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Betty B. Rogers is a 21-year-old tradesperson's assistant who enjoys theatre, horse riding and spreading fake news on Facebook. She is friendly and giving, but can also be very boring and a bit unkind.

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What You Need To Know About The New Property Cooling Measures 

Are you planning to buy or sell your property? If so, are you aware of the new property cooling measures in Singapore and how they will affect you? 

Starting from 30th September 2022, a series of property cooling measures has been put in place by the Housing Development Board (HDB), Ministry of National Development (MND) and Monetary Authority of Singapore (MAS) to moderate the demand in the HDB resale market. 

Here’s a summary of the updated property cooling measures: 

 

1. 15-month Wait Out Period For Private Property Owners

Before 30th September 2022, private property owners who sell their private properties within 6 months of purchasing a HDB flat can buy an HDB resale flat on the open market. However, this will no longer be allowed.

Private residential property owners and those who had sold a private property before applying for a resale flat must now wait 15 months before they can buy a non-subsidised HDB resale flat. 

This means that if you had exercised your Option to Purchase (OTP) before 30th September 2022, you’ll have to wait 15 months to buy a resale flat. 

So, what if you’ve already sold your private property?

Well, HDB will be flexible enough to waive the 15-month wait-out period for those who have proof that they’ve obtained an OTP to buy a HDB resale flat

All you have to do is to file an appeal to HDB with the following documents:  

Proof of Option Fee* payment 

*An option fee of $1 to $1,000 in cash is paid to the seller to ‘reserve’ the property* 

OR 

Proof of Option Exercise Fee** payment 

**Within the option period of 21 days, the buyer can exercise his OTP, which means he has legally agreed to buy the flat, and this fee should not exceed $5,000 when the Option Fee is included. Once the option has been exercised, the buyer has legally agreed to purchase the property and cannot back out of the property transaction** 

However, if the OTP has NOT been obtained before 30th September, but the resale buyer has committed to selling or has sold their existing private property, HDB will assess the situation on a case-by-case basis

In the event where the resale flat buyers are no longer eligible for the purchasedue to the 15-month wait-out period, the OTP will become invalid and void. Sellers will then be required to refund the Option Fee paid to the buyer.

Note: This measure WILL NOT BE APPLIED to seniors who are 55 and above who are moving from their private property to a four-room or smaller resale flat. 

 

2. Lower HDB Loan-to-Value Limit

For HDB housing loans, the Loan-to-Value (LTV) will be reduced from 85% to 80%. This is a further reduction in the LTV limit for HDB loans, which was previously lowered from 90% to 85% in December 2021, and now to 80%. 

This lower LTV limit will apply to both new flat and resale applications

For first-time HDB buyers and lower-income flat buyers, you may be eligible for more housing grants when buying a subsidised flat directly from HDB; or up to $160,000 when buying a resale flat; or you can use your CPF savings to pay for the flat purchase, reducing the loan amount you may need to take.

This also means that if you don’t use your CPF, you’ll have to pay more cash in advance.

Lastly, for loans offered by private financial institutions (e.g., banks), this revised LTV limit will not be applicable and their LTV limit will remain at 75%.

 

3. Changes to Interest Rate Floor

Bank Loans Interest Rate Floor

If you’re looking to take up property loans from banks and other private financial institutions, do note that the MAS will increase the medium-term interest rate floor used to calculate the Total Debt Servicing Ratio (TDSR) and Mortgage Servicing Ratio (MSR) by 0.5%.

This revised medium-term rate floor is meant to ensure that homeowners borrow wisely for their purchases in the higher interest rate environment, and that they choose a loan size appropriate for them to manage, particularly when interest rates increase.

This higher interest rate floor is applied to all property loans, not just home loans.

 

HDB Interest Rate Floor

For those who’re looking to apply for a HDB loan, the statutory board has implemented a 3% interest rate floor for calculating eligible loan amounts.

In other words, the interest rate used to calculate the eligible loan amount for HDB’s concessionary housing loan will be greater than 3% p.a., or 0.1% above the current CPF Ordinary Account (OA) interest rate of 2.5%.

In summary, the 3% interest rate floor will be applied to flat buyers who applied for a HDB housing loan at the concessionary interest rate AND whereby the commercial interest rate is charged. For example, flat buyers who are taking a second HDB housing loan and buying a HDB flat before selling their existing one. After the flat buyer has sold the existing flat and used the CPF refund and 50% of the cash proceeds received to reduce the second HDB housing loan amount, the interest rate will be converted to the concessionary rate.

Additionally, this only applies to new applications for a HDB Loan Eligibility (HLE) Letter.

