How to finance your SME business for growth - Starting up a business is tough. In this climate, the funding that are available for most businesses are limited. Start-ups are still coming up every other day with new things they wish to target and improve upon but are also seeing funding dry up.
There are still many ways that you can raise funds and to get your business kicked off but end of the day, the product or services provided needs to be of value before you can try to push things off.
So what are some of the ways to finance your SME or start up in Singapore?
1. Bank Loans
The banks are probably the best place for you to raise some financing. Interest rates are low currently because of the bad economic climate. Rates are likely to stay low for extended periods of time and if you are someone who knows that cash flow is king. Having the cash on hand means you are able to take advantage of potential investments that come about and be able to get onto it as soon as possible.
The Singapore Working Capital Loan System has since added on another Singapore Temporary Bridging Loan. If you are someone who is keen to find out more about Business Term Loan in Singapore, you can let us know.
2. Venture Capital
There are still funds that are keen to take on some businesses but this business climate made many businesses realise that every business needs to have an online component. Whatever estimated progress for online business like E-commerce got sped up so much that we probably made up for 3-5 years of progress for online platform related businesses.
This is good for progress and if you are someone who is keen to look into an online business, there are still Venture Capital Funds that are keen to get into the game.
3. Fintech Funding
There are many start-ups in the fintech business that are coming up with interesting ways to provide funding to businesses.
This business funding platforms will look into contracts that they can get in on and charge a high interest amount to help businesses to get through the tight cash flow conditions.
This fintech businesses use algorithms to decide risk and lend out money much faster than traditional methods
Koh Management Pte Ltd works closely with businesses to assist them through this tough Covid-19 pandemic led slowdown in the economy. We work closely with business financing consultants like Avant Consulting to assist our clients with such needs.
How to finance your SME business for growth