If you have been thinking about applying for a Singapore payday loan don’t have too many negative thoughts. Banks have the obligation and the desire to lend money to viable businesses. What you have to do is prove to the bank that your business has a chance to thrive to the point that you can pay them back.
The first thing you have to do is demonstrate to the bank that your business is ripe for investment. This would be as a start up. or a successful business ready to expand.
Before you approach a bank for a business loan Singapore it is very important that you have a business plan. The rules for writing a business plan are not etched in stone, but there are points of emphasis that have to be covered. These include a short description of the proposed business, The market research you have done has to be documented. A marketing strategy should show the bank how you plan to obtain and maintain customers for the business. You will need to show how the business plans to function as an organized group. You will need a financial forecast for the business’ potential earnings.
When you seek to pitch the bank you will need to supply the amount of money you wish and how you plan to spend it. You should have your business plan so locked into your mind that you can reel off all points expertly and confidently. Come armed with all the correct documents. Be ready to provide the bank with up to date business and personal financial histories. Have your credit score handy. It will be great to have a personal reference at hand.
Banks that offer business loans will want to the answer to three key questions. How much money do you need? Over what period of time do you want to repay the loan? Can you carry the debt against any tangible assets you may have? If you give the correct answer to these questions you may be on your way to securing a business loan.