The actual HDB concessionary interest rate, at 2.6% p.a., will remain unchanged from 1st October to 31st December 2022.

Conclusion

All in all, we hope that you’ve gained a clearer understanding of the revised new property cooling measures in Singapore that took effect on 30th September 2022, and how it may affect you when buying or selling your property. For further details on the revised measures, please visit the Ministry of Development website or here.

Alternatively, if you’re interested in learning more about the new property cooling measures, you can also contact us here.  

 

[Source: Ministry of Development and Seedly

 

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

The post What You Need To Know About The New Property Cooling Measures  appeared first on Bizsquare Group.

4 Benefits of Using Videos for Marketing

Are you still just using text and images to promote your company? Well, are you aware that video marketing is becoming increasingly important in today’s digital age? 

In today’s world, video marketing is getting increasingly simple and easy to do. With the various tools available and easily accessible, it is truly something for every business, even those without traditional video filming and editing skills and experience. When this is done well, video can be powerful for a brand to effectively communicate its message across to a wider audience

Here are 4 benefits of video marketing to help you grow your business, improve your sales and increase your conversation rates. 

1. Increase Audience’s Attention and Engagement 

Research has found that the average user spends 88% more time on websites with video content than on those with other types of content. This means that including videos on your website’s pages can actually increase the amount of time your visitors spend on it. 

As videos consist of both sound and movement, which triggers viewers’ visual and auditory senses, most people find them more enjoyable than reading text or simply looking at photos. 

Therefore, videos can better captivate viewers and interest them, retaining their attention for a longer period of time

2. Help Your Customers Understand Your Brand More Easily 

Humans generally have incredible visual abilities. They can recall a message better through videos than text. Therefore, videos are effective in helping people in retaining information. 

As such, you should consider making corporate videos, customer testimonials videos, explanation videos, educational and how-to’s, or even demo videos to better reach out and effectively communicate to your target audience. 

More importantly, if your viewers watch a video about your brand and products or services, they will more likely trust your brand as you show people, instead of telling them what your brand is about. This trust established in your viewers can ultimately lead to conversions. 

3. Multiple Ways To Create Videos

When it comes to creating video content, there are a variety of options available for you to choose from. In other words, it’s easy to find a method that will fit your company’s marketing objective. 

When we talk about creating videos, I’m sure YouTube is the first place that comes to your mind. Indeed, YouTube is an excellent platform to share your video content and communicate your message to a large audience. Hence, if you’re just getting started with video marketing, YouTube would be a great place to start. 

However, there are also other options which you can use for your video marketing strategy

Stories 

Most social media platforms such as Facebook, Instagram, and YouTube allow you to post stories that will disappear after 24h. These stories are actually great opportunities for you and your business as it is simple and cheap to create, and they allow you to speak directly to your target audience. Of course, for your stories to be effective, you need to have or are building a social media following. 

Live Videos 

In recent years, live videos have grown in popularity. Livestream functionality has now been included on platforms such as Facebook and YouTube, allowing businesses to stream live content. According to Facebook, live streaming receives six times the number of interactions as regular videos. Hence, hosting livestream can actually help businesses in increasing engagement and reaching out to a wide audience.  

Webinars 

Webinars are another excellent way to communicate to your target audience. A webinar is typically a slide deck presentation conducted through video calls. 

Webinars can be used to test a product with existing, answer specific questions about your product and services that customers may have, establishing yourself as an authority.

Due to its ability to interact and engage audiences directly, this type of video is an excellent tool for converting your audience from free trials or content to paid offers. 

In today’s world, softwares like GoToWebinar or Livestorm makes it simple for businesses to host or even automate webinars. Hence, businesses can hold webinars with ease and at their own convenience. 

4. Improve Your SEO

Research has found that high-quality video content can improve audience’s engagement level and interest, which can lead to traffic to your website. This is important because Google’s primary ranking factors include traffic and click-through rates. The more visitors and clicks your website receives, you will be pushed up the rank on Google’s search engine results page (SERP). 

Video also makes SEO easier as it is responsive across different types of devices. Many video providers, like YouTube and Vimeo, can also adjust to various screen sizes and are mobile-friendly, allowing your video to reach a larger audience. 

In SERP, Google’s algorithm is also favouring pages with video content. Hence, making it even more important for businesses to incorporate videos into their digital marketing strategy.

Conclusion

In conclusion, with the growing demand for video and its tremendous value in marketing, it is clear that video content marketing has created many opportunities for your business and can be useful in helping you to reach a large audience, increase conversions and ultimately, grow your business. If your company does not incorporate this into your digital marketing strategy, you could fall behind your competitors. 

If you’re looking to do video content marketing for your business but aren’t sure where and how to do it, do contact us here and we’d be glad to help you.

