If you’re a business owner in Singapore, you may have heard of capital finance loans. But what exactly are they, and how can they benefit your business? In short, a capital finance loan is a type of loan that can help businesses access the funds they need to grow and expand.
Capital finance loans are typically used to finance long-term investments, such as purchasing new equipment, expanding your business, or acquiring another company. These loans can be secured or unsecured, and they typically have a longer repayment period than other types of loans. In Singapore, there are a number of financial institutions that offer capital finance loans, as well as government-backed schemes that can help small and medium-sized enterprises (SMEs) access financing.
So, what are the key features of Singapore’s capital finance loans, and how can you qualify for one? In this article, we’ll take a closer look at everything you need to know about capital finance loans in Singapore. From eligibility criteria and application processes to government-backed schemes and tailored solutions for diverse business types, we’ll cover all the essential information you need to make an informed decision about whether a capital finance loan is right for your business.
Key Takeaways
- Capital finance loans can help businesses access the funds they need to grow and expand, and are typically used to finance long-term investments.
- In Singapore, there are a number of financial institutions that offer capital finance loans, as well as government-backed schemes that can help SMEs access financing.
- To qualify for a capital finance loan, you’ll need to meet certain eligibility criteria, such as having a good credit score and a solid business plan.
Understanding Capital Finance Loans
If you’re a business owner in Singapore, you may be looking for ways to fund your business operations. One option available to you is a capital finance loan. In this section, we’ll explain what capital finance loans are, their purpose, and the different types available to you.
Definition and Purpose
A capital finance loan is a type of loan that is used to fund a business’s long-term investments or capital expenditures. These investments could include purchasing new equipment, expanding the business, or even acquiring another company. The purpose of a capital finance loan is to provide businesses with the funds they need to grow and develop.
Types of Capital Finance Loans
There are several types of capital finance loans available to businesses in Singapore. These include:
- Term loans: These are loans that are repaid over a fixed period of time, typically between one and ten years. They are often used to fund long-term investments, such as purchasing new equipment or expanding the business.
- Working capital loans: These are short-term loans that are used to fund a business’s day-to-day operations. They can be used to cover expenses such as payroll, rent, and inventory.
- Bridging loans: These are short-term loans that are used to bridge the gap between the time when a business needs funds and when it receives them. They are often used to fund projects that have a fixed end date, such as a construction project.
- Business lines of credit: These are revolving lines of credit that businesses can draw on as needed. They are often used to cover short-term expenses, such as unexpected bills or slow-paying customers.
- SME loans: These are loans that are specifically designed for small and medium-sized enterprises (SMEs). They may have lower interest rates and more flexible repayment terms than other types of loans.
- SME working capital loans: These are loans that are specifically designed to help SMEs manage their working capital. They can be used to cover expenses such as payroll, rent, and inventory.
- Funds: These are pools of money that are managed by investment professionals. They can be used to invest in a variety of assets, including stocks, bonds, and real estate.
- Funding: This refers to the process of raising capital for a business. It can be done through a variety of means, including loans, equity financing, and crowdfunding.
Now that you have a better understanding of what capital finance loans are and the different types available, you can make an informed decision about whether they are right for your business.
Key Features of Singapore’s Capital Finance Loans
If you are a business owner in Singapore, you may be looking for a capital finance loan to help with your business’s financial needs. Capital finance loans are a type of loan designed to help businesses with their working capital needs, such as funding day-to-day expenses, purchasing inventory, or investing in new equipment.
Loan Tenure
Capital finance loans in Singapore typically have a loan tenure of up to 5 years. This means that you can choose a repayment period that suits your business’s needs and financial situation. The loan tenure may vary depending on the lender and the loan amount.
Interest Rates
Interest rates for capital finance loans in Singapore may vary depending on the lender and the loan amount. Generally, interest rates for capital finance loans are lower than those for other types of loans, such as unsecured business loans. The interest rate may also depend on the creditworthiness of your business.
Maximum Loan Amounts
The maximum loan amount for capital finance loans in Singapore may vary depending on the lender and the loan amount. Generally, the maximum loan amount for capital finance loans is higher than that for other types of loans, such as unsecured business loans. The loan amount may also depend on the creditworthiness of your business.
