Guide to Best Small Business / SME Loans in Singapore
What are the Business Loan Options in Singapore?
Business loan / Term loan
SME Working Capital Loan
Temporary Bridging Loan (TBLP)
Startup business loan / Business First loan
Unlock Business Growth: Benefits of Business Loans in Singapore
Here’s how business loans can support your SME’s growth.
Fast approval for urgent cash flow
Collateral-free borrowing for flexibility
Support for asset or tech acquisition
Access to government-backed SME schemes
Best Business Loan Options in Singapore
| Lender | Interest Rate | Loan Amount & Tenure |
|---|---|---|
| SME Working Capital Loan | Depends on participating FIs’ risk assessment |
Up to S$500,000 (since 1 Apr 2024) Up to 5 years |
| SME Fixed Assets Loan (EFS-FA) | Depends on participating FIs’ risk assessment |
Up to S$30 million per borrower Up to 15 years |
| DBS Business Term Loan | From 7% p.a. |
Up to S$500,000 Up to 5 years |
| UOB Business Loan | Preferential rates with government-assisted funding options |
Bundled loan of up to S$800,000 (e.g. S$450,000 under SME WCL and S$350,000 under UOB Biz Loan) Up to 5 years |
| OCBC Business First Loan | From 7.75% p.a. |
Up to S$100,000 (for startups) or up to S$700,000 overall Up to 5 years |
| OCBC Revolving Term Loan | From 8.88% p.a. |
Up to S$200,000 6 or 12 months |
| OCBC Short Term Financing Loan | From 7.20% p.a. |
Up to S$800,000 30–120 days |
| Funding Societies Digital Loan | Depends on loan type |
Micro loans: Receive up to S$150,000 within 24 hours Business term loan: Up to S$1 million for up to 36 months |
| GXS Business Loans |
FlexiLoan Biz: From 4.99% p.a. (EIR from 9.32% p.a.) GXS Working Capital Loan: From 0.7% per month |
FlexiLoan Biz: Up to S$150,000 flexible credit line GXS Working Capital Loan: Up to S$500,000 |
| Easy Loans by GrabFinance | 0% interest, but one-time admin fee applies |
Up to S$300,000 6 - 12 months |
GXS SME Loans
GXS FlexiLoan Biz
- Get access to your standby credit line of up to S$150,000.
- Comes with a GXS Biz Account which earns daily interest of 1.08% p.a., and is insured up to S$100k by SDIC.
- Get unlimited free FAST, PayNow and QR transactions.
- Exclusive benefits from Grab and Singtel worth over S$7,500. T&Cs apply.
- No fees - No annual fee. No early repayment fees. All disbursal fees waived.
- Get cash within minutes with instant loan approval
Working Capital Loan by GXS Capital
- Secure working capital to help you with your daily operational costs, seize growth opportunities and navigate unexpected emergencies.
- Loan up to S$500,000, with no collateral
- Affordable interest rates from 0.7% p.m.
- Get loan approval and disbursement in 1 working day
- No collateral, minimal documents
Invoice Financing by GXS Capital
- Convert your invoices into immediate cash flow
- Loan up to $1,000,000, with no collateral
- Affordable interest rates from 0.7% p.m
- Get loan approval and disbursement in 1 working day
Purchase Order Financing by GXS Capital
- Convert your POs into immediate cash flow to help manage overheads and upfront purchases
- Loan up to $1,000,000, with no collateral
- Affordable interest rates from 1.0% p.m.
- Get loan approval and disbursement in 1 working day
GrabFinance SME Loans for Grab merchants
Easy Loans by GrabFinance
What you can expect:
- 0% interest, no other charges apart from a one-time admin fee
- Up to $300,000 of maximum loan amount
- Flexible 6–12 months loan tenure
Standard Chartered SME Loans
With various types of loans for SMEs, Standard Chartered’s Business Instalment Loan, SME WCL (jointly offered by Enterprise Singapore) and TBL have a first year annual fee that is a maximum 2% of your approved loan amount (minimum S$400). If you decide to have a longer loan tenure, then the annual fee for the subsequent years will be $100 each year. You can even choose repayment periods between 12 to 60 months to cater to the needs of your business.