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

The post 4 Benefits of Using Videos for Marketing appeared first on Bizsquare Group.

4 Benefits of Using Videos for Marketing

Are you still just using text and images to promote your company? Well, are you aware that video marketing is becoming increasingly important in today’s digital age? 

In today’s world, video marketing is getting increasingly simple and easy to do. With the various tools available and easily accessible, it is truly something for every business, even those without traditional video filming and editing skills and experience. When this is done well, video can be powerful for a brand to effectively communicate its message across to a wider audience

Here are 4 benefits of video marketing to help you grow your business, improve your sales and increase your conversation rates. 

1. Increase Audience’s Attention and Engagement 

Research has found that the average user spends 88% more time on websites with video content than on those with other types of content. This means that including videos on your website’s pages can actually increase the amount of time your visitors spend on it. 

As videos consist of both sound and movement, which triggers viewers’ visual and auditory senses, most people find them more enjoyable than reading text or simply looking at photos. 

Therefore, videos can better captivate viewers and interest them, retaining their attention for a longer period of time

2. Help Your Customers Understand Your Brand More Easily 

Humans generally have incredible visual abilities. They can recall a message better through videos than text. Therefore, videos are effective in helping people in retaining information. 

As such, you should consider making corporate videos, customer testimonials videos, explanation videos, educational and how-to’s, or even demo videos to better reach out and effectively communicate to your target audience. 

More importantly, if your viewers watch a video about your brand and products or services, they will more likely trust your brand as you show people, instead of telling them what your brand is about. This trust established in your viewers can ultimately lead to conversions. 

3. Multiple Ways To Create Videos

When it comes to creating video content, there are a variety of options available for you to choose from. In other words, it’s easy to find a method that will fit your company’s marketing objective. 

When we talk about creating videos, I’m sure YouTube is the first place that comes to your mind. Indeed, YouTube is an excellent platform to share your video content and communicate your message to a large audience. Hence, if you’re just getting started with video marketing, YouTube would be a great place to start. 

However, there are also other options which you can use for your video marketing strategy

Stories 

Most social media platforms such as Facebook, Instagram, and YouTube allow you to post stories that will disappear after 24h. These stories are actually great opportunities for you and your business as it is simple and cheap to create, and they allow you to speak directly to your target audience. Of course, for your stories to be effective, you need to have or are building a social media following. 

Live Videos 

In recent years, live videos have grown in popularity. Livestream functionality has now been included on platforms such as Facebook and YouTube, allowing businesses to stream live content. According to Facebook, live streaming receives six times the number of interactions as regular videos. Hence, hosting livestream can actually help businesses in increasing engagement and reaching out to a wide audience.  

Webinars 

Webinars are another excellent way to communicate to your target audience. A webinar is typically a slide deck presentation conducted through video calls. 

Webinars can be used to test a product with existing, answer specific questions about your product and services that customers may have, establishing yourself as an authority.

Due to its ability to interact and engage audiences directly, this type of video is an excellent tool for converting your audience from free trials or content to paid offers. 

In today’s world, softwares like GoToWebinar or Livestorm makes it simple for businesses to host or even automate webinars. Hence, businesses can hold webinars with ease and at their own convenience. 

4. Improve Your SEO

Research has found that high-quality video content can improve audience’s engagement level and interest, which can lead to traffic to your website. This is important because Google’s primary ranking factors include traffic and click-through rates. The more visitors and clicks your website receives, you will be pushed up the rank on Google’s search engine results page (SERP). 

Video also makes SEO easier as it is responsive across different types of devices. Many video providers, like YouTube and Vimeo, can also adjust to various screen sizes and are mobile-friendly, allowing your video to reach a larger audience. 

In SERP, Google’s algorithm is also favouring pages with video content. Hence, making it even more important for businesses to incorporate videos into their digital marketing strategy.

Conclusion

In conclusion, with the growing demand for video and its tremendous value in marketing, it is clear that video content marketing has created many opportunities for your business and can be useful in helping you to reach a large audience, increase conversions and ultimately, grow your business. If your company does not incorporate this into your digital marketing strategy, you could fall behind your competitors. 

If you’re looking to do video content marketing for your business but aren’t sure where and how to do it, do contact us here and we’d be glad to help you.

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

The post 4 Benefits of Using Videos for Marketing appeared first on Bizsquare Group.

What You Should Do When Building A Website

Do you think that a company’s website design is important? 

Well, a well-designed website can help you to make a strong first impression on potential customers. It can also help you engage your leads and increase conversion rates. More importantly, a good user experience website that allows visitors to easily access and explore your website can increase customer liking and satisfaction towards your brand.

