A micro loan in Singapore is a small and short-term loan which comes at a very low interest. This loan type is ideal, particularly for start-up companies. It is meant to help small enterprisers to pursue their business concepts and flourish in their selected industry. The turnaround time for application is less than a week, making it simpler for borrowers to start up their company in a brief time.
Why should you apply for a micro loan?
To buy equipment
One acceptable reason to apply for a micro loan in Singapore is if you do not have the means to purchase equipment to further your company. The funding enables you to purchase machinery and products. With enough products, you can quickly start producing or offering services for your target audience.
To support daily working expenses
It can serve as a working capital. If you do not have the finances to continue business operations, then get a micro loan. You may use the money to support the daily expenditures of your business, from paying your employees to buying new supplies.
To stay within the budget
With micro loans, you avoid the tendency of going in excess of the ideal amount of money that you ought to put in your loan application. Therefore, in the event your company fails to succeed, the loan would not do much damage in your financial situation. Micro loans will make it simpler for you to borrow for just what you require and what you can pay for.
To get the correct guidance
In many cases, micro lenders will give you the best tips to help your business attain a new height of success. Remember that your business’ growth will also benefit your lenders as it means that you can pay for your loan correctly.
To compete with recognized businesses
You just need to be 18 years of age or above to obtain a micro loan. Should you be a member of a startup enterprise, you will only need a sturdy business plan that describes your business’ intentions. You also have to discuss the actions that you will take in order to make revenue.
Micro loan has helped a huge number of small business owners to reach their goals. If you want to be one of them, make sure to contact Capitalize. With this business, you will get the assistance that you need to support your startup company.
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.