Repayment Schemes
Capital finance loans in Singapore typically offer flexible repayment schemes to suit your business’s financial needs. You can choose a repayment scheme that suits your business’s cash flow, such as monthly or quarterly repayments. Some lenders may also offer a moratorium period, where you do not have to make any repayments for a certain period of time.
In summary, capital finance loans in Singapore are a great option for businesses looking for working capital financing. With flexible loan tenures, lower interest rates, higher maximum loan amounts, and flexible repayment schemes, capital finance loans can help your business manage its cash flow and grow.
Eligibility Criteria for Borrowers
If you are looking to apply for a Capital Finance Loan in Singapore, there are certain eligibility criteria that you must meet. Here are the two main areas that you need to fulfill:
Business Eligibility
Firstly, your business must be registered in Singapore with the Accounting and Corporate Regulatory Authority (ACRA). This means that sole proprietorships, partnerships, and private limited companies are eligible to apply for the loan.
Additionally, your business must have at least 30% local shareholding and an annual sales turnover of less than SGD 100 million. This means that small and medium-sized enterprises (SMEs) are the main target for this loan.
Financial Requirements
In terms of financial requirements, your business must have a good credit rating and a sound financial track record. This means that your business should have a positive cash flow and be able to demonstrate its ability to repay the loan.
Furthermore, your business should not have any outstanding tax liabilities or legal disputes. If you meet these criteria, you can apply for a Capital Finance Loan through Enterprise Singapore or any of the participating financial institutions.
In summary, to be eligible for a Capital Finance Loan in Singapore, your business must be ACRA-registered, have at least 30% local shareholding, an annual sales turnover of less than SGD 100 million, and meet certain financial requirements.
Application Process
If you are interested in applying for a Capital Finance Loan in Singapore, the process is relatively straightforward. Here are the steps you need to take:
How to Apply
- Choose a lender: Start by researching different lenders in Singapore that offer capital finance loans. Look for a lender that meets your specific needs, such as loan amount, interest rate, and repayment terms.
- Check eligibility: Once you have selected a lender, check their eligibility requirements to ensure that you meet their criteria. This may include factors such as business age, credit score, annual revenue, and industry.
- Fill out the application: After confirming eligibility, you can proceed to fill out the loan application. This typically involves providing basic details about your business, such as its legal name, address, and registration number.
- Provide supporting documents: You will also need to submit supporting documents, such as bank statements, financial statements, and tax returns. These documents help the lender assess your creditworthiness and ability to repay the loan.
- Personal guarantees: Depending on the lender, you may also be required to provide a personal guarantee. This means that you will be personally liable for repaying the loan if your business is unable to do so.
- Wait for approval: After submitting your application and supporting documents, you will need to wait for the lender to review and approve your application. This can take anywhere from a few days to a few weeks.
- Receive funds: If your application is approved, you will receive the funds in your business account. You can then use the funds to cover your business expenses.
Required Documents
When applying for a Capital Finance Loan in Singapore, you will need to provide several supporting documents. These may include:
- Bank statements: To demonstrate your business’s cash flow and financial stability.
- Financial statements: To provide a snapshot of your business’s financial health, including income statements, balance sheets, and cash flow statements.
- Tax returns: To show your business’s income and tax obligations.
- Business plan: To outline your business’s objectives, strategies, and financial projections.
- Personal identification: To verify your identity, such as a passport or NRIC.
- Other documents: Depending on the lender, you may also be required to provide additional documents, such as business licenses, contracts, or invoices.
By providing these documents, you can help the lender assess your creditworthiness and ability to repay the loan. Make sure to double-check the lender’s specific requirements to ensure that you provide all the necessary documents.
Government-Backed Schemes for SMEs
If you are a small business owner in Singapore, you have access to various government-backed financing schemes to help you grow and sustain your business. These schemes are designed to provide you with the necessary capital to invest in your business and expand your operations.
Enterprise Financing Scheme
The Enterprise Financing Scheme (EFS) is a government-backed financing scheme that provides financing support to SMEs across all industries. Under this scheme, there are various financing options available, including the SME Working Capital Loan, which helps SMEs finance their operational cashflow needs. The loan is available to SMEs with a maximum loan quantum of up to SGD 1 million for a maximum repayment period of up to 5 years. The government co-shares at least 50% of the risk with participating financial institutions.
