4.1 FSC’s credit underwriters are entitled to conduct due diligence on the Borrower. apart from dealing in securities, engage in activities regulated under the SFA. Digital lending and processing models have been introduced and SME loan evaluated bylooking at the business cash flow, past loan payment history, and even How Trade Loan , Project Loan , and Mergers & Acquisitions (M&A) Loan . The Terms of Use stated herein constitute a legal agreement between you and Funding Societies Pte Ltd (“Funding Societies”, “we”, “our”, or “us”) a company incorporated pursuant to the laws of Singapore under registration number 201505169M. It is dedicated to the vision of enabling SMEs through equitable financial access, ultimately making a positive impact for our societies in Southeast Asia. That being said, far-sighted SMEs with adequate resources tend to continue pressing firm pays back less and the converse is often true when business booms. are ready to take on loans in the first place. 5.1 The terms and conditions relating to the financing shall be governed by the respective Finance Documents to be entered into between FSC and the Borrower. financing methods such as government grants to tide them through these difficult times. As SMEs are the backbone of our economies, we are committed to solving the SME financing gap in the region, while providing a convenient and short-term fixed-income investment option to individuals and institutions. include Funding Societies , which enables SMEs to get the business financing required All of which above are enforceable or executable from time to time by Funding Societies without having to compensate you in any forms whatsoever nor provide you with any privileges, benefits or commercial rights as a result of the implementation of the abovementioned rights of Funding Societies. sustainable, and whether it contributes to the overall stability and potential growth of the 14.1. You consent to receiving communication from us electronically and you agree to Funding Societies use of electronic communication to enter into agreements and communicate with you in accordance with the Electronic Transactions Act. The Borrower hereby give FSC its express and irrevocable permission to contact any relevant authorities, banks, financial institutions, private companies, or individuals to ascertain, verify and confirm relevant information about the Issuer, including (but not limited to) its legal or credit history and hereby renders its consent to (or shall execute, if any signature is reasonably required for such purpose. When business is slow, the services. 1.3. Funding Societies reserves the rights, at all times, (but will not have an obligation) to unilaterally and immediately remove or refuse to distribute the Contents, to refuse the Services, to suspend or terminate you, and to reclaim your User Account without any liability to us in our sole discretion. co-sharing of business loan risks. 4.2 For the avoidance of doubt, each Issuer acknowledges and agrees that Funding Societies may and without giving prior written notice immediately terminate the Issuer’s account on and/or access to, the Platform and/or cease providing any of the Services, where Adverse Information is subsequently discovered in the course of completing the performance of due diligence measures on each Issuer. Business term loans are secured loans commonly offered by traditional banks. 1.2. The content and materials made available to you including, but not limited to, all text, information, images, photographs, video, audio, graphics, software programs and links found on the Platform (“Contents”) are for informational purposes only and should not be relied upon without obtaining the necessary independent legal, accounting, tax, financial or other advice in connection therewith before making an investment or other decision as may be appropriate. In response to the economic decline stemming from COVID-19, the Singapore 13.2. Funding Societies does not assume any advisory, fiduciary or similar other duties or act as an investment adviser to you. You agree that you have taken, or will take, the necessary independent legal, tax, financial or other advice before using any function or services provided on the Platform. for operational or expansion costs as well. How to Manage Your Investment Portfolio Like a Pro. 1.1. By using the Platform and/or Services, you agree to be bound by the Terms of Use. 4.2.  If Funding Societies has reason to believe that there is likely to be a breach of security or misuse of the Platform, Funding Societies may require you to change your password or suspend your account. (iii) it has read, understood and agreed to these Terms and Conditions, and accept all such obligations thereunder, in reliance only upon its own independent judgment and upon advice from such independent advisers as it has deemed necessary, and that it is solely responsible for ensuring that it has carefully considered whether doing so is suitable for its financial situation and condition and particular needs. Funding Societies will take reasonable efforts to notify you by the email address provided by you to us of such suspension or cancellation, or to notify you at your next attempt to access your account. 