
Best Business Loans in Singapore (2022): A Comparison Guide
A whopping 40,000 small businesses in Singapore were mostly affected by COVID-19. And for six out of 10 firms, businesses will take up to two years to recover.
On top of that, companies are also facing a new wave of challenges, such as financing and cash flow. Thankfully, the Singapore government assistance schemes, banks, and other financial institutions offer business financing to help struggling enterprises emerge stronger.
Government’s SME Working Capital – Best Overall
Before you take a bank ME business loan, businesses should consider tapping into the SME Working Capital, which you can take advantage of until 31 March 2023.
SME Working Capital | |
Maximum Loan Quantum | S$500,000 per borrower |
Maximum Repayment Period | 5 years |
Government Risk-Share | 50%Young enterprises may receive a risk share of 70% |
Interest Rate | Subject to participating financial institution’s (PFI) assessment of risks involved |
Deadline of Submission | 1 October 2022 to 31 March 2023 |
Here is the list of the 19 Participating Financial Institutions (PFIs). The interest rates will vary on the financial institutions’ criteria.
5 Best Bank Business Loans in Singapore
Aside from the SME Working Capital Loan, businesses can also turn to traditional business bank loans. Here are the best SME loans in Singapore being offered by Singapore’s top banking giants.

1. DBS Business Term Loan – Best When You Need a Higher Loan Amount
Address
12 Marina Boulevard, Marina Bay Financial Centre Tower 3, Singapore 018982
Click here to locate branches and their operating hours.’
Operating Hours
8:00 am – 8:00 pm. Open every day including Saturdays & Sundays. Closed on Public Holidays
Contact Us
Phone: +1800 111 1111
Designed to support daily operational cashflow, you can access up to $500,000 from DBS with up to 5 years loan repayment period. The good thing about this business loan is that all enterprise Singapore or registered businesses can apply, and there is no physical collateral needed, but guarantor(s) is required.

2. OCBC Business First Loan – Best For Startups
Address
65 Chulia Street Singapore 049513.
Click here to locate branches and their operating hours.
Opening Hours
8:00 am – 8:00 pm. Open every day including Saturdays & Sundays. Closed on Public Holidays.
Contact Us
Phone: +65 6538 1111
If you’re a startup or at least six months old, the OCBC is the best small business loan option for you. What makes this business loan attractive is that there’s “no paperwork” required, and the business loan application also takes a few minutes. With this loan, you can borrow up to $100,000 with a 7.75% interest rate p.a., and can be paid for up to 4 years.

3. UOB BizMoney – Best Short Term Business Loan
Address
80 Raffles Place, UOB Plaza Singapore 048624
Click here to locate branches and their operating hours.
Opening Hours
8:00 am – 8:00 pm. Open every day including Saturdays & Sundays. Closed on Public Holidays.
Contact Us
Phone: +65 6259 8188
UOB BizMoney offers up to $350,000 to businesses registered and operating in Singapore for a minimum of 3 years. The advantage of getting SME loans from UOB is that eligible borrowers can receive the cash quickly, within one business day. The interest rate starts at 10.88% per annum, and you don’t have to pledge any property or deposit to apply.

4. Maybank Business Term Financing-i – Best for Shariah-Compliant Businesses
Address
80 Raffles Place, UOB Plaza Singapore 048624
Click here to locate branches and their operating hours.
Opening Hours
9:00 am to 6:00 pm. Open on weekdays. Closed on weekends and public holidays.
Contact Us
Phone: +1800 629 2265
If your business and financing purpose are Shariah-compliant, you can get financing of up to $500,000 from Maybank with up to 5 years repayment period. What makes this unsecured loan offer outstanding is that it offers attractive rates and a choice of financing packages.

5. Standard Chartered Business Instalment Loan – Best Interest Rates
Address
8 Marina Boulevard #01-01, Marina Bay Financial Centre Tower 1, Singapore 018981
Click here to locate branches and their operating hours.
Opening Hours
10:00 am to 7:00 pm. Closed on weekends and public holidays.
Contact Us
Phone: +1800 743 3000
With Standard Chartered’s Business Instalment Loan, you can secure up to $300,000 loan, collateral-free. The interest rate is 9% p.a., and the loan repayment period is only up to 3 years. One of the best features of this loan is that business financial statements are not required. You will only need to submit your company’s GST statements from the last four quarters and Operating Bank statements from the last six months.
At a Glance of the Best SME Business Loans
Banks | Maximum Loan Amount | Loan Tenure | Interest Rate |
DBS Business Term Loan | S$500,000 | Up to 5 years | Per bank assessment |
OCBC Business First Loan | S$100,000 | Up to 4 years | 7.75% to 9.75% p.a.Per bank assessment |
UOB BizMoney | S$350,000 | Up to 5 years | Up to 10.88% p.a.Per bank assessment |
Maybank Business Term Financing-i | S$500,000 | Up to 5 years | Per bank assessment |
Standard Chartered Business Instalment Loan | S$300,000 | Up to 3 years | Up to 9% p.a. |
If you need a higher loan amount, you may want to consider the DBS Working Capital Loan or Maybank Business Term Loan. For start-ups, you may take advantage of OCBC’s Business First Loan small business loans and easy qualifications.
Good to Know
1. What is the interest rate for a business loan in Singapore?
Unsecured business loan interest rates range from 9-12% p.a. Working Capital, on the other hand, is much lower, from 5-7%.
2. Which bank gives the lowest interest on a business loan?
Based on the comparison table, the lowest interest rate is the government’s Working Capital Loan and OCBC bank’s Business Loan.
3. What are the alternatives to business loans in Singapore?
If your company is not eligible for the standard business loan, small business owners may consider other alternatives, such as a personal loan. Designed to be used for any personal needs, you can borrow up to 10x your monthly salary with an interest rate of more or less 4% p.a. Singapore banking giants also offer a generous loan repayment period of up to 5 years.
How We Rate and Review the Products and Services We Recommend
To curate the list of the best business loans in Singapore, we used a set of guidelines to thoroughly evaluate each company. Our goal at Top Brands is to help readers make smart choices. You can view the full list of our criteria here.
Closing
Choosing the best loan for your business still depends on your needs. It’s best to consider how much you need, what you will use it for, and if you have a repayment plan to avoid incurring late fees.
That said, here are the key takeaways to keep in mind:
- Government-assisted Working Capital Loan is the best loan you can find on the market. Approach a bank from the 19 PFIs to learn more if you’re eligible.
- The Temporary Bridging Loan Programme scheme expired in September 2022, and the SME Working Capital Loan is available until March 2023.
- Businesses looking to borrow higher loan amounts can tap DBS and Maybank.
- Startup’s best option is OCBC.
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