you don’t have to pay interest on the amount you raise. However, this does not mean that there is no pressure. In fact, you will have new and existing shareholders who will hold you accountable for how you spend the funds raised. They need to be sure that you are using the funds to grow your business, as this affects the value of their shares in your business.
By increasing your debt (for example, taking out an SME business loan), your business liabilities will increase. However, there is no change in the capital structure of your business and how much of the company you own. Of course, for this benefit, you have a financial obligation to pay back the interest component and the regular principal component.
When your business is growing, you want to strike while the iron is hot. This means two things: a) building your momentum instead of slowing down/stalling and b) reacting quickly to trading opportunities when they arise. This often requires large initial investments in equipment, property and/or office space, or using cash to purchase bulk inventory or raw materials at discounted prices.
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Taking a business loan from a bank can be one of the fastest possible ways to raise funds. For example, OCBC claims that the business loan application process can be done in less than 5 minutes via MiInfo or MiInfo Business and the loan amount can be approved in 1 business day.
Similarly, you may identify a commercial property that contributes to your expansion plan, or it may simply be part of your plan to accommodate your business in the space you have. Whatever your reason, this will be an expensive endeavor. A commercial property loan can provide up to 80% of the purchase price or appraisal of the property. Loan approval may take up to 72 hours.
There are times when you consider investing your own savings into the business. One reason, as stated above, is when you see business opportunities. Another reason could be when there is a downturn, such as the recent COVID-19 economic crash of 2020, which could dry up business and cash flow at the same time.
If you’re putting your personal savings into business, you may be spending an important financial safety net for yourself and your family. First, you may not have enough savings to get you through a personal emergency, such as a family member getting sick or having an accident. In such a scenario, you have to dip into your own savings – which are now spent – to afford medical treatments and withstand the potential loss of income for a while.
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More than 43,000 businesses closed in 2020. Although no one wants their business to fail, the unfortunate truth is that such things do happen. And, if that happens to you, you want to be able to use your personal savings to support yourself and your family until the next opportunity.
By taking out a business loan, you can face the same situation, whether you are riding the wave of expansion or overcoming the uncertainty of recession, without mixing personal finances with business finances. However, it is worth noting that many commercial loans may require a personal guarantee to secure the loan, which may require the company’s shareholders to guarantee the loan.
Updating and/or repairing your basic equipment will keep it running at optimum efficiency. Of course, buying new equipment can also improve efficiency or even be part of your expansion plans.
Such costs are usually capital intensive and can affect the cash flow of your business. Fortunately, you can use equipment and machinery financing to purchase new equipment. For your day-to-day operations, which include maintaining existing equipment or just having enough money to pay rent, supplies and salaries, you can rely on a government-backed SME working capital loan.
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There are also many specialized loan options for certain sectors that you can take advantage of to set up your business premises. For example, OCBC provides healthcare practice financing for entrepreneurs setting up their own clinics, including renovations, general working capital and procurement.
Of course, you can also choose to invest the existing cash flow you have in your business bank accounts. However, this adds unnecessary cash flow risks to your business. For example, a slowdown in your business can lead to an inability to pay wages and short-term obligations. This could potentially drive your business into insolvency.
For shorter capital needs, you can use business financing solutions. This can include paying faster even if your customers haven’t paid in full (via invoice finance sales) or paying your supplier in advance even if you need longer payment terms (via invoice finance pre-purchases).
Ironically, the best time to get a business loan is when you don’t need one. This is because you will be in a good financial position knowing that you can pay off your loan on time every month. This creates a good history for your credit.
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Even if you are not expanding aggressively or need a business loan, you can start with a smaller amount. This is because deadlines can be less than ideal when you miss a track.
When you need a loan in the future, there will be no unnecessary delays. This is because you are already familiar with the loan application process. In addition, the bank will be even more confident in your ability to repay the loan you are seeking – since your company has a history of repaying your loans.
A borrower with better credit is also likely to get lower interest rates. This is important when you need a loan more urgently and do not have time to shop.
For businesses that are doing well, taking out a loan to expand may seem unnecessary. However, seeing competitors take market share or stagnate can be a big risk to your business. At the same time, taking out too many business loans can easily overwhelm your business and increase the pressure on you.
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As a business owner, you are responsible for charting the course for your SME. To grow, you have to invest. However, most businesses do not have the internal financial resources to finance all of their expansion needs. Therefore, taking a loan can be an ideal solution.
Business loans come in many shapes and forms, and as mentioned, the government currently supports many of them. You can view the full suite of OCBC business loan offers to understand what types of loans you need and how they will help your business succeed.
Enjoy quick access to funds and receive instant loan approval status when you apply online with OCBC.
For SMEs that have only been in business for six months, secure up to S$100,000 with OCBC
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