Starting a business in Singapore is exciting — but securing funding as a new startup can be one of the biggest challenges.
Many first-time entrepreneurs quickly realise that while Singapore is business-friendly, banks are not always startup-friendly — especially if your company has no financial track record yet.
So what are your options if you need funding but don’t have 2–3 years of financial statements?

In this guide, we explore the best SME loan options for startups in Singapore, including how licensed moneylenders can support new businesses without extensive financial history.

🚧 Why Startups Struggle to Get Bank Loans

Traditional banks in Singapore typically require:
2–3 years of financial statements
Strong cash flow records
Good company and director credit history
Proven profitability

For a newly incorporated business, these requirements can be unrealistic.
Even government-assisted schemes under Enterprise Singapore are usually processed through banks — meaning similar credit checks and financial requirements apply.

As a result, many startups face:
Loan rejection
Reduced approved loan amounts
Long waiting periods
Heavy documentation requirements

💡 So What Is the Best Loan Option for Startups?

If your business:
Is less than 2 years old
Has limited financial history
Needs fast working capital
Has been rejected by banks

Then a licensed moneylender SME loan may be the most practical solution.

🏢 What Is a Licensed Moneylender Business Loan?

Licensed moneylenders in Singapore are private lenders regulated by the Ministry of Law (MinLaw).

While traditionally known for personal loans, many licensed moneylenders now provide business loans tailored for SMEs and startups.
These loans are:
Legal and regulated
Safe and Transparent
Structured for short- to mid-term needs
Designed for flexibility and speed

🚀 Why Startups Prefer Licensed Moneylender Loans

✅ 1. No Long Financial History Required
Unlike banks, licensed moneylenders may assess:
Current business revenue
Director’s profile
Business viability
Bank transaction activity

Instead of demanding 2–3 years of audited accounts.

✅ 2. Faster Approval (1–3 Working Days)
Startups often need:
Inventory purchases
Marketing budgets
Rental deposits
Equipment acquisition
Staff salaries

Waiting weeks for bank approval can stall momentum. Licensed moneylenders typically approve loans much faster.

✅ 3. Minimal Paperwork
Most applications require:
Business Details such as ACRA Bizfile
Director/Shareholder personal details
Latest 3–6 months bank statements
Loan purpose explanation

No complex loan proposals or audited financial statements required.

✅ 4. Flexible Use of Funds
Funds can be used for:
Working capital
Supplier payments
Expansion
Cash flow bridging
Business opportunities

You decide what your startup needs most.

📊 Comparison: Startup Bank Loan vs Licensed Moneylender Loan

⚠️ Important: Borrow Responsibly

While licensed moneylender loans are accessible, startups should:
Borrow only what is necessary
Ensure repayment fits projected cash flow
Work with lenders licensed under MinLaw
Fully understand repayment terms before signing

At Trillion Credit, we believe in responsible lending — ensuring your business grows, not struggles.

💼 Who Should Consider a Startup SME Loan?

You may benefit if you:
Just incorporated your company
Don’t qualify for bank loans
Need capital to kickstart operations
Want quick access to funding

Are confident in your revenue potential but lack track record

🚀 Need a Business Loan for Your Startup?

At Trillion Credit, we support Singapore startups with:

✔ Fast approvals (within 1–3 working days)
✔ Transparent and legal lending practices
✔ Flexible loan amounts
✔ Minimal documentation
✔ Friendly, professional assessment

Let us help you move your business forward.

Walk into our branch or apply online anytime.
We’re here to provide fast, transparent, and legal cash loans.

📱 Call us at 65090111
📝 Or apply now at https://trillioncredit.com.sg/apply-for-loan/