Aspire Business Line of Credit
Borrow up to S$300,000
S$0 monthly fee
- Business must be incorporated in Singapore
- Minimum of 6 months operations
- Applicant must be the director
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Aspire offers a range of lending products designed for startups and SMEs that require small to mid-size working capital, such as startup funding and lines of credit.
These lending options are available from Aspire’s all-in-one digital banking platform, Aspire Account, which comes with a variety of benefits and features such as analytics, credit facility, virtual corporate cards and dedicated relationship manager.
Aspire offers up to S$300,000 revolving line of credit.
You can also get a virtual business debit card to help manage day-to-day expenses. Plus, enjoy perks on your marketing and software spending.
Before you apply for any of Aspire’s products listed below, you’ll first be required to register for an AspireAccount. Your business account is linked to Aspire’s analytics tools – and integrated with Xero – meaning your SME can monitor its cash flow and expenses with the minimum of fuss. The signup process is 100% online and may be completed within five minutes.
Aspire offers a competitive revolving line of credit (up to S$300,000) for Pte Ltd, LLC, or LLP companies with a simple interest rate of 1% to 3.9% per month and a processing fee of 1-4% of the amount withdrawn. There are no obligations to draw the funds when you don’t need it, and neither do you need to pay any interest or fee on unused funds.
Aspire’s Corporate Card is a virtual business debit card that can be activated in a matter of seconds. It lets cardholders take advantage of 0.7% foreign currency fee, and up to 1% cashback on selected online marketing and SaaS spend. It’s marketing partners include Google, Facebook & LinkedIn Ads. The card is a 100% digital product, and so no physical card is available (correct at the time of writing, on 3 June 2020).
Here are some of the benefits you can expect:
The Aspire Account provides the following features:
Signing up for an Aspire Account is quick and simple. As long as your company is registered with ACRA and you have a corporate bank account that has been active for at least 6 months, you may proceed to apply online.
The registration process typically takes around 5 minutes. If you wish to apply for a credit line as well, make sure to verify your account after opening and submit your supporting documents. You’ll receive the credit decision within 24hours.
Before you apply for a business loan, make sure that you meet the eligibility criteria and have the required documents ready.
To open an Aspire Digital Banking Account, you’ll need to meet the following criteria:
If you wish to apply for a credit limit, you’ll need to fulfil these additional criteria:
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