Successful entrepreneurs have inspiring stories to tell. How did they start from scratch? or How did they defy the odds? And how did they ignore criticism? Well, every well-known entrepreneur has their own success story. However, let me tell you how I built my business from the ground up and found success.
On my graduation day, I told my parents that I didn’t like to be an employee for the rest of my life. My dad said that it was impossible to build a business in this competitive market. In Singapore, it was hard to enter the entrepreneurial scene because there are many highly skilled professionals.
Discovering SME Capital Loan
But, did it stop me? Of course not! At my first job, there were days when I just looked outside the window and wondered when I could build my business empire. I wanted to start an eCommerce business about jewellery. During this time, I had no financial resources to resign from my job. However, destiny worked for me because I unexpectedly came across an SME working capital loan online.
That simple click helped me build confidence that I could start a business. For most, people can say that I was defying the odds. But, in reality, anyone can do so much with an SME working capital loan. To know more about it, continue reading this article on why I used an SME working capital loan from a legal money lender in Singapore.
Why I Relied on SME Working Capital Loan
Starting a business takes a lot of courage. I had to resign from my job, which means I had no regular income. On top of this, I had monthly bills for my rent, electricity, etc. Luckily, I saved money from my job to support me for months. Within those months, my parents were always pressuring me to make my decision work or else it would be hard for me to stand back again.
When I applied for an SME working capital loan, there were unexpected benefits, including basic operational costs. At this point, I knew that I had to take this opportunity to work for my future. Hence, here are the ways an SME working capital loan supported my business.
SME working capital loan is a financial resource for a business. However, it won’t happen without the help of the best money lender in Singapore. I will share how I looked for the best money lender that supported me for my business success.
How I Secured SME Working Capital Loan
Stable Income
Lending money is a meticulous process. The best money lender in Singapore will have a long process for personal verification. When applying for an SME working capital loan, I knew that it wouldn't be an easy process. So, I told myself to be patient and wait for the right time. My money lender required me to provide information about my income and employment history. This way, they would know if I can pay back what I borrowed.
Luckily, I hadn’t resigned from my job yet when I applied because a legal money lender in Singapore wants someone who has regular employment. After this, I made sure that my qualifications were all met to expect a positive outcome.
Pay Debt
The best money lender knows that debt-to-income ratios are a factor in my financial resources. Before I applied for an SME working capital loan, I made sure that I paid all my debt. The moneylender said there was a lower chance for people with high debt ratios to secure a capital loan.
In my case, I had no debt since my parents paid for my college education. Plus, I was responsible for my monthly bills. Also, I didn’t have any financial responsibilities with an organisation, person or institution. As a result, it put me in an advantageous position
List Down Assets
My money lender wants to know if I had a backup plan when paying them. For instance, I lost a job. Will I still be able to pay them? They asked about the things I could turn into cash to pay them. Luckily, my parents had an extra car for sale. So, I considered this as one of my assets.
A legal money lender will ensure that I would pay them back during a temporary setback. Also, they interviewed me about my strategies on how to get back up when faced with such problems.
Loans for Building My Business
When I told people about SME working capital loans, their usual comment was loans are not suitable for young entrepreneurs. However, they didn't know that money is about spending, saving and loaning smart. As I mastered these three, I partnered with Apply Loans SG, the best money lender in Singapore.
Visit their website and start your own business too!
