Take advantage of Singapore Government-assisted schemes with the help of Multiply Capital
Multiply is a participant in the Singapore government’s SME (Small and Medium-sized Enterprises) financing programs as a part of IFS Capital Group.
To provide more insight into the scheme, Multiply’s father company, IFS Capital, is a participating financial group under Singapore’s Enterprise Financing Scheme (EFS). The scheme will encourage Singapore enterprises to access financing much more easily throughout the various stages of its growth, via a risk-sharing agency.
It was announced at Solidarity Budget 2020, where the enhanced EFS lifted the maximum loan quantum from $300,000 to $1 million. The Risk-share ratio was also increased to 90% (from 50% and 70% for young companies) for new petitions initiated from 8 April 2020 until 31 March 2021.
Some of the benefits of this program are:
- Easy Application: Multiply’s Friendly Regional Managers will walk you through the simple application procedure.
- Cash Flow Bridge: Ease of cash flow holes in your enterprise with repayment periods up to 5 years.
- No Collateral Requirements: There will be no security or collateral requirements as it is meant to be unsecured lending supported by the administration’s risk-sharing program.
Now comes the question: Why should you choose Multiply?
They sum it up in a few points:
- They provide collateral-free funding up to S$1,000,000.
- They have competitive rates and flexible repayment terms of up to 5 years.
- It is proposed under the Enhanced Enterprise Financing Scheme, announced in Budget 2020 of the Singapore government.
What does it take for a business to be eligible under the EFS?
A business is considered eligible for funding under EFS when:
- An enterprise is incorporated and operating in Singapore.
- It has at least 30% Singaporean or PR shareholding.
- It has annual sales of less than 500m for all companies in the group.
If your business checks up all the eligibility quotients, click here to go and apply under this scheme and expand your business smoothly.