Grow your Singapore business with a business loan
A business loan can help your Singapore business get on the road to business expansion.
Growing your Singapore-based business can be done in several ways – but expansion can be expensive. Here’s how to make the most of a business loan to grow your company.
1. Expand your line of products and services
If your existing products and services have left your loyal customers clamouring for more, it’s probably a good time to think about expanding your business. This could mean ramping up on inventory for existing products, or even adding new products into the mix. Adding a new product range could mean going through a product development phase, before actual production – and this could mean considerable investment on your part. If you’ve crunched the numbers and have determined that a loan is your best option, consider a DBS SME Working Capital Loan or Business Term Loan to help you move forward with your plans.
2. Expand your business overseas
If your Singapore-based business is entering a growth phase, it might be worth considering expanding overseas. Once you’ve done your homework and determined possible overseas markets that can be tapped, it might be time to start putting your plans in action. Whether you need to hire new employees in your new market or set up a physical office there, a DBS Business Term Loan could give you access to the funds you need, with the flexibility to use the funds however you need to.
3. Buy or lease new equipment
Equipment is an important part of keeping your business relevant and cutting-edge. If your business is entering a growth phase, it’s important to upgrade your equipment as necessary to retain your competitive edge. This could mean buying a new vehicle for your delivery fleet, purchasing state-of-the-art equipment for your medical aesthetics spa, or running a central kitchen for your food and beverage business. If this is an option for you, consider DBS Equipment Financing for your needs.
4. Buy a commercial property
Growing your business could mean expanding your physical presence, or simply investing in a commercial property to give your company’s portfolio a boost. Whatever your reason for buying a commercial property in Singapore, a Commercial Property Loan from DBS could help you turn your plans into reality.
5. Use new sales channels
Another way to grow your business is to reach out to new potential customers through different sales channels. If you’re a traditional brick-and-mortar business, this could mean investing in an e-commerce platform to start selling online; running a pop-up store at additional venues; or even starting to sell on social media.
Apply online for a DBS Business Loan today. You’ll need to have your bank statements, income tax return, as well as the identification and income tax documents of your guarantor on hand.
Apply fast business loans online for SMEs with DBS Quick Finance.
Was this information useful?
Subscribe to DBS BusinessClass
Stay updated with the latest market trends and industry insights, connect with a network of entrepreneurs, and gain access to exclusive event invitations. Join Asia's fastest growing business community – get your complimentary membership here.
That's great to hear. Anything you'd like to add?
We're sorry to hear that. How can we do better?