Standard Chartered Business Instalment Loan
What you can expect:
- Up to 11% of interest rate
- Up to $300,000 of maximum loan amount
- Up to 1 year - 3 years loan tenure
Standard Chartered SME Working Capital Loan(WCL)
What you can expect:
- Interest rate varies and depends on loan amount (You may contact SCB’s loan officer for preferred interest rates)
- Up to $3,000,000 of maximum loan amount
- Up to 1 year - 5 years loan tenure
Standard Chartered Temporary Bridging Loan for SMEs (TBL)
What you can expect:
- Interest rate varies and depends on loan amount (You may contact SCB’s loan officer for preferred interest rates)
- Up to $20,000,000 of maximum loan amount
- Up to 1 year - 5 years loan tenure
DBS SME Loans
The variety of SME loans by DBS cater to a wider range of business owners’ financial needs, ranging from smaller loan amounts of $100,000 to bigger loans of $20,000,000. The good thing about their loans is that there aren’t any annual fee charges, but there’s a minimum of $500 processing fee.
DBS Business Term Loan
What you can expect:
- Up to 11% of interest rate
- Up to $800,000 of maximum loan amount
- 1 year - 5 years loan tenure
DBS SME Working Capital Loan
What you can expect:
- Up to 7% of interest rate
- Up to $300,000 of maximum loan amount
- 1 year - 5 years loan tenure
DBS SME Micro Loan
What you can expect:
- Up to 7% of interest rate
- Up to $100,000 of maximum loan amount
- 1 year - 4 years loan tenure
UOB SME Loans
Similar to most banks, UOB’s maximum loan tenure for its SME loans is 5 years. If you’re looking for lower interest rates, UOB’s temporary bridging loan (jointly offered by Enterprise Singapore) is known for its competitive rates and this loan’s availability has been extended until the end of September 2022.
UOB Temporary Bridging Loan
What you can expect:
- Interest rate from 2.75% (Interest rate depends on loan amount)
- Up to $1,000,000 of maximum loan amount
- 1 year - 5 years loan tenure
UOB SME Working Capital Loan
What you can expect:
- Interest rate varies and depends on loan amount (You may contact UOB’s loan officer for preferred interest rates)
- Up to $300,000 of maximum loan amount
- 1 year - 5 years loan tenure
UOB BizMoney Loan
What you can expect:
- Up to 10.88% of interest rate
- Up to $350,000 of maximum loan amount
- 1 year - 5 years loan tenure
Business Loan Eligibility in Singapore: Criteria for SMEs
The general eligibility criteria for all business types in Singapore, is as follows:
- ACRA registration: Your business must be registered and operating in Singapore.
- Business ownership: At least 30% local (Singaporean/PR) ownership for government-backed loans.
- Business operating history: Bank loans typically require at least 2 years or more of operations while digital lenders require at least 6 months.
- Business revenue model: Be an SME earning up to $100 million in group revenue or have maximum 200 employees.
- Financial health & bank statements: Recent financial statements plus 3–6 months of bank statements.
- Required documents: Commonly include BizFile from ACRA, latest GST filings, and director NRICs.
- Creditworthiness: Lenders assess your credit score and company track record.