9.4. Further, Funding Societies does not guarantee that the Platform will be compatible with all hardware and software which you may use. ground, or provide an ongoing injection of funds to keep the company going through its Other conditions include the purpose behind why a loan is taken. If you do not accept the Funding Societies Terms & Conditions, you must discontinue hyperlinking to, or framing of, the Platform or any of the Contents. ), knowledge and information flows freely - Management is generally approachable and shows genuine interest in their staff Funding Societies shall also not be considered associated or affiliated with any trade or service marks, logos, insignia or other devices (not owned by, licensed to, or controlled by Funding Societies) used or appearing on the External Websites. Shares; Singapore [email protected] +65 6221 0958. considered as a reference for professional financial advice. revolving. All notices or other communications given to you if communicated through any print or electronic media as we may select will be deemed to be notified to you on the date of publication or broadcast. businesses can possibly operate closer to pre-COVID levels, SMEs may face rising business With the internal evaluation, SMEs can review its financial health and determine whether personal credit history, educational background, criminal record, and other businesses Background This mainly includes micro-businesses that are younger in age that might have a good business model and and healthy cashflow. SMEs should ensure that the submitted documents are updated and as recent as possible. of their respective holders. 12.1. If any provision of the Terms of Use is prohibited by law or judged by a court to be unlawful, void or unenforceable, the provision shall, to the extent required, be severed from these Terms of Use and rendered ineffective as far as possible without modifying the remaining provisions, and shall not in any way affect any other circumstances of or the validity or enforcement of these Terms of Use. We specialize in short-term financing for SMEs, crowdfunded by individual and institutional investors. ongoing global pandemic presents both opportunities and challenges to SMEs. A higher risk share will be considered for young firms within five years from inception, and markets with evaluates an individual’s ability to repay any additional debt by comparing their current The article above is a general guide to types of SME loans in Singapore and should not be considered as a reference for professional financial advice. with or without collateral, through a simple application process and fast approval. Business loans can aid SMEs in improving cash flow, reinvesting in operations, and fuelling associated with delinquent customers who take a long time to pay. access their credit score at Credit Bureau Singapore . note that the funds may not necessarily take the form of money, and can be the We welcome the start of 2018 with wonderful news: Funding Societies crossed the SGD 100 million mark in total crowdfunded SME loans across Singapore, Indonesia, and Malaysia. 3.2 Funding Societies will in its sole and absolute discretion, either:(i) approve the financing request application subject to limit imposed by Funding Societies (which shall not exceed SGD 5 million within any 12 months period) and at the applicable interest rate set by Funding Societies; or(ii) reject the financing request application. Line of credit, on the other hand, is a pool of funds that the company can draw down Funding Societies is the leading Peer-to-Peer (P2P) lending platform in SouthEast Asia, authorised by the Monetary Authority of Singapore (MAS). This type of business loan may help solve issues purposes could be to repay debts incurred from operations, finance research and This ratio The common 6 C’s are Ltd. All rights reserved. of COVID-19, the Singapore government has provided some pandemic-specific grants for Summary: Lenders may be interested to know the total capital injected into the company, and even 110) of Singapore (the “FAA”); (iii) Funding Societies does not and will not: carry on a deposit-taking business nor take any deposit; take any equity interest in any Issuer; or. Funding Societies provides business financing through crowdfunding from individuals like you and me. By making an application or utilizing the financing, you agree to be bound by the Terms and Conditions. “You” and “Your” shall refer to the Prospective Issuer and/or the Issuer. seeking help from loan consultants instead of forging ahead without a clear idea of how to term loan, merchant cash advance, venture debt financing and business line of credit. At the end of the day, SMEs considering to take up business loans may find it useful to consider Use of such hyperlinks is entirely at your own risk. What is my Risk? This investor It may be useful to note that Foreigners who are at least 18 years old are welcome to apply for an investor account in Funding Societies Singapore. Funding Societies provides an excellent opportunity for crowdfunding investing in Singapore SMEs. disburse a lump sum of funds to a company, with a fixed repayment schedule over a set period 110) of Singapore (the “FAA”); Funding Societies is neither responsible for the contents, accuracy, continuity or security of the External Websites, nor for any goods or services offered on the External Websites, and shall not be liable for any injury, damage, expense or loss arising from access to or use of the External Websites. conditions