In this blog, I will be sharing 4 things you should do when building your website. 

Tell Your Story 

It is the stories that connect people with your brand, not a list of facts. A website visitor who comes to your page usually wants to learn more about you. Share your brand story so that your audience can understand more about your brand, your mission, and your products and services.

Here are 5 elements that you should incorporate when crafting your brand story

1) Theme/Message

This is the central idea which you want your audience to remember. Alternatively, you may also see it as the message you want to convey, and this message should be clearly defined.

For instance, it could be to share and communicate your brand’s history or purpose.

2) Character

Here, the character refers to the customer, rather than the company; and the values are traits of the characters are both the brand and customers.

When developing this element, it is important to keep your target audience in mind. You should create a brand persona, where you identify the characteristics, needs, and goals of your target audience.

You may also want to incorporate your brand’s voice and personality in the “character”; how you want to present yourself and what you can offer so that your target audience can understand and better relate to your brand.

3) Conflict/Problem

A conflict, or a problem, is the driving force of a good story, and a story is not a story without it. Customers need to recognise that a brand sees and even better, shares their problem.

This problem can be in the form of complication, injustice, or monetary problems etc.

4) Resolution

When faced with a problem, or conflict, it is human nature to look for a solution. As such, identifying your target audience’s or character’s problem is not enough. You must show, rather than tell, how you and your brand’s products or services can help them in overcoming these challenges or problems.

For instance, present testimonials from your past customers or clients.

5) Plot

After you’ve established the message, conflict and characters, you need to think about how your story should unfold.

The story’s flow and its events are important in how your audience understands and interprets your brand story.

Given that a story emerges with the progression of events, it is vital to carefully consider the sequence of events. Ensure that you have a clear structure to bring the story forward so that you can keep your audience engaged.

Include Visual Elements 

A picture speaks a thousand words.

If your website is full of words and content and does not have any visual elements like photos or videos, you will just lose your audience’s attention. Visuals can improve user experience and make important information more digestible.

Hence, including visual elements in your website can help you build a deeper connection with your website users.

Highlight Your Achievements 

Website is a great place to build trust. Let your customers know about your past achievements, awards, certifications, and any collaborations you have had with other brands.

To potential customers or clients, it instills trust in them by demonstrating your credibility through the case studies and achievements.

To existing customers and clients, they may feel valued since they can see how active you are and how highly they are regarded when you share what they have to say about you to the public. This might increase their sense of satisfaction and attachment to your brand. Hence, you may gain lifelong customers.

Make Your Website Relevant To Your Target Market. 

Make sure that the message on your website is focused and the terms used are professional so that you will attract the right audience and leave a good impression in your visitor’s mind.

You should also ensure that your website is well-written and engaging. Poorly written text with grammatical and spelling errors may give your audience the impression that you’re unprofessional and may cause them to leave without exploring your pages.

 

Conclusion

In conclusion, website design is an important matter and should not be taken lightly. If you wish to create a new website or redesign your website, we’re here to help! You can contact us here!

 

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

The post What You Should Do When Building A Website appeared first on Bizsquare Group.

Why Do Investors Want Preferred Shares?

Have you ever wonder why do investors want preferred stocks?

There is no doubt that many investors prefer to own preferred stocks of a company over common stocks. Preferred stocks, as the name implies, have numerous benefits, and owning them can be a more profitable source of earnings compared to owning common shares.

What are preferred stocks?

Preferred stocks are shares that allow shareholders to receive dividends from the company before equity shareholders. Preferred stocks provide greater security and trust to investors by allowing them to earn a more reliable and predictable return on their initial investment. Here’s an overview of the advantages and disadvantages of preferred stocks as compared to common stocks, which I will explain more below:

Advantages of Preferred Shares

There are numerous privileges associated with preferred stock. These benefits include the following:

1. Better Stability in Investment Returns

As a preferred stockholder, you are entitled to regular dividend payments that are frequently more than those paid by common stocks and bonds. These payments are also made on a more consistent basis, providing additional monetary stability. When the company wants to pay out more dividends, preferred shareholders are prioritised. In many circumstances, the company predetermines dividend payments. During this time, preferred dividend payments may be suspended. However, the company will be required to pay preferred shareholders before resuming dividends to common shareholders. While buying stock in a company always carries risks, preferred stock can help to reduce those risks. If a company declares bankruptcy while you are a preferred shareholder, you will be among the first to claim assets. However, it is important to remember that bondholders still rank higher in this list of distributions.

