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1. Apply For Horison Credit’s Affordable Small Business Loan In Singapore To Bring Your Company Further To all entrepreneurs, startup and business owners, getting a business loan isn’t always a bad idea. For some, they just need cashflow for business expansions, increase inventory, build credit for the future, have liquidity for monthly business expenditures or to pull through unexpected expenses. Small business loans are essential financing options that all small business owners need to know. It is particularly vital for ventures that require ample physical space, equipment, inventory and other overhead costs. Even small- scale and home-based businesses deal with high expenses before they start earning an income. Small business loans provide financing solutions that are useful in fulfilling the requirements of different business owners. Understanding how these types of loans work, standards for qualifying for a loan and the range of products available is crucial for determining whether they are an excellent choice and the right option for your business.

2. A borrower initiates the process of acquiring a small business loan. It typically consists of the business owner borrowing an amount of money from a lender according to an agreement to pay back that amount plus interest during a specified period. Basic Loan Terms Understanding the terms that are associated with small business loans is crucially for ensuring that you find an appropriate and affordable loan based on your needs. Borrower – The business or individual that borrows money with a commitment to repaying the full sum of money and interest according to the agreed terms of the loan Lender – The institution or individual that offers funds temporarily to borrowers with the prospect of repayment based on the set terms Principal – The exact amount of funds that the lender provides to the borrower Interest – The sum paid to the lender by the borrower to access the opportunity of borrowing money. This amount depends on the amount of money that borrowed along with the period until repayment Payments – Repayment made periodically by the borrower to return the principal and interest amount Period/Term – The total amount of time between the funds provided to the borrower and the principal and interest being repaid fully to the lender Collateral – A valuable asset that the borrower offers to guarantee or secure the payment on the loan. If the loan is uncleared, the lender can take the collateral as payment APR – Annual Interest Rate charged by lenders and expressed in the form of a percentage What Do You Need To Qualify For Small Business Loans? Each moneylender will have their own standards for loan eligibility. Some of the key aspects licensed moneylenders look out for include credit scores, business duration, annual revenue as well as their business proposal. In a bid to encourage entrepreneurs and to grow the business landscape in Singapore, more and more banks and licensed moneylenders are making small business loans available. While many have heard of banks and might doubt licensed moneylenders, they are in fact running on very similar models. Licensed moneylenders such as Horison Credit, are approved by the Ministry of Law and adhere strictly to the loan terms regulated by the government. Rather than seeing them as loan sharks, consider them as another avenue of business funding. When applying for a business loan, here are the things moneylenders look at: 1. Credit Score

3. It may be surprising for some Singaporeans to find out that some lenders will look at their credit scores when deciding whether to lend money to their businesses. It is especially true if your business is new or this is the first time you are looking for a small business loan. Considering how you manage your finances may be the best option for the lender to determine how you will handle your business finances and debt repayments. The better your credit score, the higher the chance of getting your business loan approved. 2. Business Duration The amount of time that you have been in business is among the factors that can affect your ability to get a small business loan. Lenders are aware that some companies fail during the first year. It means that being in business for a long time indicates that your venture is likely to be more stable. Two years generally seems to be a massive milestone in business that may significantly affect your access to a loan. If your company has not reached this milestone, the lender will probably have stricter standards for qualification. 3. Annual Revenue In order to get a small business loan, annual revenue is an essential requirement. Legal moneylenders will have to make the fair assessment that you and your company will have the ability to repay the loan in full. Annual revenue refers to the entire amount of income a business brings in each year. Do not confuse annual revenue with profits. Profits of a company = total revenue – cost. Horison Credit’s Small Business Loan

