The entrepreneurial spirit thrives in Singapore. Every day, countless individuals with innovative ideas embark on the exciting journey of launching their startups. However, securing the necessary funding to turn those dreams into reality can often be a significant hurdle. Traditional banks often view startups as high-risk ventures, making it challenging to obtain loans. This is where Lendingpot steps in, offering a unique and convenient solution for Singaporean startups seeking financial support. For those unfamiliar with our unique, we present a guide to Lendingpot startup business loan marketplace.
Lendingpot functions as a business loan marketplace, connecting aspiring entrepreneurs with a network of established and pre-screened financial institutions. We streamline the loan application process by presenting startups with a variety of loan options from different lenders, all in one place, with all the fine details included. This eliminates the need to approach multiple banks individually, saving valuable time and effort.
Although not strictly necessary, Lendingpot also employs loan agents who are equipped to assist potential borrowers. By scheduling an appointment on the platform, borrowers can discuss the details of their financial requirements and have the loan agent assist them in finding the perfect loan offer.
Recognising that every startup faces unique situations, through our wide range of partners, comprising banks, non-bank financial institutions, peer-to-peer lenders, private lenders and family offices in Singapore, we offer a diverse range of loan products. Whether you need a business term loan to cover operational costs, invoice financing to unlock trapped capital in outstanding invoices, or a property-backed loan to leverage existing assets for growth, Lendingpot has a solution to fit your specific needs. From property-backed loans, to lines-of-credits, below are some of the common loans that startups can access through our platform.
A business term loan is a lump sum that is granted to a business and is repaid over a set period of time. The payments are made at fixed monthly installments, with rates that vary based on your creditworthiness.
Invoice financing, which is also called factoring, allows businesses to sell their invoices to financial institutions for an advanced cash injection. In doing so, a startup can improve cash flow by (technically) shortening the number of days remaining before collecting payment from customers.
Property-backed loans leverage your property for additional cash flow for your startup. Typically, you can get up to 85% of your property's equity in cash for your business. The exact amount will depend on your loan-to-valuation (LTV).
While property loans provide an avenue for startups, sometimes that option might not be available. Share-backed and insurance-backed loans are good alternatives. The former involves using investments as collateral for the loan, and the latter, an insurance policy. Read our guide on startup loans to learn more about how you can leverage both to access funds for your startup.
Revenue-based financing, as the name suggests, is at its core dictated by how much your startup earns a month. Meaning during months when revenue is higher, the amount paid is correspondingly higher, and on months when revenue is lower, payments are also less.
Line of credit loans are very much like personal credit cards in their function. Lenders provide access to a predetermined amount of money to be used as needed. Interest fees are only charged for the amount drawn
Applying for a loan through Lendingpot is designed to be a user-friendly and efficient experience. Our platform's intuitive interface guides you through a straightforward application process, allowing you to compare loan options, assess interest rates, and calculate potential repayments with ease.
We prioritize transparency throughout the loan process. You'll have access to clear and concise information about each loan option, including interest rates, fees, and repayment terms. We also strive to provide helpful resources and educational materials to equip you with the knowledge you need to make informed financial decisions.
While Lendingpot simplifies the loan application process, it's crucial to approach borrowing responsibly. Before applying for any loan, thoroughly assess your startup's financial health and future projections. Ensure you have a clear understanding of your repayment capabilities and factor in potential interest charges. Consulting with a financial advisor can provide valuable guidance throughout this process.
Lendingpot's innovative business loan marketplace offers a compelling solution for Singaporean startups seeking the financial fuel to propel their ventures forward. With our diverse loan options, streamlined application process, and commitment to transparency and support, we aim to empower entrepreneurs to navigate the funding landscape with confidence and focus on what truly matters: bringing their dreams to life.
Register today to access our collection of educational resources and learn how to understand the intricacies of borrowing money. Should you have any other concerns, our loan agents are armed with the perfect tools and information to help you find the perfect loan solution.
Lina heads up all things marketing and branding at Lendingpot. With a keen aesthetic eye, she believes in the use of design to communicate with our SME community and aspires to turn Lendingpot into a household name. Out of work, she is an avid camper and appreciator of nature’s best works.
