The best way to choose an SME loan broker in Singapore is to look at how they work: whether they assess your business before submitting anything, whether they can explain why a particular lender suits your profile, and whether their fee is written down before you commit. Those three things tell you more than a website or a headline promise.
Do they assess before they submit?
A good case starts with an assessment of the financials, business activities, ownership structure, existing facilities and the funding requirement. Things that would turn into a rejection should be addressed before submission, not explained afterwards.
Ask what they will look at first, and what they need from you to do it.
Can they explain why a lender suits you?
Different banks have different qualifying criteria, credit appetites and restricted industries. A broker should be able to tell you, after assessing the case, which participating banks they intend to approach and why, and how they will position the application for each.
Submitting the same application to every bank is not a strategy. See should you apply to several banks at once.
Is the fee in writing before you commit?
Ask how the fee is calculated, when it becomes payable and what it is a percentage of. Ask for it in the contract before anything proceeds. For trade facilities in particular, check whether the fee is based on the approved limit or the amount drawn.
At Cornerstone, the fee is a one-time success fee of 3% to 7% of the financing successfully raised, with no upfront brokerage fee. The exact percentage is quoted after we assess the case. See how much an SME loan broker charges.
Are they clear about who decides?
A broker does not lend money and does not approve anything. The credit decision, the final amount, the tenure and the rate belong to the bank. Be cautious of any promise of approval, a guaranteed amount or a guaranteed rate before a bank has assessed the case.
Do they handle your information carefully?
An application involves bank statements, tax assessments and NRIC copies. Ask how your documents will be shared and with whom. A broker should not publish client names or case details without permission.
Questions worth asking
- What will you assess before submitting anything?
- Which banks do you intend to approach for my case, and why?
- How is your fee calculated, and when is it payable?
- Is there any upfront fee?
- What happens if a bank declines or approves less than I need?
- Who will I be dealing with throughout the process?
How we work
We work with all participating banks offering the relevant Working Capital Loan schemes, rather than tying a client to one bank. We assess first, then decide which banks to approach and how to position each application. Specific banks and routes are discussed with you after the initial assessment. Read more in what a business loan broker does and whether a loan broker is worth it.
Speak to us about your financing requirement
At Cornerstone Capital Services, the initial assessment is free. Send us your company name, approximate amount required and purpose of funding, and we will tell you whether there is a financing case worth pursuing and which routes may be suitable.
Speak to us or read How It Works.