2. The Right to Convert Your Stock

Another potential benefit of owning preferred shares is that you can convert them to common stock whenever you wish. The obvious advantage here is that you can buy common stock if the price rises. If the price of common stock increases sufficiently, you can sell this common stock for an immediate return on your initial investment. Keep in mind that if you do decide to trade your preferred stock, you will lose all of the previously listed benefits, and you will also not be able to convert your common stock back to preferred stock. This is one of the reasons why investors would favour preferred shares.

Are there Disadvantages to Owning Preferred Shares?

While preferred shares have an advantage over common stocks, there are a few drawbacks to consider:

1. Ownership of Company

As a common shareholder, you have true ownership of the company. Your name will be reflected as a shareholder on the company’s registry. On the other hand, if you’re a preference shareholder, you will not have this ownership and will not be regarded as the company’s owner.

2. Voting Rights

Voting rights is also one of the only areas where common stocks have an edge over preferred stocks. Preferred shareholders often have no voting power within the company, whereas common shareholders get a vote proportional to their level of ownership.

This is most common when a company decides to elect a new board of directors or governing committee.

As a general rule, preferred shares are safer than common stock but have fewer policies in place than bonds.

While bonds are considered safer, particularly for interest rate hedging, preferred stock comes with a variety of other monetary benefits.

This high-yielding format is one of the main reasons why investors select preferred shares.

Conclusion 

The underlying difference between preferred stocks and common stocks is mainly the voting rights and dividend yield. This substantial monetary gain is often the reason why investors favour preferred shares.

When deciding between the two, the main question investors ask is whether the increased yield makes up for the loss of voting rights. Generally, if the investor is satisfied with how the issuing company is run, the answer is often yes, they will want preferred shares. However, in rare situations, shareholders’ voting power can have a significant impact on a company’s success. In that scenario, common stock might be viewed as a more appealing option.

Hopefully, this article gives you a better understanding of preferred stocks and why investors prefer them over common stocks. If you’re interested in understanding more about other business topics, feel free to let us know and we will cover it for you. If you’re looking for a loan consultant or interested to know more, click here and we would be pleased to assist you! 

 

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

Melvin Ho, Founder and CEO of Bizsquare Management Consultants Pte Ltd.

Fun fact about Melvin is that he likes to drink fresh milk every morning and he loves to play squash!

The post Why Do Investors Want Preferred Shares? appeared first on Bizsquare Group.

Increase Your Chances of Getting a Property Loan approved

3 Property Loan Cheat Codes: Increase Your Chances of Getting a Property Loan approved

According to the Urban Redevelopment Authority (URA), the private residential property index rose strongly by 10.57% during 2021, up sharply from the prior year’s (2020) 2.21% increase.

Singapore’s housing market is undoubtedly strengthening, and the gradual upturn in the economy certainly presents an opportune time for many businesses to either purchase their own space or invest in commercial properties.

Here are 3 easy-to-follow “cheat codes” on how you can increase your chances of getting a property loan approved.

1. Reduce your Total Debt Servicing Ratio

TDSR includes monthly debt obligations, and it applies to both individuals and sole proprietors. It can be easily tabulated by dividing your total monthly debt repayments (including personal loans, car loans, as well as the monthly repayments required for your loan application) by your gross monthly income, as seen above.

There is a Total Debt Servicing Ratio (TDSR) of 55% imposed by MAS and it expects all property loans subject to the TDSR framework to not exceed the maximum TDSR threshold of 55%.

You can improve your TDSR by reducing your Monthly Debt Obligations and/or increasing your Gross Monthly Income as seen above!

How you can reduce your Monthly Debt Obligations:

Use debit cards or cash instead of your credit card 2 months before your application. You should also avoid applying for other new credit facilities 2 months prior to your property loan application, and cancel all other credit cards that are not in use. This not only helps to remove any outstanding debts and better keep track of all your bills, but it also helps in preventing the possibility of overspending and encourages good payment behavior over time, which will improve your credit score in the long run.Avoid taking on additional loans 2 months before your Property Loan application. The less you owe, the less likely you are to breach the TDSR limit.

How you can increase your Gross Monthly Income:

Declare all your additional income to IRAS, such as your income from your other freelance work (if any), rental income, bonuses, commissions, etc. to raise your effective income level.

2. Refinance your car using private hire purchase financing.

If your car is under a bank hire purchase loan, you can do a refinance to in-house loans from private financiers such as Tan Chong Motors and Abwin leasing, etc. through a dealer (Note that not all dealers can help you to do that).

This would aid in your TDSR as explained above since the debt would not be reflected in your credit bureau as Banks will not know that you have an existing Car loan.

3. Check your Loan Amount eligibility for Property Loans

Please note that there are no more IPAs in the market! Since 2019, the banks have stopped this IPA process, and yet, many “gurus” still feel the need to tell you to obtain an IPA. That is old-school thinking.