4. Horison Credit is a trusted licensed moneylender in Singapore that provides one of the best small business loans. We aim to offer the best loan terms to all business owners or entrepreneurs. Not only do we provide unsecured business loans, but we also give fast approvals to help your business, no matter which stage it is in. Be it the business development stage, expansion stage or at product maturity, we can lend a hand. 1) Fast and easy online application. 2) Legal and licensed with the Ministry of Law in Singapore. 3) Reasonable interest rates with flexible loan terms. 4) Easy-to-understand loan terms. 5) Served more than 5,000 satisfied customers. 6) Received 5-star Google reviews from more than 90% of our customers. 7) Professional consultants with 100% transparent loan application process. No hidden fees. 8) Unsecured business loans, no collateral needed. Horison Credit Processes Business Loans Within 24 Hours Time is precious, we know that. At Horison Credit, we understand how certain businesses might urgently need funds to tide over a rough period or they might need funds for a rare investment opportunity. Getting a loan with Horison Credit is quick and easy. The usual amount of time taken to process a business loan can last from days to several weeks. Just thinking about this long process gives entrepreneurs a headache. Time cannot be wasted. In order to speed up our business loan process, Horison Credit, a licensed moneylender in Singapore has created our own online loan application form to increase our clients’ convenience. Loan applications will be reviewed by our professionals within 24 hours. Other than just providing business owners with more funds for business expansions or to solve problems, we give them something more precious. Time. 8 Reasons To Get A Business Loan

5. Getting a small business loan in Singapore might not always mean that the business is going bust. In fact, it could be the opposite. There could be opportunities to take grab onto or expansions that should be made in order to increase business productivity and efficiency. A small business can take out a loan for various reasons: 1. Expanding Operations And Buying Real Estate A firm that seeks to expand its operations can purchase real estate for this purpose. For example, upgrading to a bigger office in the CBD or expanding operations by setting up another office in another area. A lender can conclude that the business is successful if it is increasing and would be willing to provide the funds for it to keep thriving. Expansion usually occurs when the company has a positive forecast for the future, good cash flow and is profitable. 2. Buying Equipment Businesses can choose to lease or purchase equipment. Taking out a loan to acquire equipment offers the benefit of being able to use it for as long as possible and sell it. Machinery that facilitates business operations is a worthwhile purchase. 3. Purchasing Inventory For retail and seasonal businesses, acquiring a majority of their inventory before the peak sales seasons makes a lot of economic sense. For example, florists will choose to order more flowers before important dates such as Valentine’s Day or Mother’s Day. Gift shops will expand their selection before Christmas as shoppers are more likely to purchase more. In order to make the best of the opportunity, they might need a business loan before this period to buy a substantial amount of the stock and prepare for that time. These are usually short-term loans that can be paid off by companies through the proceeds garnered from sales.

6. 4. Boosting Working Capital The money used to manage daily operations is commonly known as working capital. A small business may need a loan to cover its day-to-day operations until the earnings are enough to cater for their working capital requirements. As a business grows and the assets allow you to earn money, you can repay the loan to the lender. For some business owners, having some extra cash on hand is necessary. For example, an events company might only get paid after the entire service has been provided. Before that, the business owner will need to use his or her own money to purchase resources and set up the event. 5. Marketing With technology and social media today, marketing is a sector of the business that cannot be neglected. Attracting potential customers and maintaining the loyalty of existing customers is crucial for any business. A small business loan can make it possible for you to hire more people to boost your internal capacity for marketing or to invest in other viable marketing systems. Virtually all businesses can benefit from marketing and increasing the amount of money spent on this task. 6. Invoice Financing It is a type of loan that enables business owners to get cash on demand according to the amount of money that the business is yet to receive or outstanding invoices. The cost of this loan depends on how fast customers pay invoices. 7. Equipment Financing Equipment financing refers to a type of small business loan designed explicitly to finance equipment purchases that are necessary for operating a business. Since the equipment serves as the guarantee or security for the loan, external collateral is not required. As a result, an equipment financing loan usually comes with flexible standards for qualification for borrows when compared to other financing solutions for businesses. Equipment financing is ideal for a business that has substantial needs for equipment because the funds can only be helpful towards covering the cost of equipment. An equipment loan can help to buy commercial appliances, printers, vehicles, machinery, computers and more. It is a financial solution that applies to a wide range of industries. 8. Payroll Financing At the core of every business, it’s the people. Treat your employees well and likewise, they will do their best for the company. This, includes paying your employees their salaries on time. Singapore’s Ministry Of Manpower has set clear rules and regulations on salary payment to protect all workers. Salary to employees must be paid within 7 days after the end of the salary period.

7. For overtime work, the salary must be paid within 14 days after the end of the salary period. Despite the laws, there are still many cases of employers mistreating their employees financially. In truth, nobody likes it when their salary comes in late. Delayed salaries greatly affect the mood and level of motivation of the employees and should be avoided at all costs. Horison Credit’s small business loan can help you with that.