Temporary Bridging Loan Programme
The Temporary Bridging Loan Programme (TBLP) is a government-backed financing scheme that provides financing support to SMEs affected by COVID-19. The loan is available to SMEs with a maximum loan quantum of up to SGD 5 million for a maximum repayment period of up to 5 years. The government co-shares at least 90% of the risk with participating financial institutions.
Under the TBLP, there are two types of loans available: the Working Capital Loan and the Fixed Asset Loan. The Working Capital Loan helps SMEs finance their operational cashflow needs, while the Fixed Asset Loan helps SMEs finance their machinery and equipment purchases.
Enterprise Singapore
Enterprise Singapore is the government agency that administers the various financing schemes available to SMEs. They work with participating financial institutions to provide SMEs with access to financing options that meet their needs.
To apply for any of the financing schemes, you will need to approach one of the participating financial institutions. They will assess your eligibility and provide you with the necessary financing support to help you grow your business.
In conclusion, if you are an SME in Singapore looking for financing support, there are various government-backed financing schemes available to you. These schemes provide you with the necessary capital to invest in your business and expand your operations. Contact Enterprise Singapore or one of the participating financial institutions to learn more about the financing options available to you.
Financial Institutions Offering Capital Finance Loans
If you are looking for a capital finance loan in Singapore, there are several financial institutions that you can turn to. These institutions offer a variety of loan packages that cater to different business needs. In this section, we will take a closer look at some of the banks and non-bank financial institutions that offer capital finance loans.
Banks and Their Loan Packages
UOB BizMoney
UOB BizMoney is a loan package offered by United Overseas Bank (UOB) that provides financing of up to SGD 200,000 for your business needs. This loan package is suitable for small and medium-sized enterprises (SMEs) that require working capital for their daily operations. The loan is unsecured, which means that you do not need to provide any collateral. The interest rates are competitive, and the loan tenure can range from 6 months to 5 years.
DBS Digital Business Loan
DBS Digital Business Loan is a loan package offered by DBS Bank that provides financing of up to SGD 500,000 for your business needs. This loan package is suitable for SMEs that require working capital for their daily operations or capital expenditure for their business expansion. The loan is unsecured, which means that you do not need to provide any collateral. The interest rates are competitive, and the loan tenure can range from 1 to 5 years.
OCBC Business First Loan
OCBC Business First Loan is a loan package offered by OCBC Bank that provides financing of up to SGD 500,000 for your business needs. This loan package is suitable for SMEs that require working capital for their daily operations or capital expenditure for their business expansion. The loan is unsecured, which means that you do not need to provide any collateral. The interest rates are competitive, and the loan tenure can range from 1 to 5 years.
UOB SME Loan
UOB SME Loan is a loan package offered by UOB that provides financing of up to SGD 1 million for your business needs. This loan package is suitable for SMEs that require working capital for their daily operations or capital expenditure for their business expansion. The loan is secured, which means that you need to provide collateral. The interest rates are competitive, and the loan tenure can range from 1 to 5 years.
Non-Bank Financial Institutions
Capitall
Capitall is a non-bank financial institution that provides SME business loans in Singapore. They offer unsecured loans of up to SGD 500,000 with interest rates starting from 1.5% per month. The loan tenure can range from 3 to 12 months, and there are no early repayment fees. Capitall offers a fast and simple application process, and you can receive your loan within 24 hours.
Maybank Business Term Loan
Maybank Business Term Loan is a loan package offered by Maybank that provides financing of up to SGD 500,000 for your business needs. This loan package is suitable for SMEs that require working capital for their daily operations or capital expenditure for their business expansion. The loan is secured, which means that you need to provide collateral. The interest rates are competitive, and the loan tenure can range from 1 to 5 years.
Standard Chartered Business Installment Loan
Standard Chartered Business Installment Loan is a loan package offered by Standard Chartered Bank that provides financing of up to SGD 300,000 for your business needs. This loan package is suitable for SMEs that require working capital for their daily operations or capital expenditure for their business expansion. The loan is unsecured, which means that you do not need to provide any collateral. The interest rates are competitive, and the loan tenure can range from 1 to 5 years.
In summary, there are several financial institutions in Singapore that offer capital finance loans. Whether you are looking for a secured or unsecured loan, short-term or long-term loan, there is a loan package that can cater to your business needs.
Benefits and Considerations
When considering a Capital Finance Loan in Singapore, it is important to weigh the benefits and potential drawbacks to determine if this type of loan is right for your business.