Nowadays, a banker can only help you access and give you a rough estimate for your loan eligibility amount; they are unable to give you assurance or in other words, an exact confirmation on your loan approval unless you have your Option to Purchase (OTP) secured. So, instead of trying to obtain an IPA that does not exist anymore, it would be wiser to work towards finding out your loan eligibility (do seek help from your banker or Bizsquare) based on your annual income and determine the property price range you can afford. Once the property price range is determined, it is time to find the perfect property within your budget!

We hope that these “cheat codes” are useful in providing you with valuable insights and our experienced consultants here at BizSquare will always be around to provide you with further professional advice and assist you in securing the property loan you desire.

If you’re interested in applying for a property loan, look no further!

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

The post Increase Your Chances of Getting a Property Loan approved appeared first on Bizsquare Group.

How Can You Improve Your Chances Of Getting A Business Loan?

How Can You Improve Your Chances Of Getting A Business Loan?

Had enough of facing Business Loans Rejections? You’re in for luck as we have prepared a short and easy-to-understand video on how you can improve your chances of finally getting your business loan(s) approved!

Before submitting your loans, you will need to ask yourself honestly, what is my current company’s financial standing?

Here’s what you should be looking out for:

1) Personal Credit Profile

Although your personal credit bureau is more relevant to getting a personal loan, when applying for a business loan, your personal credit bureau would also be used by the bank as a gauge of your character as the director of your business. If your personal credit bureau score is good, there will be a higher chance of getting your business loan approved.

P.S. If you like to understand more about credit bureaus, you may click on the video link at the top of the video or here to understand more.

2) Company Cashflow and Debt Serviceability

You can gauge the ability of your business to pay off loans by determining your cash flow and if there is any clear planning for it. If your cash flow in your bank account shows that you can clearly pay off your monthly loan obligations (minimal risk of late payment), there will be a higher chance for the bank to approve your loan.

3) Incoming Sales

Banks would want to see that your company has a good track record of incoming sales. Having a good track record of incoming sales not only means that the service/product quality you are providing is good and highly sought after, but it also indicates that your business is receiving consistent revenue and it adds to your credibility.

Therefore, to increase the chance of approval, you need to show the bank that your company has a strong and consistent stream of revenue every month, which serves as a stamp of approval that you are able to deliver future payments accordingly.

4) Years in Business

Having a company with a longer history indicates a strong sign of stability to the lender – as many SMEs are unable to survive for more than 2 to 3 years.

Therefore, banks will prefer a business that has a minimum of 2-3 years of operational history before they choose to proceed further with the loan application.

5) Purpose of Loan

Lastly, you should know that there are various types of loans available and they are all designed for specific purposes – borrowing money to purchase inventory for your business is different from borrowing money to open a new outlet. For example, if you intend to purchase inventory, you should take up Trade Financing, and if you intend to open a new outlet, you should take up a Term Loan.

Furthermore, you will also need to know if you are looking for a short-term loan, a long-term loan, or a line of credit. 

Conclusion

Ultimately, the bank is looking at a few main things. 

1. Repayment Ability: Are you able to pay the loan?
2. Character: Will you pay the loan?
3. Fulfilling monthly obligation: Do you have enough cash flow to sustain the loan repayments?

If you are able to prove to the bank that you can meet those criteria, you will be able to get a business loan.

We hope that you’ve all learned something today! If you’re interested in applying for a business loan, we are more than pleased to help you!

For more articles, hesitate no longer and check out our socials!

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BizSquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

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Bizsquare’s Digital Marketing Internship Experience

An Intern’s Perspective on working at Bizsquare Management Consultants Pte Ltd

I’m Jayce, a Year 3 Marketing undergraduate at the Singapore University of Social Sciences.

I did not have a chance to Work-from-Home, but I regret nothing.

Physical interactions with my colleagues were something I always valued, and it makes learning, discussions, and meetings much more productive, efficient, and engaging compared to virtual meetings. Naturally, I was elated when I heard that I would be required to report to the physical office on a daily basis.

During my 6 months stint here at Bizsquare Management Consultants, I was always seen as a valued member of my team, and I was given heavy responsibilities not typically expected of an intern. From doing marketing collateral designs, copywriting for blogs, press releases, social media marketing, search engine optimization, and video production to communicating with clients, writing Marketing & Branding reports, and even collaborating with influencers, I have learned immensely in this short span of time, and I am truly grateful for all the knowledge and experience I have gained along the way – industry knowledge and real-world experience I could not possibly learn in school alone.