Eligibility by business types
| Small & Medium Enterprises (SMEs) | Startups & Young Businesses | Microbusinesses & Sole Proprietors |
|---|---|---|
|
Annual revenue cap: Up to S$100 million Ownership: Minimum 30% Singaporean/PR local equity shareholding Operating period: At least 2 years of operations Loan options: SME Working Capital Loan, Business Term Loan |
Operating period: Minimum 6–12 months Revenue requirement: Flexible; lenders assess based on growth potential Loan options: Eligible for digital loans or alternative financing |
Operating period: As short as 6 months Revenue range: Below S$1 million annually Loan options: Microloans, P2P financing |
Quick Overview: Bank vs Digital vs Government Loans
| Feature | Business Loans | Personal Loans (Bank / Digital) | Government (SME Working Capital Loan) |
|---|---|---|---|
| Maximum loan amount | Up to S$800,000 | Up to S$200,000–S$300,000; depending on income and credit score | Up to S$500,000 per borrower (Enterprise Singapore) |
| Loan period | 1–5 years; up to 10 years for secured loans | 1–7 years depending on lender and loan type | Up to 5 years |
| Business operating period |
Bank loans: 1–2 years Digital lenders: 6–12 months |
N/A (based on personal income and credit history) | At least 2 years |
| Ownership criteria | Flexible (no specific ownership rule) | N/A (individual borrower) | ≥ 30% local equity shareholding / ownership by Singaporeans or PRs |
| Collateral | May be required for larger loans | N/A | None |
| Approval speed |
Bank loans: 3–7 working days Digital lenders: 1–3 days |
Either 1–5 working days or almost instantaneous approval & disbursement | 5–10 days (longer due to joint approval with Enterprise Singapore) |
| Interest rate | Up to 15% p.a. | From 1.08% p.a. (as seen on MoneySmart) | Lower, government-backed |
Disclaimer: Figures and interest rates shown above are estimates and for general informational purposes only, as of February 2026. Actual loan terms, interest rates, and eligibility may vary by lender, borrower profile, credit standing, and prevailing market conditions. Always verify the latest rates and terms directly with the respective lender before applying.
MoneySmart Tips
- Business loans focus on company financials and operational history, while personal loans depend on individual income and creditworthiness.
- Government-assisted loans are designed for SMEs with local ownership and provide competitive rates without collateral.
- Digital lenders offer faster turnaround but usually charge higher rates than traditional banks.
Alternative: Personal Loans to Consider for SMEs and Startups
If your startup business or SME doesn't meet business loan requirements, fret not. You can still potentially tap into alternative personal financing options such as personal loans in Singapore.
The good thing about personal loans is that it assesses borrower profile, creditworthiness, individual income, and repayment history rather than company financials. This makes them ideal for new entrepreneurs or small business owners who require lower entry requirements, faster approval, and quick access to working capital.
| Lender | Interest Rate | Loan Amount & Tenure | Fees |
|---|---|---|---|
| UOB Personal Loan | From 1.00% p.a. (EIR from 1.93% p.a.) |
From S$1,000–S$999,999 1–5 years |
Zero processing fee (waived) Late fee: S$100–S$120 Early repayment fee: S$150 or 3% of outstanding balance, whichever is higher |
| HSBC Personal Loan | From 1.83% p.a. (EIR from 3.50% p.a.) |
Up to 8× monthly income (capped at S$200,000) 1–7 years (longest tenure on the market) |
Zero processing fee S$120 annual fee (1st year waived) Early repayment fee: 2.5% of redeemed amount |
| Standard Chartered CashOne | From 1.00% p.a. (EIR from 1.94% p.a.) |
Borrow S$1,000–S$250,000 1–5 years |
S$199 annual fee (1st year, deducted upfront) Late fee: S$100 Early repayment fee: S$150 or 3% of outstanding balance, whichever is higher |
| CIMB Personal Loan | From 1.00% p.a. (EIR from 1.94% p.a.) |
Up to S$200,000 1–5 years |
Zero processing fee (waived if ≥ S$5K loan) Late fee: S$100 Early repayment fee (waived for loans after 22 Jan 2025) |
| GXS FlexiLoan | From 1.08% p.a. (EIR from 2.02% p.a.) |
Up to S$100,000 Flexible repayment (no fixed tenure) |
Zero fees Late interest applies on outstanding balances |
| Trust Instant Loan | From 1.00% p.a. (EIR from 2.28% p.a.) |
Up to S$50,000 1–5 years |
No annual or processing fee Late fee: S$100 |
| MariBank Instant Loan | From 1.28% p.a. (EIR from 1.92% p.a.) |
Up to S$50,000 Flexible repayment terms |
No processing fee Interest charged daily on used amount |
| Licensed Moneylenders | From 10–15% p.a. | S$500–S$100,000 Tenure ≤ 2 years |
Admin fee: ≤ 10% of principal Late interest: ≤ 4% per month on overdue (regulated by MinLaw) |
Disclaimer: All figures and rates are estimates. Actual interest rates, eligibility, and fees may vary depending on borrower profile, credit assessment, and prevailing market conditions. Always confirm current terms directly with the respective lender before applying.
