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A business loan is a type of financing that businesses can take out from banks, credit unions, online lenders, or other financial institutions. The purpose of a business loan is to provide additional capital that businesses can use to expand operations, invest in equipment, hire employees, or cover other expenses.
This type of loan provides short-term financing to help small and medium enterprises (SMEs) cover daily operational expenses like inventory, payroll, and other overhead costs. These loans are flexible, with terms ranging from 1-12 months. SMEs can borrow up to 6 months of their monthly revenue. Fast approval makes these loans ideal for unexpected cash flow issues.
Bridging Loans or Start Up Business Loans provide the right combination of quick financing, flexible requirements, and short repayment terms for startups needing capital in the early stages of operations. This makes them one of the better loan options for start up business needs.
Private hire loans are designed for entrepreneurs needing capital to purchase vehicles for private transportation services. Borrowers can finance new or used private hire cars, taxis, and small charter buses. Loan terms are typically 5-7 years with monthly repayments. These loans cover up to 100% of vehicle costs and maintenance. Flexible terms help applicants quality for financing.
Private lenders can often process loans faster than banks as they have fewer formalities and can make quick credit decisions. This helps meet urgent financing needs.
Book an appointment to discuss your loan plan with us.
We offer one of the lowest business loan interest rate in Singapore.
Eligibility Requirements for Business Loans
Proof that applicants are at least 21 years of age and above
Proof of a Singapore incorporated corporation/firm
The most recent printout of your ACRA
NRIC / Work pass / Passport of ALL directors / shareholders / partners
A tenancy agreement of your business location
Your latest balance sheet (if applicable)
Your company seal or stamp
Proof of assets or title deeds for our secured loans that involve lower interests
Purpose
Business loans are used for business expenses while personal loans are for personal expenses.
Eligibility
Business loans have stricter requirements related to your company’s finances and credit. Personal loans focus on your personal credit and income.
Tax Treatment
You can deduct interest paid on business loans on your taxes. Personal loan interest is not tax deductible.
Visit our office for an appointment with our loan consultants to customize a loan package to meet your needs.
After you’ve read and understood the loan terms & conditions and payments, you can sign the loan agreement.
After signing the contract, you will receive your cash loan on the spot or within 1 Day from JD Credit.
Business loan serves as a short term loan to ideally cover one-time expenses of small and medium enterprises, such as to secure new projects, expansion moves or to tide over tight cash flow situations. It is a great option to fund long-term investments to start a new operation.
Bank business loans are mainly designed to support the growth of medium to large multinational corporations(MNCs) by further enhancing their stable cash flow and operations. Most banks will require at least 2-3 years of operations before they are eligible to apply for a business loan or have a minimum annual turnover, employment size, in order to be eligible.
We provide both secured and unsecured business/SME loans to provide you with the flexibility you need for that next opportunity, no matter how big or small your company is or what industry you may be in. As an established business loan provider to companies in multiple industries, we are well equipped to help business owners with their loan application process and decide what is the optimal amount, tenor and interest rate to best cater to their needs.
No, our business loams are available to both local and foreign businesses who have established operations in Singapore.
You have to be operational for at least a year, be registered with ACRA and have a profit and loss statement.
No. We do our best to work out what your business will need best. However the loan amount granted will vary depending on company financial statements and any supporting documents provided to us.
We will need NRIC copies of the company’s directors, financial statements of the company for the last 6 months, income tax notices of assessment of the business owner(s), latest ACRA business profile as well as the tenancy agreement for the company’s office/facility premises.
Once applications has been approved and we have received all the necessary documents, you will receive cash immediately.
The loan amount is subjected to your income proof and whether you have any outstanding loan. You may indicate your preferred amount. However, we will determine if your desired loan amount is granted, or likewise, we will propose an alternative amount.
There is no maximum tenor, we are open to discussion and working out a plan that is comfortable for both you and our company.
May I fully repay my loan amount at any time before my tenor ends? Yes, you may do so. There will even be interest rebate and the earlier you settle, the more interest you will save.
You may consolidate your loans with us along with any other personal loans that you have taken and are currently still repaying under our debt consolidation loan scheme.
Yes, you may after one month upon receiving your business loan approval.
