Government Funded Loans For Small Business – The number of SMEs helped by UOB’s Group Commercial Banking team to access government support programs has tripled in 2020. Photo: ST FILE
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Government Funded Loans For Small Business
SINGAPORE (THE BUSINESS TIMES) – Continued wage support tops the Budget 2021 wish list for small and medium-sized enterprises (SMEs) in Singapore, according to a UOB survey released on Wednesday (Feb 10).
Small Business Loan Program
Around 30% of SMEs surveyed said they would apply for the Job Support Scheme (JSS) and Wage Credit Scheme (WCS) in 2020, while more than half of respondents want the schemes to continue in 2021 (59% JSS and 53% WCS for).
Companies in the wholesale and real estate and hospitality sectors were more interested in government help to protect jobs, while SMEs in sectors already on the road to recovery, such as manufacturing and professional services, were more interested in industry partnerships.
The SME Outlook 2021 survey was conducted between late November and early December last year and surveyed 782 local SMEs with revenues of less than $100 million.
Small and medium-sized enterprises with a turnover of less than $10 million indicated a greater need for financial support to alleviate short-term cash flow problems. They put tax breaks, facilitate access to funding and grants, and help apply for such grants and programs on the 2021 budget wish list.
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They also had a slightly more negative outlook for their businesses in 2021 compared to large SMEs with turnover between $10 million and $100 million. Three out of five large SMEs said they have a positive outlook for 2021, while only half of SMEs agreed.
In line with their more optimistic mood, large SMEs are putting a long-term view on their wish list. Their top three demands were more opportunities for public-private partnerships, easier financing and grants, and unsecured loans for business transformation.
Mr Eric Tam, Group Head of Commercial Banking at UOB, said: “Given the revenue pressures many SMEs in Singapore have experienced during the Republic’s shutdown and the continued gradual opening of the economy, it is not surprising that they are looking for support to ease the pressure. on their fields.”
He noted that research shows the continued need to support such businesses on the road to recovery so they can retain employees, increase long-term resilience and take advantage of growth opportunities.
Small Business Administration
The number of SMEs that UOB’s group commercial banking team helped to access government support programs tripled in 2020. The bank has also received more inquiries about its green loans, which Mr Tam sees as a sign that companies are prioritizing sustainability issues.
A total of 20,000 SMEs were helped by UOB’s Group Business Banking team to apply for government aid, grants and funding last year, while the number of small business loans granted increased by 1.5 times year-on-year.
Mr Lawrence Lowe, UOB’s head of group business banking, said the bank would continue to work with ecosystem partners such as Google, Shopmatic and Getz to help small businesses improve their operational efficiency and go online. Since last September, it has helped more than 250 SMEs in China access trade opportunities through the OneSME ecosystem in collaboration with Ping An OneConnect and the Infocomm Media Development Authority.
“With a green boost to the economic recovery next year, it’s important for SMEs to be part of industry ecosystems so they have immediate access to current and future business opportunities,” Lu said. 2022-06-17 00:00 :00 2022-09-16 00 :00:00 https:///r/covid-19/small-business-loans/ COVID-19 English Securing a small business loan can grow your business. This guide will help you understand the financing options available and what information you will need to prepare your loan application. https:///oidam/intuit/sbseg/en_us/Blog/Graphic/small-business-loan-header-image-us-en.jpg https://https:///r/covid-19/small-business -Loans/ How to get a small business loan: guide and tips
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If your existing or new small business needs working capital, but an investor guarantee, personal loan, or small business grant isn’t an option, a business loan may be your best option.
Financing a business can be a long and confusing process. But rest assured – the following road map will guide you through the process and information you’ll need when preparing to apply for a business loan.
In this article, you’ll learn how to get a small business loan, the different types of loans you can qualify for, and how to choose the right one for you.
There are several types of small business loans, including small business loans, traditional loans, business lines of credit, invoice factoring, and specialty loans. Explore the different options below to see which may be the best loan for your small business.
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SBA loans are financed through small business lenders but are guaranteed by the US federal government. The most common type of loan is the SBA 7(a) loan. Because the federal government backs the loan on behalf of your business, your small business has a higher rate. Chances of Approval Than Going Directly to Lenders SBA loans range from $500 to $5.5 million.
You can apply for traditional business loans directly through banks and financial institutions that lend money. The amount of a bank loan varies depending on the traditional requirements of the lender, the size and industry of the lender, the size and history of your business.
A business line of credit is similar to a loan in that you are requesting access to a certain amount of money. Once approved, you have access to the funds. However, unlike a loan, a business line of credit allows you to withdraw only the amount you need, and you only pay interest on that amount.
Although not technically considered a business loan, using debt securities can be a way for your business to access short-term financing when you need cash. There are several options when it comes to using your debt to access financing.
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Invoice factoring is a business practice where your business sells your accounts receivable to a third party company (a factoring company). A factoring company pays your business a large percentage (often 80%-90%) of the invoice amount immediately.
Your customer then pays the invoice amount to the factoring company according to the invoice payment terms (for example, 30 days, 45 days or 60 days). Once your customer pays the factoring company the amount of the invoice, the factoring company pays your business the balance of the invoice, minus a fee, to the factoring company.
Invoice financing is a similar but slightly different form of financing where your business retains ownership of your invoices but uses them as collateral to access financing. In an invoice financing agreement, you may be offered financing up to the amount of the invoice you are financing from, minus the fee the lender receives. We offer access to invoice financing with Get Paid Invoices with Payments, so you can see your money sooner and get the cash you need to keep your business running.
Specific small business loan programs support certain groups or targets. For example, the Women’s Business Ownership Office and Women’s Business Centers help business owners find loans. USDA helps small business owners in rural areas secure loans. Akzion Opportunity Fund provides loans to entrepreneurs of color, women and immigrants.
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Before applying for a small business loan, there are a few considerations to make sure you’re prepared. Here are some of the requirements for small business loans:
A credit history is a record of a borrower’s debt repayments. Just like a personal credit score, your business has a credit score. Lenders usually check your business credit history, but if you’re a startup, lenders may ask for your personal credit history.
In this case, make sure you understand what your personal responsibilities are if a lender asks to check your personal credit history. If you co-sign a business loan, you are personally responsible for the debt incurred by your business.
Generally, business loan providers prefer a credit score of around 680 or higher. If you fall on the lower end of the spectrum, you may need other strong business credentials as proof, such as high annual income and years of established business.
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Your business history is a brief description of your business and its financial record. Prepare at least five years of financial statements and bank statements if you have been in business that long. Lenders look at your history to predict the future. They want answers to questions like:
Your proposal to lenders should be specific about how you will use the funds and how your business will repay the loan.
For example, they want to know that you hired software developers on loan and the apps that the developers create will start generating revenue within six months of the deal. They don’t care about the software itself – just that the software will allow your company to pay interest as the loan matures.
Finally, lenders must a
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