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Funding Societies Business Loans
Maximise your cashflow with Funding Societies' business term loans, invoice financing and FS Bolt.
Compare Funding Societies business loans
How does Funding Societies business loans work?
Funding Societies offer a suite of financing products to help SMEs secure financing for growth:
With low revenue requirements and lenient eligibility criteria, Funding Societies offers competitive short-term financing options to SMEs that might not qualify for traditional banks’ loans. On top of its high accessibility, Funding Societies’ Business Loan allows companies with immediate cash flow needs to access up to $2 million through crowdfunding from its P2P lending platform.
- High borrowing limit. Your company may obtain up to $2 million (or up to $1.5 million in unsecured business loans) in secured business loans.
- 1 to 12 months of tenor. This short to mid-term financing option allows companies to have sufficient cash flow for daily operations or expand their business without carrying debt over a prolonged period.
- Renewable tenor. Tenor range from 1 to 12 months. If you’re unable to repay your loan in time, you may request for a renewal of your loan tenure. However, do note that the terms of your loan may be subjected to change, such as an increased interest rate.
- Flexible repayment options. Most repayments are generally paid in monthly instalments. But in some unique cases, Funding Societies may offer customised options to match the borrower’s projected cash flows, such as interest-only repayment with varying amounts of principal repayments monthly.
Instead of waiting for your buyers to settle the invoices, you can boost your cash flow by receiving up to $1 million or 80% of the invoice value in advance, without any collateral. This way, you can utilise the trapped funds from unpaid invoices to capitalise on new business opportunities or expand your operations. As for your clients, they’ll have up to 120 days’ to make payment to Funding Societies. If your company has significant amount of accounts receivable, this product can help improve your cash flow with the freed up capital.
- Receive cash upfront for your invoices. Enjoy cash disbursal in as soon as 5 days after approval.
- Pro-rated interest. Funding Societies charges pro-rates interest on a daily basis, instead of interest rates are fixed to the invoice amount. This means that the earlier your clients repay the invoice, the more you save on interest.
Designed with SMEs and sole proprietorships in mind, FS Bolt offers up to S$100,000 working capital loans with zero collateral. With only minimal document submission and lenient eligibility criteria, FS Bolt is a great option for companies that might not qualify for traditional bank loans.
- Low interest rates. Enjoy competitive interest rates ranging from 1% to 4% per month.
- Fast approval and fund disbursal. Approval decision and cash disbursement are both typically provided within 24 hours, making it the fastest financing option in Singapore and best suited for borrowers that require cash as soon as possible.
- No early repayment fees. You only pay interest only on what you use and have to option to repay your loan early without extra cost.
What features does Funding Societies business loans offer?
Here are some of the key features that come with Funding Societies’ business financing products:
- High borrowing limit. Your company may access up to $2 million for Business Loan, up to $1 million for Invoice Financing, and up to S$100,000 for FS Bolt.
- No collateral required. All the financing products offered by Funding Societies offers unsecured options with high loan amounts.
- Lenient eligibility requirements. Funding Societies’ eligibility criteria for business financing is comparatively lower than banks, making it accessible to more SMEs, especially those with fewer years in operation.
- Short tenure. Loan terms for both Business Loan and FS Bolt range from 1 month to 12 months months, which is suitable for companies looking for a quick cash injection without accumulating too much debt over an extended period.
- Fast cash disbursement. Funding Societies has among the fastest cash disbursements available, especially for FS Bolt, which transfers funds into your designated account in as soon as 24 hours.
How much will the loan cost?
There are the rates and fees associated with the various Funding Societies business loans:
Is there anything to consider before applying?
Funding Societies is the largest P2P (crowdfunding) lending platform in Southeast Asia, with over S$1.29 billion (as of March 2020) in total funding and 100% fulfilment rate. With such stellar loan volume and investor pool, borrowers can expect their loan request to be crowdfunded quickly.
However, if you’re looking to take up a business loan, do note that there’ll be an early repayment penalty of 2% on the outstanding principal if you decide to settle your debt before the end of your tenure. So make sure you compare the various loans available in the market and consider your needs before applying.
How can you apply for a Funding Societies business loan
The application processes for Funding Societies business loans are simple and hassle-free, especially for FS Bolt financing, which may be done through its mobile app and only takes around 2 minutes.
For business loan, you’ll need to express your interest and desired loan amount via Funding Societies’ website. A representative will get back to you with a quotation and the approval process typically takes 4 to 5 working days. Once your loan is approved, crowdfunding for the requested amount will commence for up to 14 days and end as soon as it is fully funded. The whole process usually lasts around 1 to 2 weeks.
If you’re applying for invoice financing, the approval process for first-time borrowers will take 3 to 7 working days for verification and account set up. However, subsequent invoice financing requests will require only 1 to 2 business days.
The eligibility requirements vary according to the type of financing you’re applying for:
|Eligibility Criteria||Business Loan||Invoice Financing||FS Bolt|
|Entity type||Private Limited (Pte Ltd) or Limited Liability Partnership (LLP)||Private Limited (Pte Ltd) or Limited Liability Partnership (LLP)||Private Limited (Pte Ltd), Limited Liability Partnership (LLP) or Sole-Proprietorship|
|Minimum operating history||1 year||1 year||6 months|
|Minimum Annual turnover rate||$300,000||$300,000||N/A|
|Applicant’s minimum local shareholding||30%||30%||30%|
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Funding Societies FS Bolt Review
Obtain a short-term working capital with FS Bolt. Find out how you can benefit from fast cash disbursal and no early repayment penalties.