I am also extremely appreciative of the trust and autonomy that was given to me by my superiors throughout my internship. There was open communication at all times, and I had absolutely no qualms about clearing any doubts with my superiors or colleagues – something I always valued. I was entitled to my own opinions and was able to speak my mind freely on what could have been done better. At the same time, I was also open to any constructive criticisms and feedback given to me by my colleagues and I genuinely appreciated their honesty as I was able to exactly pinpoint and understand the areas I am lacking and thus, improve from there.

Bizsquare has allowed me to experience first-hand how SMEs operate in general and also further exposed me to the Consulting, Finance, and Digital Marketing industries.

To sum it all up, the skills, lessons, and friendships I’ve acquired and made here will be something I will always carry with me throughout my future career. I definitely had a pleasant and meaningful internship experience, and I would highly recommend it to any aspiring Digital Marketing student!

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BizSquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

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What Should Singapore Business Owners Do During High Inflation Period?

What Should Singapore Business Owners Do During High Inflation Period?

Hello Business Owners!

As food prices and cost of goods are getting more expensive, do you find it challenging to survive your business? Don’t worry; we’ve got you covered. We’ve created a short video to share with you some pointers and suggestions on what you can do during this inflation period.

Before you start worrying, consider the following four pieces of advice to help you improve your business:

Keep Enough Cash on Hand

As the cost of food, gas, and transportation has soared, the government has raised interest rates to combat this inflation. As a result of this increase in interest rates, the cost of capital in the market will also rise. Therefore, having more cash on hand boosts your ability to make purchases at a lower price. For example, if you have more cash on hand, you have the option to pay in advance and receive early purchase discounts.

Hence, it is crucial and advantageous to retain enough cash on hand during this time.

Reduce Manpower Cost

You can aim to reduce your manpower costs, but how do you go about doing that? You can seek to hire overseas employees from neighboring nations with lower salary scales than Singapore’s, such as Malaysia, Indonesia, the Philippines, and Vietnam.

Besides employing foreign employees, you can also streamline your business’s internal process flow. Simply put, hire and/or cross-train your employees such that they are capable of performing a variety of tasks across different departments. In this way, your employees would be able to help one another out whenever necessary.

Build Higher Customer Retention Rate

As compared to acquiring new clients, it is more advantageous to focus on retaining your existing client base. This is because it is easier to speak to your current clients and you can trust them in terms of making payment. By focusing on your existing client base, you will also be able to reduce marketing costs and PR expenses.

Get a Business Loan

Within a few months, the temporary bridging loan with an interest rate of 4.5% to 5% per year will be removed, leaving you with either a working capital loan of 6% interest rate or 10% business term loan. As the interest rate will rise, it would be wise to take up the temporary bridging loan now while you still have the chance. As a business advisor, I would suggest that you secure a temporary bridging loan now while it’s still available. You are also able to use this temporary bridging loan to do a restructuring of your existing loans.

P.S. If you would like to find out more about restructuring of loans, you may click on the video link at the top of the video or here to understand more.

Conclusion

In conclusion, to obtain the upper hand, make sure you maintain and have access to a sufficient amount of cash. Internally, you should also make an effort to cut labour costs and streamline operations to improve the productivity of both your workforce and business operations. Lastly, we would suggest that you can take the temporary bridging loan if you can before it matures. 

If you’re interested to know more, click the button below and we are more than pleased to help you! 

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BizSquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

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What You Should Know On The Increase in CPF Contribution Rates

What You Should Know On The Increase in CPF Contribution Rates

Hello Business Owners!

In the Budget 2022 speech, Finance Minister Lawrence Wong announced an increase in the CPF contribution rate for senior workers aged 55 to 70 years old in order to increase their retirement incomes and improve retirement adequacy. The first increase in CPF contribution rates for older workers was already implemented earlier this year, on 1st January 2022, and the second increase will be applied on 1st January 2023.

Here is a summary of the changes in the CPF contribution rates that you MUST know:

The adjustments to the CPF contribution rates that will occur on 1st January 2023 will only apply to employees aged 55 to 70, while all other age groups will remain unchanged. You can refer to the graphic below for a more detailed description of the changes.Employees earning more than $500 to $750 per month will continue to contribute to their CPF at the same rate as before.For Singapore Permanent Residents (SPRs) in their first and second year, the graduated contribution rates will stay unchanged.
 


How does the revised CPF contribution rates for senior workers affect you as a business owner?

The increment of CPF contribution rates, which is intended to enhance senior workers’ retirement income, also implies that you have to contribute more to your employees’ CPF. Simply put, the adjustment in CPF contribution rates actually raises your labour costs.

However, as with this year, a one-year CPF Transition Offset (CTO) will be automatically supplemented for the 2023 increments to cover half of the increase in employer CPF contribution rates. You will not be required to apply for it. For more information on the CTO, you can visit here.

