Small and Medium-sized Enterprises (SMEs) play a crucial role in Singapore’s economy, contributing to over two-thirds of employment and half of the country’s GDP. However, these businesses often face challenges when it comes to securing financing to sustain their operations and fuel growth. In this article, we will explore the steps SMEs can take to improve their chances of getting approved for business loans in Singapore either from banks or non-bank lenders.
It is nothing short of frustrating when your loan applications keep getting rejected by banks or lenders and yet you still have no idea what you are doing wrong.
We talk to Mr Joe Low, the Director of private lending company Affinity Financial Services, to get some tips on what SME owners can do to increase the odds of applying for a business loan successfully.
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