5 Things You Need to Do Before Earning Your SME Loan

Wouldn’t it be great if you can make the most of your SME working capital loan? Well, if you’re a small and medium enterprise owner, then it is indeed a good thing for you to explore. Whether you’ll use it to start your dream business or expand your current one, then you better try such credit offers.

But did you know that other things will ensure that you will not waste your borrowed funds? Use them wisely by preparing these essentials before you apply for an SME loan in Singapore. Moreover, use them over your advantage to land one of the best lending offers in the region today.

Create a plan

First and foremost, you must create a detailed plan on how you’ll use your advanced credits. It should be precise and with complete details for your lending firm to comprehend even without your guidance. Do not forget about essential information that would also help them understand why you’ll need the SME loan in the first place.

These include vital details about the project you’re planning to put up using your working capital loan. Do not forget about your offered products, establishment locations, special deals, and other promotions. You should also indicate a list of your possible expenses for your lender’s guidance. It would be great if you are truthful with what you’ll share with them for their hasty grant approval.

How do you prepare for it? Create an outline before you draft your entire business plan. Always start from the basic things you’ll need for your chosen venture like your service offers, SME loan expenses, and development plans. But if you’re clueless about where you should begin with, then you can consult your lender as they might share with you some recommendations on how you can use it.

Prepare your statements

These are not words that come out of your mouth but more with essential records that most SME loan firms in Singapore require from their borrowers. Be ready with your income, financial, and bank statements you need to submit before you can even get hold of your borrowed funds. Never forget your tax returns that will validate these records. Ensure that they are up to date to prevent any delay on your credit application.

It is also ideal you compile all these statements in one file to avoid any hassle of retrieving them. Remember that you only keep your most recent files to prevent any mix-up with your old and expired records. Hence, be ready to request new ones to complete your SME loan requirements.

How do you prepare for it? If you desire to acquire fresh copies of these statements, you should start drafting your request letters now. Be ready to present them to different agencies and institutions for your needed documents. Keep them for your future references and working capital records.

Be ready with your accounts

Aside from your financial statements, you should also be ready with your bank accounts while you’re working on your SME loan application in Singapore. Secure them days before you submit your requirements as some credit institutions may require you to complete several deposits. Better check with your chosen lender if they have such conditions that you need to work on immediately.

They also use your accounts to verify your capital loan plans. You only need to ensure that you get valid documents supporting your banking information. It is also essential that you choose institutions where you can safely keep your borrowed credits.

How do you prepare for it? Visit credible and reputable local banks that can be your financial partner on your venture. Moreover, find institutions that supportSMEs with working capitalloan offers for your convenience. They may have exclusive deals that will allow you to borrow more from your lender. You only need to check if they have legitimate partnerships with other firms.

Invest in a software

On the other hand, you can also explore using software to guide you through your SME loanapplication process. These include applications that you can use to compute your needed amount based on your business plans and expenses. Some provide you with forecasts on your chosen venture.

Look for accounting applications that can also help you compile your financial and bank statements digitally. You no longer need to file different documents and collect paperwork that may only end up in the trash after getting your SME capital loan. Aside from a hassle-free application process, you also get to save the environment with your paperless transactions.

How do you prepare for it? Ask your peers if they know anSME loan software that would help you acquire your borrowed funds as easy as 1, 2, 3. You can also check with your lender as they might be using such software to ease their load in managing their clients. Hence, you may opt to use the same platform that will be convenient for both of you.

Find your reliable partner

Most importantly, only choose to secure your working capital loan with reputable institutions in Singapore like TT Media Pte Ltd. They offer some of the known credit offers available for small and medium enterprises today. You only need to find the best one that suits your business plans perfectly.

So, if you’re also planning to apply for an SME loan, better choose them as your go-to credit partner. You only need to prepare the essentials mentioned above to prevent any delay with your grant. Better yet, visit their website and give them a call to know the different requirements you need to work on for your capital loan application.

Comments are closed.