SME Loans
The loans are ideal for all SMEs and the maximum loanable amounts depend on the size of the SME, asset value and ability to repay. The proposed loans include order financing, working capital, bridging loan facility, bank guarantees and asset financing. The loans can be issued to an SME or a group of SMEs where they can guarantee one another in order to reduce default risk.
Minimum Requirements
As per SME definition and meeting the following minimum requirements:
- POSB SME account operated for at least 3 months.
- Cover application letter for the required facility.
- Brief business profile and proposal to cover current operations, proposed enterprises, marketing arrangements, and project management structure.
- Financial records for the past 2 years or at least 6 months depending on the age of business.
- Cash flow projections covering the tenor of the facility applied for.
- Company or partnership registration documents.
- Partnership deed/agreement is required for partnerships
- Constitution and certificate of registration are required for co-operatives.
- Certified copies of identity and proof of residence for company directors.
- Valid tax clearance certificate and trading licences.
- Collateral – immovable property with title deeds and valuation report or cash deposits or investments.
- Current banking arrangements with other banks. Bank, branch, account number, relationship manager, time with bank.
