Looking around to find a financial institution in Singapore that can grant SME business loans of $50,000 funds in 2 hours (and up to $250,000)?
MPM Capital is here to help you and your business.
We have only basic business requirements that is prior to handing out a loan to you. Our only criteria require that we look at how much revenue your business is making on a yearly basis, and also consider how long you have been running your business.
What are the SME Business Loan Requirements and Criteria for MPM Capital?
We encourage both responsible borrowing and responsible lending and would not want to put you in a position where you were overextended and could not make your loan payments without straining. Our simple requirements are as follows:
- Yearly minimum revenue of not less than $10,000.
- The business should be incorporated and operational for not less than 6 months although 1 year is preferred.
If you meet this criteria, simply get in touch with us and we will be happy to speak to you about the money you need.
Our SME business loans can be used for the following reasons among others:
1. Expanding Business Location
If you have outgrown the location you are currently operating from and need to find a bigger space, speak to us about taking out a loan to help with the costs that accompany that move. A bigger space can be in the form of finding an additional location or it could mean moving your premises altogether. You will need to consider upfront costs and also the change in overhead costs at the bigger facility.
2. Equipment Purchase
If you need additional equipment to help you improve service delivery such as IT equipment, machinery and the like, you may need a loan to finance that. It is important to ensure that you get the equipment that you need, not just equipment that would be nice to have.
3. Purchase Inventory
Most businesses find inventory to be among their biggest expenses. Every small and medium sized business needs to ensure that they keep up with customer demands by ensuring that inventory is replenished in a timely fashion. To be successful, you will need top quality options in plenty. When you need to purchase inventory in large amounts, we can offer you the cash to do so.
4. Take Advantage Of A Great Opportunity
Sometimes an opportunity presents itself and it is just too good to ignore. Whatever the opportunity may be, you will need to weigh its potential versus the potential of debt. Look at the return on investment by comparing the loan cost to the revenue you can generate from the deal. If the opportunity outweighs the debt, then you should definitely take out a loan to ensure that you take advantage of the opportunity.
When starting your business in the first year, chances are that you need to be carrying out a variety of roles to keep the company spending to the minimum. However, as the business continues to grow, you need to start finding other people to help you. It may be time to hire a bookkeeper, marketer, fundraiser and customer support. During this moment you may need to take out a SME business loan to hire specific talent to help increase your revenue. The rule of thumb is that if hiring this talent will increase how much you are making, then taking out a loan for recruitment purposes may pay off.
Of course, you can always speak to us if what you need the money for differs from the above. We will be ready and waiting to hear from you and to walk you through the loan process.
What Should You Look Out For In A Loan? Here Are The 6 Points To Consider When Assessing A Company Business Loan
SME business loans are offered by more than twenty financial institutions and banks in Singapore. Ideally, you should look at the various offerings and settle on the best. There are a variety of things to consider in your assessment:
1. Credit Criteria
Some institutions are a lot stricter than others. The traditional banks for example, have stringent guidelines that make it very difficult for an SME to get funding without first meeting all their requirements. Other funding institutions like MPM Capital have easier credit criteria, meaning that chances of getting funding are higher.
2. Interest Rates
Interest rates tend to be different in the various institutions. This is important because it lets you know how much you will be paying above and beyond the principle amount. Find out what percentage they are charging and also look to see whether the interest rate is fixed or flexible.
3. Monthly Payments
If you have a fixed interest loan, then you will know exactly how much money you will be paying from month to month. This allows time for planning, which is great. If the rate is flexible, then you can expect that monthly figure to vary from month to month as the interest rate fluctuates. The business should be able to comfortably handle its monthly financial obligations and pay the loan without too much strain.
4. Loan Term
It is important to see how long it will take you to pay off the loan. Of course, it is better if the term is shorter because even though the monthly amount you pay will be higher, overall, you will pay less in interest. On the other hand, a longer term will give you respite in monthly payments, but you will pay more in interest.
5. The Total Amount
Always look at the bottom line to see how much you will owe when all is said and done. This figure usually includes the principle amount, the total you will pay in interest and the fees charged to process the loan. The loan that offers you the least amount owed is ideal provided that you can afford to make the monthly payments with ease.
6. Terms and Conditions
Be sure to read the fine print. In this section, you will be able to tell if there are any penalties for late repayment of the loan. You will also be able to detect any hidden fees that may be covertly placed in the contract.
Carrying out a comparison of the terms of every financial institution that offers businesses loans can be time consuming and frustrating as well. That is why we offer you a solution that allows you to quickly and easily assess SME loans in one minute!
By using our free loan assessment tool online, you are able to compare the various business loans that your business is able to qualify for. This will help you save time and it will make sure that you get the very best business loan offers that you are eligible for.
If you are feeling that your business growth is hampered by lack of capital, you can secure the future of your business by accessing the funds that you need to grow and expand the business. Feel free to try our business loan assessment tool now to immediately see the most suitable SME business loans available to you.
Have you decided? Click here to apply for your desired business loan through our online form now, and we will get back to you within 2 hours time.