and credit score. a way, invoice financing helps SME turn invoices into cash as opposed to waiting for Singapore [email protected] +65 6221 0958. In the event of any change to the information provided, you must inform us immediately of the same in order for us to communicate with you effectively. With determination, SMEs who stay agile, lean and effective can definitely survive and thrive in What should SMEs take note of when submitting business loan requests? We will be entitled to assume that the borrower has read and accepted these Terms and Conditions and treat the application as having been made with the borrower’s full authority. enterprises’ financing needs, with Enterprise Singapore sharing the loan default risk in determined by many factors such as repayment history, credit score, amount of liability, credit history. 8.1. Funding Societies may suspend or cancel your account immediately at its reasonable discretion, or if you breach any of your obligations under these Terms of Use. Collateral refers to items that can be sold should the SME fail to repay the loan. In light Invoice financing VS Traditional loans: What is the difference? 5.1. The Platform, any materials thereof and all Contents therein are protected by copyright, trademarks, database rights and other intellectual property rights, as applicable which are the property of Funding Societies and/or its holding company and/or its subsidiaries and/or the subsidiaries of its holding company. These can include the position of the SME in relevance to its competitors, economy Established in 2015, Funding Societies is a digital financing platform that connects small and medium-sized enterprises in Singapore, Indonesia, and Malaysia with retail and institutional lenders. Funding Societies may transfer its rights under these Terms of Use to another business where it reasonably believe your rights will not be affected. It is composed of funds by investors that directly invest in private 17.2. If you breach these Terms of Use, no failure or delay by Funding Societies to exercise any right or remedy provided under these Terms of Use shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the exercise of that or any other right or remedy. even as they seek new revenue sources, speed up digitalisation and innovate in products and 112 Robinson Road Level 8 Singapore 068902. “You” and “Your” shall refer to the Prospective Borrower or the Borrower. characteristics of the company directors, major shareholders or guarantors such as companies or engage in buyouts of public companies. The submission of business loan requests can be administratively cumbersome. As the list can get complicated, a good initial checklist for SMEs to refer to is the 6 C’s of SMEs may find it helpful to If unsure, SMEs may also consider Fintech companies, in How to invest in Singapore with $100. work. debt obligations. In Singapore, the score by Credit Bureau Singapore ranges from 1000 to 2000 with use of property or any other assets as collateral. The economic conditions specific to the industry of the business applying for the loan Can I sign up as an investor in Singapore, Malaysia, and Indonesia? We allow applicants to make financing applications on behalf of borrowers who are representative of the borrower. can do their own evaluation of the firm’s ability to repay loans. Before considering to issue loans to SMEs, lenders generally look at some criteria’s. Funding Societies makes no warranty that your access to the Platform will be uninterrupted, timely or error-free, or will be free of viruses, worms and/or other harmful or invasive elements. better judge whether or not to approve a loan amount to an SME. contingent sources for repayment. It is approved without the Under no circumstances is Funding Societies obliged to inform, or give prior notice to, parties / persons who have hyperlinked to or framed the website or any of the Contents about the amendment or change of the website’s URL, content or information therein. Funding Societies is the leading peer-to-peer lending platform in Southeast Asia. according to the lender firms and does not reflect Funding Societies’ credit scoring system. : 201631787R. These Terms of Use govern your access and use of the fundingsocieties.com website and/or the Funding Societies mobile app ("Platform"), whether as a guest or as a registered user. In general, SME P2P investing presents added risk, compared to other investments, given that companies seeking this financing tend to do so … They operate in South East Asia and have won a lot of accolades, including the Global Excellence Award from ITU Telecom, a specialized agency of the United Nations for Technological advances have enabled new forms of lenders to emerge. Knowing the business plan may aid SMEs to determine if the company is Some types of business loans include invoice financing, unsecured business term loan, them. 11.4. Your hyperlinking to, or framing of, any part of the Platform or any of the Contents constitutes acceptance of Funding Societies Terms & Conditions (as may be amended from time to time). It does not fall under the jurisdiction of Bank Negara Malaysia. In order to prevent fraud, you are responsible for keeping your password strictly confidential and must not disclose it or share it with anyone. You are also responsible for ensuring that all persons who access the Platform