Advantages of Capital Finance Loans
One of the main advantages of a Capital Finance Loan is that it can provide your business with the cash flow it needs to grow and expand. This type of loan is often used to cover working capital needs, such as purchasing inventory or paying for operational expenses. With a Capital Finance Loan, you can access the funds you need quickly and easily, without having to provide collateral.
Another advantage of a Capital Finance Loan is that it is an unsecured loan, which means that you do not have to put up any assets as collateral. This can be particularly beneficial for small businesses that may not have a lot of assets to use as collateral.
Potential Risks and Drawbacks
While a Capital Finance Loan can provide your business with the cash flow it needs to grow and expand, there are also potential risks and drawbacks to consider. One of the main risks is the interest and fees associated with the loan. Capital Finance Loans can come with higher interest rates and fees than other types of loans, which can make them more expensive in the long run.
Another potential drawback of a Capital Finance Loan is that it may not be the best option for all businesses. If your business is struggling with cash flow issues, it may be better to focus on improving your operations and reducing expenses rather than taking on additional debt.
Overall, a Capital Finance Loan can be a valuable tool for businesses looking to grow and expand. However, it is important to carefully consider the pros and cons of this type of loan before making a decision. By weighing the benefits and potential drawbacks, you can determine if a Capital Finance Loan is the right choice for your business.
Additional Financing Options
If you are looking for additional financing options for your business, there are several options available in Singapore. These options include invoice financing, trade loans, green loans, SME fixed assets, working capital financing, funding, and business loans. In this section, we will explore three of these options in more detail.
Invoice Financing
Invoice financing is a type of financing that allows you to borrow money against your outstanding invoices. This type of financing is ideal for businesses that have a lot of outstanding invoices and need cash flow to keep their business running. With invoice financing, you can receive up to 90% of the value of your outstanding invoices upfront.
Trade Loans
Trade loans are a type of financing that is specifically designed for businesses that are involved in international trade. These loans can be used to finance the purchase of goods or services from overseas suppliers. Trade loans are typically short-term loans that are designed to help businesses manage their cash flow.
Green Loans
Green loans are a type of financing that is designed to help businesses finance environmentally friendly projects. These projects can include things like energy-efficient lighting, solar panels, and other sustainable technologies. Green loans are typically offered at lower interest rates than other types of loans, making them an attractive option for businesses that are looking to reduce their carbon footprint.
Overall, there are many financing options available to businesses in Singapore. Whether you are looking for working capital financing, funding, or a business loan, there is a financing option that is right for you. By exploring these options and finding the one that is best for your business, you can ensure that your business has the financial resources it needs to grow and thrive.
Support for Young and Innovative Enterprises
If you are a young enterprise with innovative ideas, the Singapore government has several financing schemes designed specifically for you. These schemes aim to provide you with the necessary funding to help you grow your business.
Specialised Loan Packages for Startups
One such scheme is the Enterprise Financing Scheme – SME Working Capital Loan (EFS-WCL). This scheme provides collateral-free loans of up to SGD 1 million to eligible enterprises to help them with their daily operational needs. Young enterprises can benefit from this scheme as it provides them with the necessary funding to manage their cash flow.
Moreover, the government has bundled loan packages that include trade financing, project financing, and venture debt financing. These bundled packages are designed to provide young enterprises with a comprehensive funding solution that meets their specific needs.
Support for Technological and Green Innovation
If you are a young enterprise with innovative ideas in the field of technology or green innovation, the government has several financing schemes that can help you. For example, the Startup SG Equity scheme aims to stimulate private sector investments into innovative Singapore-based tech startups with strong intellectual property and global market potential.
Additionally, the government has several schemes to support green innovation, such as the Green Technology Programme, which provides funding for research and development of green technologies, and the Sustainability-linked Loan, which incentivises enterprises to improve their environmental performance.
In conclusion, if you are a young and innovative enterprise in Singapore, there are several financing schemes available to you. Whether you need collateral-free loans or funding for your green innovation, the government has designed these schemes to help you grow your business.
Managing Capital Finance Loans Effectively
Managing capital finance loans effectively is crucial for any business in Singapore. Here are some tips to help you manage your capital finance loans effectively:
Maintaining Healthy Cash Flow
Maintaining healthy cash flow is essential for any business. You need to ensure that you have enough cash on hand to cover your daily operations, pay your employees, and invest in new opportunities. One way to maintain healthy cash flow is to keep track of your expenses and income. You can use a cash flow statement to monitor your cash flow and identify any potential problems.
