A micro loan in Singapore is a small and short-term loan that comes at a very low interest. This loan type is ideal, especially for start-up companies. It is intended to help small entrepreneurs to pursue their business ideas and flourish in their chosen industry. The turnaround time for application is less than a week, making it easier for borrowers to start up their business in a short span of time.
Why should you apply for a micro loan?
To buy equipment
One good reason to apply for a micro loan in Singapore is if you do not have the means to buy equipment to further your business. The funding can be used to purchase machinery and supplies. With enough equipment, you can immediately start producing or offering services to your target audience.
To support daily working expenditures
It can serve as a working capital. If you do not have the budget to continue business operations, then apply for a micro loan. You can use the money to support the daily expenditures of your business, from paying your staff to buying new materials.
To stay within the budget
With micro loans, you avoid the tendency of going over the ideal amount of money that you should put in your loan application. Therefore, in the event that your business fails to succeed, the loan would not do much damage in your finances. Micro loans will make it easier for you to borrow for just what you need and what you can pay for.
To get the right guidance
In most cases, micro lenders will give you the best advices to help your business reach a new height of success. Keep in mind that your business’ growth will also benefit your lenders as it means that you can pay for your loan properly.
To compete with established businesses
You only need to be 18 years of age or above to apply for a micro loan. In case you are a member of a startup business, you will only need a sturdy business plan that outlines your business’ intentions. You also have to discuss the actions that you will take in order to generate revenue.
Micro loan has helped thousands of small business owners to reach their goals. If you want to be one of them, be sure to contact Capitalize. With this company, you will get the services that you need to support your startup business.
Capitalize is a corporate loans specialist firm that helps Small Medium Enterprises (SMEs) and individuals to seek, source and obtain capital from across our established network of up to 30 banks, financial institutions, funding houses and alternative platforms. We are always committed to provide our clients with the most suitable loans according to their needs, from the lowest interest rates possible and at the quantum they require.