Aspire Loan for SMEs

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What is the Aspire SME Loan?

The Aspire SME Loan is a financing option catered for SMEs (Small and Medium Enterprises) that need additional funds normally as working capital. It is one of the best packages out there for invoice financing and sustaining line of credit.

Who is Aspire?

Aspire prides itself to be the platform that is made up of and made for entrepreneurs. The company provides the financial tools to help entrepreneurs function and operate more efficiently. Typically, it provides the platform for businesses to manage their finances. While Aspire offers a full range of automated features to help entrepreneurs and their businesses, this platform also provides loans for such businesses to sustain their operations, expand their business or to better manage their cash flow, among others.

What makes the Aspire SME Loan such a good option?

Typically, it is with the understanding that SMEs like startups and new businesses would need some form of financing or working capital at one time or another. Through Aspire, you can enjoy a good revolving line of credit. That said, if you are a business with good cash flow management and financial status, you could benefit very much from one of Aspire’s unique features, early settlement benefit. This product is directly integrated with some of the top e-commerce retailers like Shopee and Lazada which makes it an ideal package if you are running your business on these platforms.

What are the features of the Aspire SME Loan?

You will enjoy a sound line of credit of up to SGD$150,000.

  • The interest rate is between 1 and 3.9%$ per month.
  • Attractive discount if you settle your loan earlier than scheduled.
  • 6-month term loan for every withdrawal. Like a credit card, you will only be charged interest on the amount you borrow (withdrawn) on a specific amount.
  • Up to 20% discount on the remaining interest charged if you repay the loan a month earlier than expected. If it is 2 months earlier, then you receive a 30% discount on the remaining interest charged.
  • The maximum credit limit is SGD$150,000.
  • Processing fees – 2.9%
  • There are no other charges involved like maintenance or sign-up fees.

The only disadvantage of this loan is that you can only get invoice financing to a maximum of SGD$150,000 which means it might not be suitable if you need a higher amount.

Am I eligible to borrow from Aspire?

This package is specially designed and catered to new startups and SMEs. Your business must be registered with the ACRA of Singapore and you must have a business bank account that has at least 3 months of active transactions. Another criterion to apply for this loan is that at least 30% of the shareholdings of your business must be Singaporean or Permanent Resident of Singapore.

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