5 reasons why you need a Singapore business loan
Unexpected reasons your Singapore-based business should take on a business loan.
Beyond the usual reasons you might consider taking on a business loan for your Singapore-based business, here are some unexpected reasons you might need one:
- To hire key talent
Talent is a key part of any business. If you feel like your staff are perpetually stretched and your company could use extra hands on deck, you might consider expanding your headcount. As your business grows, you might also need to hire strategically to fulfill specific functions. Whether this means hiring someone to manage an overseas market or a new business function, a DBS Working Capital Loan could give you access to the funds you need to hire the right people.
- To upgrade your marketing strategy
You can’t do without a sound marketing strategy in a competitive market like Singapore. In addition to building brand awareness, Singapore businesses have to continually engage their customers, keeping them up-to-date with information on new products, promotions and more. If your existing marketing strategy could use an upgrade, you might need to engage a new team to help you with your marketing efforts. A DBS Business Term Loan could help you defray the costs associated with a new marketing campaign. If a marketing strategy revamp is on the cards for you, DBS Start Digital is a good place to start looking – whether you need help with customer engagement, new advertising platforms, and more.
- To finance intellectual property protection
If your Singapore-based company has pioneered innovative products or technologies, intellectual property protection such as patents are essential in helping you monetize your IP assets and in growing your business. If you need a cash boost in order to protect your intellectual property and trademarks, a DBS Working Capital Loan could be an option.
- To pay for an unexpected spike in production costs
If your Singapore-based company outsources production to overseas manufacturers, you could be at their mercy. For example, a shortage of specific raw materials could cost a sharp and unexpected spike in your production costs, throwing all your best-made plans into disarray. When this happens, taking on a DBS business loan – whether a working capital loan or overdraft facility – can help you defray a short-term cash crunch.
- To train and develop your team
In competitive business environments like Singapore and other regional Asian markets, it’s essential to ensure your team’s skills are cutting-edge and up-to-date. This means regularly investing in training and development to help your staff keep on top of their duties, and be ever-ready to embrace change. Paying for your training needs with a DBS Corporate Credit Card gives you immediate access to such services without a significant upfront cash outlay.
Before applying, you may check out our guide to secure a term loan to help you improve your chances.
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.
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