Documents To Prepare.
Financial Documents For Business Loan Application
So are you ready to apply for a business loan in Singapore? Do you know what are the necessary documents to prepare in advance?
For SME owners who have applied for a business loan before, you will have already known that the most tedious part of a loan application is the requirements of an adequate set of documents. Missing out on any one of them will cause very much delay from the application.
WHY? Because your company is not the only one applying for a business loan, and lenders are not going to sit there waiting for you to submit your full set of documents. Time is indeed money!
Being prepared with a full set of documents is like getting your ammunitions ready for a war.
It will portray a good sign to the lender that you are indeed ready to take on a business loan, not to shop around instead.
More importantly, if there are additional documents needed from the lender, it is always a good practice to be as prompt as possible in submission, to show the sincerity as well as the efficiency of the company.
It may be tedious as an SME owner to prepare, submit, re-submit, checking of status, verification and acknowledgment during the application at times. So it will be wise to engage an expert in that area to assist in getting the loan application in the shortest time.
The first set of documentation to prepare for an application:
Bizfile - ACRA (Latest One Month)
Personal Credit Bureau Report (Within One Month)
Past 2 Years Notice Of Assessments
Past 6 Months Bank Statements
Last 2 Years Profit & Loss Statements
Last 2 Years Balance Sheet
Account Receivable Aging List
Another important point to take note of when applying for a business loan in Singapore is that there is a requirement for the company to have at least 30% local shareholding. Banks and Non-Banks lenders will usually request for the director or shareholder of the company to provide Personal Guarantee for the loan application.