Getting a business loan in Singapore is no easy feat. There are a few requirements you have to fulfil.At least six months since your business has been incorporatedGovernment-assisted Financing only for businesses registered and present in Singapore with 30% owned by Singaporeans/PRsFirstly, Providers typically require your business to be around for at least six months to qualify.
With so many hoops to jump through, not every SME is able to successfully obtain a loan to tide through the difficult times.Oxprop Captial is a money lending company that specialises in property-centric loans with a proven track record, having disbursed over S$100 million worth of loans so far.
It’s a simple method to free up extra cash at a low current mortgage interest rate, allowing you to expand your investment portfolio, establish a business, or deal with a financial emergency. Alternatively, if you do not have a house that is fully paid for, you can choose to have a term loan. Term and home equity loans usually have tenures of around 5-30 years, depending on the lender and its repayment options.Unlike traditional business loans that take a few months to process, Oxprop Capital has a relatively quick processing time of 1-2 weeks, depending on your situation.
Some people in Singapore might want to establish themselves by securing a house before going for their long-term goals to be business owners. However, with a lack of capital after paying for their home, they have to choose to forgo their dreams since most of their net worth is tied to their house. If you have a projected period you’ll have to pull through before your business starts making profits again, and you have no way to get a business loan from a bank, OxProp’s property-backed loan can reallocate your property’s value to the loan, letting you have sufficient cash flow during these tough times.