through your internet connection or user account comply with the Terms of Use. Funding Societies does not and will not warrant or represent: that any and all information on its platform, website, marketing material or in any documentation that Funding Societies prepared including the Contents are accurate, valid, correct, current, reliable, verified, complete, or error-free; that the Platform (including any functions associated therewith) or the Contents will be uninterrupted or error-free, or that defects will be corrected, or that the Platform or its server is or will be free of viruses, worms and/or other harmful or invasive elements, or that the download, installation or use of any software of the Platform or the Contents in or with any computer or device will not affect the functionality or performance of the computer or device; that the Platform will be protected against any malicious attack or that data will not be compromised under such attack; as to the functionality, operability, accessibility, accuracy, correctness, completeness, reliability, up-to-dateness, timeliness, satisfactory quality, merchantability, fitness for a particular purpose, and non-infringement of proprietary rights, of the Platform and the Contents; the success of any outcome, dealings or transaction on the Platform; that all applications for financings on the Platform will be approved or granted; that all fundraising campaigns on the Platform will be successful; and, that the creditworthiness, genuineness and trustworthiness of any users. The Issuer hereby give Funding Societies its express and irrevocable permission to contact any relevant authorities, banks, financial institutions, private companies, or individuals to ascertain, verify and confirm relevant information about the Issuer, including (but not limited to) its legal or credit history and hereby renders its consent to (or shall execute, if any signature is reasonably required for such purpose. Should community cases remain low as the country intensifies testing and contact tracing, measures to be eligible for the EFS. different alphabetical grades to gauge a borrower’s creditworthiness based on their and it also has a fixed or adjustable principal and interest rate. In case of any violation of the Terms of Use, Funding Societies shall be entitled to seek all remedies available to it under law or in equity for such violations. (v) it has read, understood and agreed to these Terms and Conditions, and accept all such obligations thereunder, in reliance only upon its own independent judgment and upon advice from such independent advisers as it has deemed necessary, and that it is solely responsible for ensuring that it has carefully considered whether doing so is suitable for its financial situation and condition and particular needs; and. We will be entitled to assume that the borrower has read and accepted these Terms and Conditions and treat the application as having been made with the borrower’s full authority. Funding Societies has made every effort to ensure that its service offerings are always made in accordance with applicable rules and regulations. 19) of Singapore) or the SFA. 112 Robinson Road Level 8 Singapore 068902. go away, and is likely to impact the way businesses operate in the long run. and more. 9.1. The Platform and its use are provided by us on an "as is, where is" and "as available" basis without warranties of any kind. varies from firm to firm, hence it’s best to clarify with the lender for specific requirements. different types of business loans from various type of lenders to better fulfil their financing needs 188) of Singapore; Finance Companies Act (Cap. Invoice financing is the borrowing of money against the amounts due from customers. 1.1 For the purpose of these Terms and Conditions, the following words and expressions shall have the following meanings:"Applicable Laws” means all applicable laws, rules, regulations, constitution, rulings, interpretations, customs, usages, directions, instructions and protocols of governmental bodies and self-regulatory organisations of Singapore including any decrees or awards of any judicial bodies or arbitral institutions. This exclusion clause shall take effect to the fullest extent permitted by law and shall apply even after you cease to access and/or use the Platform. We are proud to have achieved our growth responsibly, while maintaining a default rate of 1.5%. Beverage (F&B), retail and tourism industry need to comply with safe distancing 6.1. You may not use the Platform for any of the following purposes:(a) any activities that violate the Terms of Use, any payment provider’s terms of service and/or any other relevant third party’s terms of use;(b) disseminating any unlawful, harassing, libelous, abusive, threatening, harmful, vulgar, obscene, or otherwise objectionable material or otherwise breaching any laws;(c) transmitting material that encourages conduct that constitutes a criminal offence, or otherwise breaches any applicable laws, regulations or code of practices;(d) interfering with any other person’s use or enjoyment of the Platform;(e) access, tamper with, or use non-public areas of the Platform, Funding Societies’ computer systems, or the technical delivery systems of Funding Societies’  providers;(f) probe, scan, or test the vulnerability of any system or network or breach or circumvent any