First-Time Business Loan Guide: Everything You Need to Know
Complete guide for first-time business borrowers in Singapore. Learn about loan types, requirements, and how to prepare your application.
Introduction
Getting your first business loan can seem daunting, but with the right preparation and knowledge, you can improve your chances of approval and secure the right funding for your business.
Types of First Business Loans
Startup Loans
Specifically designed for new businesses
- Lower requirements
- Flexible terms
- Government support available
- Specialized programs
Business Term Loans
Traditional fixed-term business funding
- Fixed repayments
- Longer terms
- Lower rates
- Asset security often required
Line of Credit
Flexible ongoing credit facility
- Draw funds as needed
- Pay interest only on used amount
- Revolving facility
- Good for cash flow
Key Requirements
Documentation
- Business plan
- Financial projections
- Bank statements
- Tax returns
Business Requirements
- Valid registration
- Trading history
- Revenue records
- Credit history
Application Process
Preparation
- Gather documentation
- Check credit score
- Prepare business plan
- Calculate needed amount
Research
- Compare lenders
- Review loan types
- Check requirements
- Understand terms
Application
- Choose lender
- Complete forms
- Submit documents
- Follow up
Tips for Success
- Start preparation early
- Be realistic with amounts
- Compare multiple lenders
- Read all terms carefully
- Seek professional advice
- Have a clear purpose
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Loan Calculation Results
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Recommended Lenders
Singapore Business Loan Rates Comparison
Current rates from major lenders (updated weekly)
| Lender | Min Rate | Max Amount | Approval Time | Best For |
|---|---|---|---|---|
| DBS Bank | 3.5% p.a. | S$10M | 5-7 days | Established businesses |
| OCBC Bank | 3.8% p.a. | S$5M | 5-7 days | SMEs with good credit |
| Bizcap | 8.0% p.a. | S$500K | 24 hours | Fast funding needed |
| Funding Societies | 6.5% p.a. | S$1M | 2-3 days | P2P lending |
Ready to Apply?
Compare first-time business loans and get expert help with your application.
Written by Lisa Anderson
Business Finance Specialist