money lending singapore

Quick Business Loans for SMEs and MSMEs

Quick Business Loans for SMEs and MSMEs

Short Description

Small businesses face a huge gap in funding and the traditional lenders do not offer business loan without collateral. This is where the quick business loans for SMEs and MSMEs help them

It is not just the availability of business loans which is stopping the SMEs and MSMEs from growing their business, but also the speed of these business loans that affect the small businesses. As the traditional lenders do not just make it difficult for the small businesses and MSMEs to get access to business loans by asking for collaterals, the entire process of the business loans is really slow and consumes weeks and even months which really hampers the small businesses from growing.

Here are some key reasons why a quick business loan is needed for the SMEs and MSMEs

Working Capital Requirements  

A lot of small businesses face a huge challenge in managing their working capital. The small businesses do not have the luxury of having a huge cash balance like the large corporates and still, they need to provide a credit period to their corporate customers, most corporate customers have a credit period of 30 or more days which blocks the funds of small businesses. The small businesses thus need working capital loans to cover this gap and be ready to execute the business for other clients or even to reach out to new clients. Similarly, for the consumer-facing businesses, while they need to pay upfront to the distributors and companies to get a better margin, consumers take their own time to purchase those goods, which again results in a working capital gap for which they need working capital loans.

While the traditional lenders require collaterals and take a lot of time that defeats the immediate need of working capital loans. The digital lenders like Indifi offer business loan without collaterals that helps the small businesses to cover their working capital needs. Also, the entire process with the leading digital lenders like Indifi is really quick and a decision for a business loan without collateral is given within 24 hours itself.

Lean Business Patches

A lot of small businesses got through the lean business patches, especially the seasonal businesses like hotels, consumer durables, and several others and during these lean patches, these businesses need to cover for the working capital expenses and also they have time to invest for the upcoming season. However, while there’s a real need, the small businesses do not get easy access to funds from the traditional lenders as they rarely offer business loan without collateral and the time taken to process these applications defeats the entire purpose. Another problem with these traditional loans is that such loans need regular installments which is a problem for SMEs and MSMEs and they have a problem paying the same amounts during the lean phases. The top digital lenders like Indifi not just help the small businesses with the business loan without collateral and help the get it quick and simple. Another, key benefit the lenders like Indifi offer is of flexible repayment options, so the businesses can pay more when they earn more and reduce when they earn less. The repayments are linked to there income which ensures the SMEs and MSMEs can breathe easy when it comes to managing working capital loans and business loan without collateral to help them grow their business.

This means that the hotels can now invest in better facilities for the consumers for the upcoming tourist season and also manage their expenses during the lean season, similarly, other businesses can manage their lean business patches with the business loan without collateral from the top digital lenders like Indifi.

Indifi which is a leading digital lender is today helping more than 10,000 SMEs and MSMEs with custom business loans without collateral, these loans are customized as per the specific business needs of businesses like retail shops, travel agents, restaurants, hotels, remittance providers, e-commerce sellers and small vendors who supply to large companies. The business loans are not just easy to avail and quick with easy application process but also the repayments are linked to business which enables the SMEs and MSMEs to manage their business and grow quickly.

The digital lenders like Indifi also do not charge any prepayment penalties or other hidden charges which makes it easy for small businesses to focus on improving their business rather than putting their crucial time in managing the business loans.

 

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