Best Personal Loans Options For SMEs/Startups in Singapore
GXS FlexiLoan
- Interest Rates ¹
- From 1.00% p.a.
- Total Amount Payable
- S$10,288
- Processing Fee ²
- S$0
- Per Month ²
- S$857
UOB Personal Loan
- Interest Rate*
- From 1.00% p.a.
- Total Amount Payable
- S$10,100
- Processing Fee
- S$0
- Per Month
- S$842
Sign up via MoneySmart and claim:
Up to S$1,200 Cash via PayNow OR 14,335 SmartPoints (enough to redeem an Apple iPhone 17 and more)
And get your rewards in as fast as 4 weeks!
T&Cs apply.
Trust Instant Loan
- Interest Rate*
- From 1.00% p.a.
- Total Amount Payable
- S$10,100
- Processing Fee
- S$0
- Per Month
- S$842
Sign up via MoneySmart and claim:
Up to S$1,700 Cash via PayNow OR 19,050 SmartPoints (enough to redeem Apple iPhone 17 Pro Max and more) T&Cs apply.
Bonus promotion 1:
- Get S$10 FairPrice E-Vouchers (use promo code MONEYSMT)
- New-to-Trust customers only. T&Cs apply.
Bonus promotion 2:
- Get up to S$10,000 Cashback Scratch Card
- New-to-Trust & selected Existing customers only. T&Cs apply.
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Standard Chartered CashOne
- Interest Rate
- From 0.90% p.a.
- Total Amount Payable
- S$10,090
- Processing Fee
- S$0
- Per Month
- S$841
Sign up via MoneySmart and claim:
Up to S$4,200 Cash OR 19,050 SmartPoints (enough to redeem Apple iPhone 17 Pro Max and more) T&Cs apply.
Bonus promotion:
- 1.00% cashback of your loan amount
- Only applicable to loans over S$18,000 with a 3 to 5 year tenure
- New-to-card and new-to-loan customers only
T&Cs apply.
HSBC Personal Loan
- Interest Rate*
- From 1.30% p.a.
- Total Amount Payable
- S$10,130
- Processing Fee
- S$0
- Per Month
- S$844
CIMB Personal Loan
- Interest Rate
- From 1.00% p.a.
- Total Amount Payable
- S$10,100
- Processing Fee
- S$0
- Per Month
- S$842
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- Interest Rate
- From 1.28% p.a
- Total Amount Payable
- S$10,128
- Processing Fee
- S$0
- Per Month
- S$844
Understanding Loan Costs & Repayments
Interest, fees, and tenure directly impact your cost of borrowing. Here’s a breakdown to help you budget wisely.
- Interest rates: From 1.00% p.a. (as seen on MoneySmart)
- Processing fee: 1–2% of principal amount
- Early repayment fee: 1–3% of outstanding balance
- Tenure range: 6 months—10 years, depending on loan type
Hence, for a loan amount of $100,000 at 7% p.a. for 3 years, you can expect the total interest repaid to reach about $11,000.
To stay on top of your monthly instalment and interest repayments, here’s how you can manage repayments effectively:
- Automate payments to avoid penalties.
- Match loan tenure to your business’ project duration.
- Maintain a cash buffer for 3 months.
Step-by-Step Guide: How to Apply for a Business Loan in Singapore?
Check eligibility
Before applying, confirm that your business meets the lender’s basic criteria. Most banks and financial institutions in Singapore require:
- 30% local ownership (for government-backed loans)
- Valid ACRA registration and active status
- Minimum of 6–12 months of operations (banks may prefer at least 2 years)
- Healthy credit score for both company and guarantors
You can check your ACRA status and credit reports through Credit Bureau Singapore (CBS) to strengthen your loan readiness.
