I am the sole director of a small trading company that deals only in the local market.
I have received an opportunity to secure the exclusive distributorship of a branded product to distribute locally, but I am short of funds.
Are there any government schemes I can tap that could help me finance the deal?
Before deciding to go ahead with this opportunity, it is important that you are sure that there is a sizeable market for the product.
A simple market survey of your potential target market would give you an indication, as well as useful information such as potential price points. Our business advisers at the SME Centre can provide more guidance in this area for free.
Once you are sure that there is a market for such a product, you may consider tapping Spring Singapore's Micro Loan Programme. This programme is supported by Spring and 11 participating financial institutions.
The programme criteria include fulfilling the SME definition and having fewer than 10 employees or annual sales not exceeding $1 million.
This programme allows a maximum loan of $100,000 at a minimum 5.5 per cent interest rate for a loan tenure of four years and below.
If you are unsure of how to apply for the Micro Loan, please approach the SME Centre @ Singapore Manufacturing Federation.
At the SME Centre, free business advice is provided for SMEs on many issues, including financial management.
Ms Jessica Lee, centre manager of SME Development, SME Centre @ Singapore Manufacturing Federation
Do you have a question for a business expert? Send your SME-related queries to Yasmine Yahya at firstname.lastname@example.org
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