What are the 4 common misconceptions about getting a business loan in Singapore?

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  1. Businesses should only apply for loans when they have no money

Misconception

A common misconception is that businesses should only apply for a loan when they do not have enough money.

When they have sufficient finances, businesses do not apply for loans since they do not require it at the current moment.

Rationale

Businesses should plan ahead and prepare for the future when they do require a loan.

When they have a good financial status, it is the BEST time for them to apply for a loan because they would stand a better chance to have their loan approved.

This is because their credit standing and financial status is stronger at that moment.

Conversely, when businesses have a poor financial status, banks and financial institutions would be less likely to approve the business loan since financial status is weak.

In a nutshell

Businesses should apply for loans when they have a good financial status and NOT when they lack cash. click here for more infor on Business Loan In Singapore