Prepare documents
Proper documentation speeds up approval. Prepare clear, updated copies of:
- BizFile: ACRA business registration record
- Bank statements: At least 6 months for cash flow
- Financial statements: Latest profit & loss and balance sheet
- NRICs
- GST / Income Tax Returns for revenue verification
💡 MoneySmart Tip: For startups or smaller SMEs, providing business plans, sales invoices, or contracts can help lenders assess repayment capacity.
Compare lenders on MoneySmart
Interest rates, fees, and approval speeds vary. Use the MoneySmart Loan Comparison Tool to compare banks, digital lenders, and government-assisted options. Consider:
- Interest rate range and EIR
- Collateral or guarantor requirement
- Loan amount vs. repayment flexibility
Apply via MoneySmart
Apply for your preferred personal loan online via our MoneySmart portal. You’ll be redirected to our MoneySmart Rewards Form to input your email address to qualify for any ongoing MoneySmart Exclusive sign-up promos and track the status of your reward thereafter.
Following which, you can then proceed to fill up the loan application form via MyInfo Singpass for quick retrieval and verification of your personal information.
If extra documents are required, standby with them ready and respond quickly to any follow-up queries. Lenders usually conduct:
- Credit and business background checks
- Financial ratio analysis (debt servicing ability)
- Verification of ownership and ACRA details
Plus, processing time varies:
- Banks: 3–7 working days
- Digital lenders: Almost instant, up to 3 working days
- Government-backed loans (SME WCL): 5–10 working days
Select your loan tenure and financing amount
Await approval and funds disbursement
Why Might Your Business Loan Be Unsuccessful?
Track Record
Business Ownership
Credit Score
Frequently Asked Questions
What are the typical interest rate ranges for business loans?
Interest rates for business loans in Singapore depend on the lender, loan type, borrower profile, and market conditions.
- Bank business term loans typically range between 7.5%–10% p.a., depending on credit quality and loan amount (DBS).
- Government-assisted SME Working Capital Loans generally range from 7.5%–9% p.a. (Enterprise Singapore).
- Traditional bank and digital bank loans may offer promo rates on their personal loans as seen on MoneySmart (e.g. UOB Personal Loan from 1.52% p.a. or GXS FlexiLoan from 1.60% p.a.).
- Meanwhile, licensed moneylenders may charge between 10.56%–27.24% p.a., as they provide faster approvals and shorter tenures.
How long does approval typically take for business loans?
Approval times vary by lender type:
- Traditional banks: Usually 3–7 working days after full document submission.
- Digital lenders: Offer 24–48 hour approvals for smaller loans (Funding Societies).
- Government-backed loans: Typically take 5–10 working days, as multiple parties (bank and Enterprise Singapore) review applications.
Tip: Ensure your financial statements and ownership documents are complete to avoid delays.
Is collateral required for business loans?
Collateral requirements depend on loan size and lender policy:
- Unsecured term loans: Usually no collateral is needed, but a personal guarantee from directors is common.
- Secured loans: Such as for equipment or property financing, do require collateral.
- SME Working Capital Loans: Are collateral-free, backed by government risk-sharing.
Can startups apply for business loans? What about businesses less than a year old?
Yes, startups and newer companies can qualify, but options are more limited:
- Digital lenders like Funding Societies and Aspire accept firms with as little as 6 months of operations if they demonstrate healthy cash flow.
- Banks typically require 1–2 years of operation and consistent revenue records.
- Government-assisted schemes such as the SME WCL generally require at least 2 years of operations.
If your business is less than 6 months old, you may consider applying for personal loans via MoneySmart or microfinancing to meet early funding needs.
Can I get a business loan without collateral in Singapore?
- Yes, you can get a business loan without collateral in Singapore. These collateral-free loans are most accessible through government-assisted SME financing schemes and standard unsecured business term loans offered by banks and licensed financial institutions.
However, approval depends on your company’s creditworthiness, operating history, and financial health.
