For those interested in Singapore investment immigration, understanding the economic environment of Singapore is crucial: It is well-known that newly established companies often struggle to secure bank loans due to a lack of performance records, making funding a significant challenge for the growth of many small and medium-sized enterprises.
There are a total of 170,000 small and medium-sized enterprises in Singapore, with 20% being relatively active startups. According to a survey conducted by OCBC Bank, 50% of local startups require funding to initiate business growth;
Over 80% of startups need their first round of financing within the first two years of operation. However, due to their nascent stage and lack of performance records, these companies are unable to secure loans from banks, leading approximately 57% of these business owners to rely on personal savings to fund their business expansion, severely hindering their growth.
Recently, OCBC Bank has launched a new loan program specifically for these startups, offering loans of up to SGD 100,000 (approximately RMB 500,000) for companies that have been established for 6 months to 3 years.
This program, known as the "OCBC Business Loan," is a collateral-free loan, and applying companies do not need to submit any audited financial statements. The company representative only needs to fill out an application form,
provide their identification card, the latest personal tax assessment notice, and the most recent bank statement from the company. The application can be approved within just one day.
