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Aspire SME Business Loans Review

Take advantage of flexible, short-term financing and digital banking services with Aspire.

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Aspire Business Line of Credit

Aspire Business Line of Credit logo

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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  • Flexible financing and instant fund disbursement
  • Not suitable for businesses seeking large loan terms

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.

Compare Aspire business loans

Name Product Interest Rate From Maximum Loan Amount Minimum Loan Term Maximum Loan Term Collateral-free
Aspire Business Line of Credit
Aspire Business Line of Credit
No minimum loan term
Credit lines are reviewed every 6 months
A low-interest revolving line of credit for SMEs and Startups with no monthly or non-utilisation fees.

Compare up to 4 providers

How does an Aspire SME Business Loan work?

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’s suite of products

Line of credit

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LLC, or LLP companies with a simple interest rate of 1% to 3.9% per month and a processing fee of 1-4% of the amount withdrawn.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.

Corporate Card

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).

Benefits of using an Aspire Digital Banking Account

Here are some of the benefits you can expect:

  • Full digital banking experience. Conduct all your business activities online without having to 100% online, save time, convenience
  • Simple pricing structure. All applicable fees are transparent so you don’t have to worry about avoiding hidden fees.
  • Quick and easy credit access. If you need extra funds to enhance your business cash flow or expand your operations, you can tap on a revolving credit facility up to S$300,000.
  • Save on overseas transaction fees. Receive and spend over 40 currencies at interbank exchange rates.

Features that come with an Aspire Digital Banking Account

The Aspire Account provides the following features:

  • Free account setup. There are no application fees or maintenance fees required to open an Aspire digital banking account.
  • No minimum deposit or monthly fees. Unlike traditional banking accounts, Aspire Account allows you to make and receive payments with no minimum deposits and charges no monthly fall-below or exchange fees.
  • Real-time customer support. An Aspire account entitles you to your own dedicated relationship manager, who’ll serve as the single point of contact for all your banking needs.
  • Account analytics. Keep track of your expenses and revenue with insights gained from account analytics.
  • Credit facility. Take advantage of a line of credit which you can tap into anytime. There are no obligations to use the funds and you only need to pay for what you use, with 1-4% of the amount withdrawn processing fee based on the amount withdrawn and a simple monthly interest starting from 1%

      How to apply for an Aspire Account to get started

      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.

      Eligibility criteria

      To open an Aspire Digital Banking Account, you’ll need to meet the following criteria:

      • ACRA-registered business
      • Have a corporate bank account that is active for at least 6 months

      If you wish to apply for a credit limit, you’ll need to fulfil these additional criteria:

      • Either a Private Limited (PTE LTD.), LLC or Limited Liability Partnership (LLP) registered company with ACRA
      • Singaporean or PR director with more than 25% shareholdings
      • Have a corporate bank account that is active for at least 6 months

      Frequently asked questions

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