Step By Step Guide To Financing Your Business With Funding Societies

Taking up a business loan is a great way to grow your business. However, many SMEs find it difficult to take up a loan with traditional financial institutions due to limited credit history or lack of collaterals. This is where Peer-to-Peer (P2P loans) steps in to nicely fill the funding gap and provide financing options for SMEs.  If you are looking to take up an SME loan, you can consider applying for one through Funding Societies. Here is our step-by-step guide to how you can start borrowing as an SME owner with Funding Societies!

Step 1: Determine if you are eligible to take on a business loan

There are three types of business loans that you can undertake with Funding Societies: FS Bolt, Business Term Loan and Invoice Financing. We have included a brief description of each type of loan below and you can check your SME’s details against the table to determine your eligibility.

Bolt Business Term Loan Invoice Financing
1. Incorporated in Singapore

2. Have Director(s) with Singaporean or Permanent Resident status with at least 30% shareholding

1. Incorporated in Singapore

2. Have Director(s) with Singaporean or Permanent Resident status with at least 30% shareholding

3. Either a Private Limited Company (Pte Ltd) or a Limited Liability Partnership (LLP)

4. Conducted business operations for at least 1 year

5. With an annual turnover of at least $300,000

Same As Business Term Loans

Each loan application will be reviewed on a case-by-case basis. Hence, if you are unsure if your SME is eligible for a type of loan, do not hesitate to fill in a loan application so that we can assign a dedicated Relationship Manager to get in touch with you within 2 business days. There are no fees charged for any application or assessment.

Step 2: Apply for a business loan

After determining which type of financing best caters to your business needs, head over to Funding Societies and fill up the “Borrow” application form with the following details. Based on the loan amount, loan tenor and company revenue listed, a tentative repayment and interest rate will be displayed on your screen. However, do note that those values may be different based on our assessment of the documents received. (The amounts displayed in this article are purely for example purposes and do not reflect average loan amounts or interests.)

 

You will then be directed to create a “Borrowers” account on Funding Societies. When your account and application have been submitted, our team will contact you within 2 business days.

Step 3: Prepare the necessary documents regarding your business

You can start preparing these required documents while waiting for our team to contact you.

The required documents differ for each type of SME loan that you undertake.

Bolt Business Term Loan Invoice Financing
Company Documents
Bank Statements from the past 6 months
Director(s) / Guarantor(s) Documents

  1. NRIC Front and Back copies
  2. Notice of Assessment (NOA) for the past 2 years
  3. Credit Bureau Singapore reports
  4. Proof of Residential Address (if Passport copy was submitted

Company Documents

  1. Financial Statements from the past 2 years (Audited if applicable)
  2. Bank Statements from the past 6 months
  3. Other Documents (GST Returns, Ageing List, etc. differs on a case-to-case basis)

Director(s) / Guarantor(s) Documents

    1. NRIC Front and Back copies
    2. Notice of Assessment (NOA) for the past 2 years
    3. Credit Bureau Singapore reports
    4. Proof of Residential Address (if Passport copy was submitted

Company Documents

  1. Financial Statements from the past 2 years (Audited if applicable)
  2. Bank Statements from the past 6 months
  3. Latest Ageing Accounts Receivable/Payables
  4. Project  Details (If Applicable)
  5. Invoices
  6. Other Documents (GST Returns, etc. differs on a case-to-case basis)

Director(s) / Guarantor(s) Documents

    1. NRIC Front and Back copies
    2. Notice of Assessment (NOA) for the past 2 years
    3. Credit Bureau Singapore reports
    4. Proof of Residential Address (if Passport copy was submitted

Taking up an SME loan with Funding Societies is a fuss-free and easy process. If you require any further clarifications, do check out our Borrowers Help Page or contact us through our Chatbot at the bottom right-hand corner of the Help Page!


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In need of funds? Check your eligibility now!




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