Getting a small business or bank loans in Singapore doesn’t have to be complicated. Poss simplifies the business loan process, allowing you to access additional working capital through a streamlined 4-step application. So, let’s get started!
Step 1: Prepare Your Required Documents For Application:
- A copy of your NRIC (front & back) or Passport;
- Credit Bureau Report (CBS report) dated within the last 30 days (available for purchase from Credit Bureau Singapore);
- Latest years’ Notice of Assessment (obtainable from IRAS); and
- Exported PDF copy of your business bank account’s bank statements from the last 6 months.
Step 2: Apply Business Loan Online
Once your documents are ready, complete the business loan application online, a process that takes less than 10 minutes.
Who Should Submit These Documents?
Key stakeholders within the business, including the business owner, directors, and shareholders, should act as personal guarantors for the business loan. Ideally, business owners, with their comprehensive understanding of the business, should initiate the loan application.
Step 3: Receive Business Loan Application Status
Upon successful submission of your loan application, we will revert back to you on the results within 48 hours. You will receive an email and/or loan agreement requesting for digital signature(s), outlining the offer, including but not limited to approved loan quantum, pricing, tenure, due dates and monthly repayments. With our transparent and affordable fee structure, you’ll never have to worry about additional fees or unpleasant surprises.
Any Other Requirements For The Business Loan?
To qualify, your business structure must be a Limited Liability Partnership or Exempt Private Company (Pte Ltd) limited by shares incorporated in Singapore. Additionally, you should have at least 6 months of transaction history in an operating business bank account. Please note that Sole Proprietorships and Partnerships are currently ineligible for borrowing.
Step 4: Receive Your Funds!
Loans are disbursed directly into your operating business bank account, ensuring quick access. Contact Poss Capital today, and let’s expedite the business loans process, providing you access to funds precisely when you need them.