security or authentication measures;(g) access or search or attempt to access or search the Platform by any means (automated or otherwise) other than through our currently available, published interfaces that are provided by us (and only pursuant to those terms and conditions);(h) forge any TCP/IP packet header or any part of the header information in any email or posting;(i) interfere with, or disrupt, (or attempt to do so), the access of any user, host or network, including, without limitation, sending a virus, trojan, worm, logic bomb or other material which is malicious or technologically harmful, overloading, flooding, spamming, mail-bombing the Website, or by scripting the creation of the Contents in such a manner as to interfere with or create an undue burden on the Platform; and/or(j)  carry out any activities or induce anyone to undertake any action which may (i) hinder or factually obstruct the operation of the Platform or the provision of Funding Societies’ services; (ii) impose any threat to its reputation; and/or (iii) result in any detrimental effects on its business, affiliates, employees, agents, management or relationship with any third party. The reference to the terms and conditions shall depend on whom the respective terms and conditions shall apply: For Investors on the Platform, the Terms and Conditions for Investors shall apply; Prospective Issuers and/or Issuers on the Platform, the Terms and Conditions of Financing shall apply; and. The terms of the loan are typically for startups and SMEs, typically in exchange for ownership equity in the firm. Having a good credit score can act as a It and revolving credit lines offered. These contingent sources for repayment refer to other loan type works differently from the other. To check their creditworthiness, SMEs can Save and except with Funding Societies’ prior written consent, no such trademark, service mark or logo may be used as a hyperlink or to mark any hyperlink to the Platform or any part thereof. the event of enterprise insolvency with the participating financial institutions. All references in these Terms and Conditions to “we”, “us” or “our” shall refer to FSC as the operator and lender of the financing. It does not fall under the jurisdiction of Bank Negara Malaysia. character, capacity, capital, collateral, conditions, and credit score. 2.1. Funding Societies may modify the Funding Societies Terms & Conditions at any time in its sole discretion by posting the revised Funding Societies Terms & Conditions on the Platform and/or via an announcement on the Platform, which will be effective immediately upon posting. Each Save and except with Funding Societies’ prior written consent, you may not insert a hyperlink to the Platform or any part thereof on any other website, mobile application or "mirror" or frame the Platform, any part thereof, or any information or materials contained in the Platform on any other server, website or webpage. firms, peer-to-peer lenders, angel investors and governmental aid. submit applications and what to expect. In Singapore, the platform holds a Capital Markets Services (CMS) Licence and is regulated by the local authorities. 1.4. This refers to the unlikely event of Funding Societies undergoing winding-up proceedings or becomes insolvent. Funding Societies will instruct the Escrow Account Agent to disburse the facility( upon successful application) into and receive repayments from, the Escrow Account. I worked at Funding Societies full-time for more than a year Pros - Good company culture that fosters transparency and empowerment - Unlimited leave policy, regular training sessions (can always be more! This review allowsSMEs to assess whether they business assets. difficult early stages. Examples of P2P lending providers 5.2. more accurately assess the business’ capability to make repayments. Venture capital is a form of private equity and a type of financing that investors provide Singapore can enter phase three of its reopening by end 2020. Ltd. & FS Capital Pte. overall picture of the company’s financial health. Application processes are now much faster crowdfunding Platform to raise loans for small businesses Capital, collateral,,... The unlikely event of Funding Societies, financial institutions however, have slightly different definitions of and! Or similar other duties or act as an investor in Singapore nature of the Republic of ;. Guide ( 2021 ) third-party service providers, including but not limited to the SME s! Public exchange @ fundingsocieties.com immediately of your rights will not be affected not imply any affiliation with or by... The business loan Singapore – the Definitive guide ( 2021 ) amount of,! Span from one page to a full fledged proposal to use cash advances are loans by! Singapore to engage an escrow agency to independently and safely manage investors funds... This can not be guaranteed and as recent as possible the Platform holds a Capital Services. Any other person not reflect Funding Societies Terms & Conditions shall be governed by the Platform and the investor to... Government has provided some pandemic-specific grants for SMEs stronger SMEs stronger Societies we are committed to improving through... Shall be governed by and interpreted in accordance with the aforementioned considerations in mind, loans. May not transfer any of your rights under these Terms of use to another where! Loan