Many entrepreneurs can attest that only few can rival the competition found in the business world. This is especially true in highly progressive countries like the United States and Singapore.
Many entrepreneurs agree that the challenge is not merely for the business to stay afloat but for the venture to get ahead.
In most cases, to get ahead, you would need funding. Fortunately, a micro loan in Singapore can come in handy.
How can your business benefit from micro loans?
Supplies or inventories
A micro loan in Singapore can be used to purchase production materials and supplies or additional items if you have a retail business. This type of loan is very beneficial especially for small businesses as it allows them to increase profitability.
Fixtures or furniture
Those involved in the retail or restaurant businesses can use micro loan funds to buy décor, furniture, and other fixtures their retail space needs. Micro loans can also be used to purchase office fixtures and furniture.
In essence it will work to your advantage if you will use the funds on improvements that will impact profitability and customer experience as opposed to just aesthetics.
Do you need money to pay for the day to day expenses of your business? Do you need cash on hand to hire new employees? A micro loan would be ideal. Whether it’s for basic expenses or other working capital needs, funding from micro loans can make a huge difference.
Equipment or machinery
Restaurants, bakeries, and manufacturing companies can use their micro loans to purchase machinery or equipment the business needs. Other businesses on the other hand can use the funding to buy IT equipment or computers.
How do you expedite the approval of your micro loan application?
- Ensure your credit report is clean. Prior to applying for a micro loan, make sure the information and figures reflected on your credit report are correct. Look for accounts that might be mistakenly linked to your name or delinquent balances that have already been taken care of. Make sure there is nothing there that can bring your credit score down or figures that can mislead creditors as to your real creditworthiness.
- Create a robust and credible business plan. Micro loan creditors will look into your business plan to get a clearer insight into your business model and to gauge if you are ready to do whatever it takes to make your business succeed. Typically, your business plan should include key information like how your business makes money, your future projections, your business strategy, etc. In essence, you will be stating how you will get from where you are to where you want to be.
- Prepare your financial documents. Understandably, before a creditor grants a loan, they have to be certain you would be able to repay the money you owe. In most cases, you would need to present financial documents like balance sheets, income statements, and a reconciliation of net worth to prove that you have the capability to repay your obligations. Also, ensure that your financial statements are not more than 90 days old. If you have just started your business, you might be asked to provide your income statement as well as your balance sheet so make sure you have them handy.
Whether it’s used for expansion, improvement, or to get your business off the ground, micro loans can definitely help ensure you are a step ahead of the pack.
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