Strategic Financial Planning
Strategic financial planning is another key factor in managing your capital finance loans effectively. You should have a clear plan for how you will use your loan disbursement to achieve your business goals. You should also consider collaterals that you can offer to secure the loan. A good financial plan should include a detailed budget, a monthly instalment plan, and a credit assessment of your business. You can use this information to make informed decisions about how you will use your loan and when you will need to repay it.
When it comes to capital finance loans, it’s important to work with a lender who understands your business and its needs. You should choose a lender who offers flexible loan terms and competitive interest rates. A good lender will also provide you with the support you need to manage your loan effectively.
In summary, managing your capital finance loans effectively requires a combination of financial planning, cash flow management, and a good relationship with your lender. By following these tips, you can ensure that your business has the funds it needs to operate and grow.
Contact Information and Resources
If you’re looking to learn more about capital finance loans in Singapore, there are many resources available to you. Here are some ways you can get in touch with financial experts and access online resources and tools to help you make informed decisions.
Getting in Touch with Financial Experts
One of the best ways to learn more about capital finance loans is to speak with a financial expert. They can provide you with personalised advice and help you find the best loan packages for your needs. You can get in touch with financial experts by contacting banks or financial institutions that offer SME loans in Singapore. They can provide you with more information about their loan packages and help you determine which one is right for you.
Online Resources and Tools
There are also many online resources and tools available to help you learn more about capital finance loans in Singapore. Here are some of the most useful resources:
- Enterprise Singapore is a government agency that provides resources and support to SMEs in Singapore. They offer a wide range of resources, including information on financing options and loan packages.
- OCBC Business Banking provides a guide to the best SME loans in Singapore, including information on the different types of loans available and how to apply for them.
- Capital.com.sg offers information on working capital loans for SMEs in Singapore. They provide detailed information on the eligibility criteria, loan amounts, and repayment terms for different loan packages.
- DBS SME Banking provides information on commercial properties and employment size, which can be useful for SMEs looking to grow their business.
Overall, there are many resources available to help you learn more about capital finance loans in Singapore. Whether you prefer to speak with a financial expert or access online resources and tools, there are many ways to get the information you need to make informed decisions about your business.
Real Estate and Property-Related Financing
If you are looking to invest in property or develop real estate in Singapore, you may need to explore financing options. Capital finance loans are one of the most popular options for real estate investors and developers.
Loans for Commercial Properties
If you are looking to invest in commercial properties, such as office buildings, warehouses, or retail spaces, you may need a capital finance loan. These loans are specifically designed for commercial properties and can help you secure the funding you need to purchase or develop the property.
Capital finance loans for commercial properties typically have higher interest rates than loans for residential properties. However, they also offer higher loan amounts and longer loan terms. This can make them an attractive option for investors who are looking to purchase or develop large commercial properties.
Financing for Property Development
If you are looking to develop real estate in Singapore, you may need financing to cover the costs of construction, land acquisition, and other expenses. Capital finance loans can be a good option for property developers, as they offer flexible loan terms and high loan amounts.
When applying for a capital finance loan for property development, you will need to provide detailed plans and projections for your project. This may include architectural plans, construction schedules, and financial projections. The lender will use this information to assess the viability of your project and determine whether or not to approve your loan.
In addition to capital finance loans, there are other financing options available for property developers, such as construction loans, bridge loans, and mezzanine financing. It is important to explore all of your options and choose the financing option that best meets your needs.
Overall, capital finance loans can be a great option for real estate investors and developers in Singapore. Whether you are looking to invest in commercial properties or develop new real estate, a capital finance loan can provide the funding you need to achieve your goals.
Tailored Solutions for Diverse Business Types
When it comes to business loans, one size does not fit all. That’s why Capital Funds Investments (CFI) offers tailored solutions for diverse business types in Singapore. Whether you’re a sole proprietor, a partnership, a private limited company, or a subsidiary, CFI can help you find the right financing option to meet your needs.
