Government Aided Financing Scheme For SMEs
The SME Working Capital Loan is a government assisted financing loan under the Enterprise Financing Scheme (EFS-WCL). The enhanced scheme in the Solidarity Budget 2020 helps SMEs access financing till March 2021.
Under the new Enhanced SME Working Capital Loan, access up to $1 million to finance cash flow needs. Enterprise Singapore partners with participating financial institutions with up to 90% risk sharing.
There are 18 financial institutions participating in this scheme. Credit criteria & interest rate vary across the banks. We can provide you with a direct comparison on all banks SME Working Capital Loan rates and eligibility terms.
Secure the funding you require under the SME Working Capital Loan to expand and scale your business.
Get a free loan assessment & compare all banks financing options now, fast and hassle free.
SMEs FUNDING SMEs
For four decades, Goldbell has shown our determination to provide the best industrial vehicle solution to our clients and have become the market leader in industrial vehicles in Singapore. Once an SME ourselves, we understand the challenges that our local SMEs face in the business landscape.
Goldbell Financial Services offers a range of working capital loans in Singapore. Designed to assist our clients in generating additional liquidity to ease your cash flow, you can now focus on your business growth.
Our working capital loans include factoring, term loans and purchase order financing. Our experienced Relationship Managers are in the best position to advise and customise a business financing solution that meets your business requirements. Enquire with us today!
FACTORING
Once an SME ourselves, we understand the constraints of small businesses having cash flow issues. Having to pay for endless operational costs like salaries and maintenance, while coping with late payments from customers, is not an easy task. At times, these late payments can be delayed up to 90 days. With tight cash flow, businesses struggle to make ends meet rather than focusing on growing their business.
With Goldbell Financial Services’ factoring solutions, you can turn your account receivables into cash, generating additional liquidity for your company. By trading in outstanding invoices or receivables, companies can receive up to 90% of the invoice amount within a day. Save the hassle while we help you to collect payments from your debtors and even protect you from buyers’ default.
With steady cash flow, you can now focus on growing your business while we take care of the rest.
TERM LOAN
To boost the growth of your business and generate more revenue, the company has to invest in certain avenues from time to time. Whether it’s an equipment upgrade, a new location, an order of inventory, or even marketing campaigns, it requires a large sum of cash.
A term loan is a lump sum of capital that you pay back in instalments at a fixed interest rate. As the name suggests, the repayment period will be for a fixed term, usually one to five years long. This business term loan can help finance something that helps create more profits for your business.
PURCHASE ORDER FINANCING
As a startup or a small business, it’s sometimes challenging to keep up with the volume of orders from your customers. Lacking the capital to purchase raw materials or access inventory to fulfil the orders will result in turning customers away, which will decrease your profits.
Purchase order financing provides working capital to growing businesses to pay suppliers for verified purchase orders. With this additional financing, businesses no longer have to decline new orders due to limited cash reserves or cash flow challenges.
Steps (Process Flow)
Benefits
Loan tenure up to 10 years
Extensive experience in the automotive value chain
Receive up to 90% cash in advance
SME Working Capital Loan Features
Up to $1M financing
Raised from $300K to $1M till 31 March 2021
Up to 5 years repayment
Option to defer principal up to 1 year subject to assessment
Government risk sharing 90%
Raised from 50% risk sharing with banks
Enhanced SME Working Capital Loan Eligibility:
Minimum 30% ultimate ownership shareholdings held by Singaporeans or Singapore PR(s)
Government risk-sharing 90% with participating financial institutions. SME borrowers are still liable for 100% of loan outstanding in event of default. Banks will proceed first with their standard commercial recovery process.
Local business registered and operating physically in Singapore
Group annual sales of ≤ S$100m or group employment size ≤ 200
SME Loan Comparison Made Easy
Enhanced SME Working Capital Loan Interest Rate
The interest rate for the SME Working Capital Loan differs from the various participating banks and financial institutions and is dependent on their risk assessment.
Eligible companies can enquire with the various participating financials institutions on their respective SME Working Capital Loan interest rates.
Participating Financial Institutions
These are some of the participating financial institutions in the Enterprise Singapore SME Working Capital Loan.
SME Financing Institutions
For potential partners or source of funds, we welcome collaborations to bring more funding products to our platform. Kindly contact info@linkflow.com.sg
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About iBusiness
iBusiness is a Singapore consultancy firm that assists SMEs to secure business loans from banks and financial institutions. We specialize in SME finance and through our expertise and network, we help clients secure funding with low interest rates efficiently and hassle free.