Did you know that local SMEs are eligible to apply to Spring Singapore for a Micro Loan of up to $100,000? This financing program is helpful to small, local, new, start-up businesses. New start-up companies can use this facility for day-to-day operations as well as for automating and upgrading the business and its allied processes.
-Company registered and operating in Singapore
-At least 30% local shareholding
-10 or fewer employees or with annual sales of S$1m or less
– Company’s group annual sales of S$100m or less or Company’s group employment size of 200 or fewer
However, there are still quite a few conditions to be met and a number of preparatory processes to go through, as your loan application will be assessed for risks by the financial institutions participating in this program.