Sole Proprietorships and Partnerships
If you’re a sole proprietor or a partnership, you may have limited access to financing options. However, CFI offers unsecured business loans that can help you get the funding you need to grow your business. These loans are available for a variety of purposes, including working capital, expansion, and equipment purchases. With CFI, you can get a loan of up to $100,000 with flexible repayment terms that suit your business needs.
Private Limited Companies and Subsidiaries
Private limited companies and subsidiaries have more options when it comes to financing. CFI offers a range of financing options for these types of businesses, including secured and unsecured loans, working capital loans, and trade financing. With CFI, you can get a loan of up to $500,000 with competitive interest rates and flexible repayment terms.
CFI takes into account your group annual sales turnover and maximum employment size when determining your loan eligibility. This means that even if you’re a small business, you may still qualify for a loan from CFI. Additionally, CFI’s financial experts can tailor your loan to your specific needs, ensuring that you get the funding you need to grow your business.
In summary, CFI offers tailored solutions for diverse business types in Singapore. Whether you’re a sole proprietor, a partnership, a private limited company, or a subsidiary, CFI can help you find the right financing option to meet your needs. With flexible repayment terms, competitive interest rates, and a range of financing options, CFI is the perfect partner for your business.
Long-Term Impact of Capital Finance Loans
Capital finance loans are a great way to secure funding for your business. They offer a variety of benefits, including lower interest rates and longer repayment terms. But what about the long-term impact of these loans? How do they affect your business and the economy as a whole? Let’s take a closer look.
On Business Stability and Growth
One of the most significant long-term impacts of capital finance loans is the stability and growth they provide to businesses. With the extra capital, businesses can invest in new equipment, hire additional staff, and expand their operations. This, in turn, can lead to increased revenue and profits, which can help businesses weather economic downturns and stay afloat during tough times.
On Employment and the Economy
Capital finance loans can also have a positive impact on employment and the economy. When businesses have access to capital, they can hire more staff, which can help reduce unemployment rates and boost economic growth. This is especially true for small and medium-sized enterprises (SMEs) in Singapore, which make up a significant portion of the economy.
In addition, capital finance loans can help businesses meet their working capital needs, which can help them stay afloat during tough times. This is especially important for SMEs, which may not have the same access to funding as larger businesses. By providing SMEs with the capital they need to stay afloat, capital finance loans can help keep the economy stable and growing.
Overall, capital finance loans can have a significant long-term impact on businesses, employment, and the economy. By providing businesses with the funding they need to grow and succeed, these loans can help create a more stable and prosperous future for everyone.
Frequently Asked Questions
How can a Working Capital Loan propel your Singaporean business forward?
A working capital loan can help your business to grow and expand by providing the necessary funds to invest in new projects, hire additional staff, or purchase new equipment. With a working capital loan, you can take advantage of new opportunities and increase your revenue potential.
What are the latest interest rates for SME Working Capital Loans in Singapore?
The latest interest rates for SME working capital loans in Singapore vary depending on the lender and the specific loan product. However, as of January 2024, interest rates for SME working capital loans in Singapore range from 2.5% to 5% per annum.
How does the DBS Working Capital Loan stand out in the Singapore market?
The DBS Working Capital Loan stands out in the Singapore market due to its flexible repayment terms and competitive interest rates. DBS offers loan amounts of up to SGD 500,000 with repayment periods of up to 5 years, making it an attractive option for small and medium-sized businesses in Singapore.
What are the advantages of securing an SME loan in Singapore?
Securing an SME loan in Singapore can provide your business with the necessary capital to grow and expand. SME loans typically have lower interest rates than traditional bank loans, making them an affordable option for small and medium-sized businesses. Additionally, many SME loans in Singapore offer flexible repayment terms, allowing you to tailor your loan to your business’s specific needs.
Could you illustrate an example of loan capital utilised in business financing?
Loan capital can be utilised in a variety of ways to finance your business’s growth and expansion. For example, you could use loan capital to purchase new equipment, hire additional staff, or invest in marketing and advertising campaigns. By using loan capital to invest in your business, you can increase your revenue potential and take advantage of new opportunities.
What tools are available to calculate repayments for a capital finance loan in Singapore?
There are several tools available to help you calculate repayments for a capital finance loan in Singapore. Many lenders offer online loan calculators that allow you to input your loan amount, interest rate, and repayment period to determine your monthly repayment amount. Additionally, there are several third-party websites that offer loan calculators and other financial tools to help you manage your business’s finances.
