Starting a business can be a great way to become independently wealthy. It is a way to take your vision of the perfect job, and make it a reality. Starting a business also comes with a great deal of risk, and requires a great deal of money. You can apply for a business loan to help cover some of the costs that go along with starting a business. If you are considering getting a small business loan, it is important that you understand the facts and the myths surrounding these personal loans Singapore.
Myth #1 It Takes a Long Time to Get a Small Business Loan
Many people think that because getting funding to start a business will take so long, that it may not be worth it. This is not true. You can get a loan under the licensed moneylender in Singapore, and you can be approved and have the funds within 24-48 hours.
Myth #2 There is a Great Deal of Government Paperwork Involved
While some Singapore business loans require a great deal of paperwork, there are some, such as the Small Business Association Advantage loan, that requires minimal paperwork to be filled out by the applicant. Oftentimes, the Small Business Association relies on paperwork from the lender only.
Myth #4 You Need to Be Turned Down By Other Lenders Before Applying for a Small Business Association Loan
You do not need to use the Small Business Association as a last resort for your business loan. In fact, the Small Business Association prefers that you go to them first, before you are turned down by other lenders. Being turned down by other lenders can only hurt your chances of being approved for a loan from the Small Business Association.
If you have a dream of running your own business, but don’t have the funds to do so, there is funding available. The Small Business Association has several different programs to help people realize their dream of owning their own successful business.