Bank Loan & Financing
Need more cash, but unsure which loan and bank to turn to? Worry no more. We at 3E Accounting have the solution to your problem. Reputed as the best accounting, taxation, legal, marketing and clerical support services company in Singapore, we can assist you in getting exactly what you want.
With 3E Accounting, you are assured of results that exceed your expectations at a price that will make you smile. We have reputed, affiliated bankers who can advice you on which bank loan would best meet your needs and guide you until it is secured. All you have to do is give us a call and sit back. We will do the rest. Below is a brief of the loans available:
SME Working Capital Loan
– This loan was introduced in the Singapore Budget 2016 to assist local enterprises access unsecured working capital financing during slow economic growth. The loan was introduced for a period of three years. Under this scheme, local SMEs are entitled to apply for loans up to S$300,000. To be eligible, the company applying for the loan must be registered and operating in Singapore with at least 30 per cent local shareholding. The company must also enjoy a group annual sales of ≤ S$100 million or group employment size of ≤ 200. The repayment period for this loan up to four years, while the interest rate would be subject to participating financial istructions’ assessments of risks involved. The scheme is expected to catalyse more than S$2 billion of loans for SMEs and is aimed at assisting viable SMEs continue meeting their cash flow needs and stay the course in their upgrading journey.
SME Micro Loan
– The Micro Loan was introduced to help companies access working capital financing to support their day-to-day business operations through the SME Micro Loans. The loan was launched to provide local SMEs with easier access to funding. One can tap as much as S$100,000 for up to four years at attractive interest rates to fund business expansions. To be eligible, companies must be registered and operate in Singapore and have at least 30 per cent shareholding. The company must have group annual sales of ≤ S$1 million or ≤ 10 employees. A company can borrow up to S$100,000 over a four year repayment period, while the interest rate would be subject to participating financial istructions’ assessments of risks involved.
SME Equipment and Factory Loans
– SMEs can obtain equipment and factory loans for business equipment or selected factory properties under the Local Enterprise Finance Scheme (LEFS). Companies can apply for the loan for purposes such as automating and upgrading factory equipment or to purchasse JTC Corporation or Housing & Development Board factory and business. Each company can borrow up to S$15 million, while the repayment period is up to eight years (equipment loans) and 10 years (factory loans). Similar to the other loans offered, the interest rate would be subject to participating financial istructions’ assessments of risks involved.
Account Receivable & Factoring
A Factoring Loan is a flexible funding service that releases cash flow tied up in outstanding invoices. It also includes full credit control and account receivable management where invoice payments are collected. A business may sometimes opt to factor its receivable assets to meet its present and immediate cash needs. Accounts receivable financing is a type of asset-financing arrangement in which a company uses its receivables as collateral in a financing agreement. In this kind of agreement, an accounts receivables financing company gives the original company an amount equal to a reduced value of the unpaid invoices or receivables.
Planning to buy a property or refinance but do not know what’s the best facility being offered? Talk to us and we will assist you in securing the best loan available in the market. Our affiliated bankers will guide and advice you on which property loan best suits your needs.
Don’t wait any longer. Contact us now and we will help make your business grow. You deserve the best and there is none other that 3E Accounting to assist you.