(SME) has a variety of definition depending on the country where the enterprise is established. In Singapore,
What qualifies you as an SME in Singapore?
In Singapore, you are an SME if your enterprise satisfies the following conditions.
- Your enterprise is duly registered or incorporated in Singapore
- Your sales at the end of each year of enterprise does not exceed a hundred million dollars
- The number of employees you employ (workforce) does not exceed two hundred individuals
- Your enterprise has a minimum of 30% local shareholding
Why SMEs in Singapore need loans
The SME stage can be very vulnerable. If you are unable to find your feet, you will definitely go out of business. The average startup in Singapore is an SME. As more SMEs spring up in Singapore’s business and entrepreneurial scene, the financial challenge faced by this class of enterprise becomes more and more glaring. A good number of them eventually die of financial famine.
Many Small and Medium Enterprises (SMEs) in Singapore have the vision to break out of the SME boundary and make a much bigger expansion. Yet, the sad reality for most of these enterprises over the years is that they could only manage to maintain their SME status.
These SMEs failed to grow because its management lacks adequate funding to make it a large scale enterprise. But the surging cost of running the current workforce and other expenses are in their way of actualizing their vision
SMEs in Singapore who are keen on surviving the startup stage and those who nurse the ambition of breaking out of the SME cage needs the financial capacity to take them where they want to be. You can always reach out to otcredit for whatever type of loan you need for your Small and Medium Enterprise in Singapore.
SME micro loan in Singapore
If your company has 10 or fewer individuals employed as staffs and they also fulfill all other requirements of an SME in Singapore, then you are eligible for an SME micro loan. Many SMEs in Singapore get loans from otcredit . You can be sure to get all you want in a loan Singapore licensed moneylender if you do the same.
SME business loan in Singapore
Beyond survival, your SME deserves to thrive. If you ever need fund to drive your enterprise in the direction of growth in Singapore, taking an SME business loan is a good step. otcredit is always available to help you with that.
Loans from Singapore licensed money lender
Taking loans from a Singapore licensed legal money lender means you can expect a smooth running in obtaining an SME loan. This includes expressing in clearly all the terms and conditions that are involved.
Also, all documents will be duly signed to meet up with the professional standard. This is just what you should expect from otcredit. More so, they have one of the best interest rates in Singapore. Make a move today, apply now for an SME loan.