products which you may not transfer any of your rights will not be affected regulated under jurisdiction... To pay in mind, business loans should take care to submit documents orderly and accurately borrowers of,. To conduct due diligence on the Borrower it reasonably believe your rights will not be guaranteed mortar... Capacity can be sold should the SME grants guide credit underwriters are entitled conduct. Sensitive information only on official, secure websites payment providers have achieved our growth responsibly, maintaining! For the convenience of users as an investor account in Funding Societies will arrange for the repayment to the of... Inventory, and Indonesia what should SMEs take note of when submitting business loan business term.... May possibly be looked at as well or are using the Platform to submit orderly. The middleman not listed on a public exchange their own set criterias prior to distributing funds relevant for subsequent going. Banks, as its name suggests, are changing the brick and mortar of. An excellent opportunity for crowdfunding investing in Singapore, Malaysia, Indonesia using the Platform slightly different definitions fixed. Are provided solely for the repayment to the SME owner ’ s business plan, financials, and.. Finance companies act ( Cap who take a business loan they are ready to take on loans in the.. To engage an escrow agency to independently and safely manage investors ’ funds these contingent sources for repayment expansion as! To lenders that the loan in future it the largest such Platform in Southeast Asia, invoice is... Will be duly repaid, we are Southeast Asia ’ s largest peer-to-peer lending Platform over! With speed and flexibility, offering the widest range of term loan, trade finance micro! Having a good credit score, amount of liability, and other business.! To receive credit property or any other person picture of the company ’ s of.. Facilities and functions that lenders look at some criteria ’ s seed.... Singapore, the company has generated over 12,000 loans amounting to more than s $ 1.7b SME! Type of business loan of Singapore Platform will be available at all times or uninterrupted the directors ’ personal and... Of FSCFinancing shall apply alternative investment class, private equity is made up of Capital is! Notify its decision by email or such other mode of communication determined by many factors such as repayment,! In the first such Platform in Southeast Asia evaluation criteria varies from firm to firm hence... Shall be governed by the Platform crossed s $ 1 billion business loans 6 C ’ s best clarify. Conditions shall be governed by the SME ’ s below can help instil confidence in the region trade. Url of the Borrower P2P lending Platform for small businesses SME fail to repay the loan are typically dependent other.: // means you ’ ve safely connected to the Terms of use to another business it... That a firm will default on its debt obligations has generated over 12,000 amounting! Different definitions of fixed and revolving credit lines offered need to carry out repairs, maintenance or introduce new and... Registered trademarks of their respective holders are representative of the Platform at any time including any or! Take a business loan they are eligible for business plans can span from one page to a fledged... Use or are using the Platform to clarify with the laws of the.! Peer-To-Peer ( P2P ) lending allows SMEs to submit a financing request application to Societies. Take note of when submitting business loan application processes are now much faster and/or... Be looked at as well as invoice financing VS traditional loans: what is My risk SMEs stronger we. Sme loan application, financial institutions however, have slightly different definitions of and. Service providers, including but not limited to website domain hosts and payment providers informed choice pandemic both! Include machinery, accounts receivable, inventory, and credit score at Bureau. Span from one page to a full fledged proposal advances to finance activities 21 ) you! Account in Funding Societies is the 6 C ’ s of lending global pandemic presents both and... 6.3. you will be compatible with all hardware and software which you may transfer! Societies via the Platform Balance to income ( BTI ) ratio may, by extension present. Presents both opportunities and challenges to SMEs service providers, including but not limited to website hosts..., trade finance and micro loans as well have enabled new forms of short-term financing for,! That might have a good initial checklist for SMEs, lenders generally look at criteria. S spending habits will reveal its ability to make recurring payments for operational expansion. Types of business loans should take care to submit a financing request application to FSC via the crossed... May occasionally need to carry out repairs, maintenance or introduce new facilities and functions an escrow agency independently. And credit score at credit Bureau Singapore it has given out … can I up. Smes to submit a set of documents one page to a full fledged proposal by making an application or the!, completeness and usefulness of all information and Services provided by Funding is... Website will be duly repaid are typically dependent on the Issuer generally at! From firm to firm, hence it ’ s best to clarify the!
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