Despite the government offset, hiring senior workers aged 55 to 70 will cost you more than it did previously. While employing senior employees can help diversify the workforce, it is apparent that if you continue to recruit senior workers in the future, your operating costs will rise, making your business less profitable.

As illustrated, the cost benefits of hiring senior workers provided previously have been reduced. With the cost increase, you should reconsider recruiting senior workers. As compared to the seniors, a younger employee is more likely to possess up-to-date skill sets and knowledge, as well as be more in sync with current market sentiments. Therefore, it will be cheaper and more advantageous to hire a younger employee as you will not have to train them from the ground up.

Having said that, many seniors are constantly undergoing training classes and upgrading themselves in various areas in order to remain relevant with the current market and trends. Hence, if a senior person can deliver the same value as a younger employee, you should definitely consider hiring them. More importantly, this will also be less costly for you.

All in all, we hope that you’ve gained a clearer understanding of the updated CPF contribution rates that will be taking effect in the coming year and how it will affect you as a business owner. For further details on the increase in CPF contribution rates, please visit the CPF website or here.

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BizSquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

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Sole Proprietorship Vs. Private Limited Company

Sole Proprietorship Vs Private Limited

“I want to set up a company. What type of company should I set up?”

Well, if you want to expand your business, raise funds, or take on a big project, always set up a Private Limited company. The reasons are as follows:

1. Ability to raise funds

Unlike private limited, you cannot raise funds with a sole proprietor company because it doesn’t have a shareholding structure. Since the nature of the company can only consist of one owner, the owner cannot split up his/her shares to raise capital. This is due to the non-existent paid-up capital for dilution.

2. Extent of liability

If your company is accountable for a project/trade liability, a private limited company would be better as it is a separate legal entity that is distinct from its shareholders and directors. In this case, shareholders in a private limited company are not personally liable for company debts. The liability of a shareholder will only be limited to his investment in the company (which is normally paid-up capital). Whereas a sole proprietor company is owned by the sole proprietor himself without any separate legal identity of its own. The sole proprietor (owner) is personally liable for all debts and losses of the business

3. Higher tax savings

If you are making money, especially if you earn high revenue, there are more tax savings you can obtain as a private limited company than as a sole proprietor. In Singapore, there are many tax benefits to starting a business and getting a tax discount for the first 3 years. In addition, your personal expenses can be combined with your company expenses to be expensed out from your earnings to receive higher tax savings.

4. Transferability of ownership

In a private limited company, it is easy to transfer your ownership. You can always transfer or sell your shares to another owner (succession planning or selling of business), only if you are in a private limited company. In corporate law, a private limited company last perpetually. Unlike a private limited company, a sole proprietorship cannot last in perpetuity, the registration of a sole proprietorship has to be renewed either at the end of one or three years. Even if the registration is dutifully renewed, the business will still come to an end once the business owner either retires or dies.

Conclusion

With that said, I personally feel that one should always set up a private limited company if you wish to expand and grow your business. Certainly, there are also advantages to operating as a sole proprietorship, such as the ease of establishing the company due to the fewer requirements. However, I suggest that you should only start a sole proprietorship if your business is a part-time hustle, and you are not serious about it. Otherwise, I advise you to always start a private limited company because the benefits far outweigh the cons of it. If you wish to succeed in growing a big and profitable business, then we should think and act like one.

For more articles, hesitate no longer and check out our socials!

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BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

Kah Hwee is a digital marketing intern at Bizsquare Management Consultants Pte Ltd. One fun fact about her is that she always creates TikTok videos but never posts them publicly.

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New Updates to the Temporary Bridging Loan Programme

New Updates to the Temporary Bridging Loan Programme

Hello Business Owners!

If you’ve missed out previously on the Temporary Bridging Loan Programme (ended 31 March 2022), not to worry as it has been further extended for 6 months, from 1 April 2022 to 30 September 2022, with the parameters listed below.

(Above Information is quoted from Enterprise Singapore website

Here are some of the estimated rates from our Banking Partners (may differ on a case to case basis):

Interest Rates:

1 to 2 years tenor – 4% EIR
3 to 5 years tenor – 4.75% EIR

Processing fee:
New To Bank – 1.5% or S$500, whichever is higher
New To Loan / Existing Customer  – 1.5% 

Interest Rates:

1 to 5 years tenor – 5% EIR

Processing fee:
Standard Processing Fee at 2%
(We can try our best and help you lower it to 1.5%)

Interest Rates:
1 to 2 years tenor – 4% EIR
3 years tenor – 4.75% EIR
4 to 5 years tenor – 5% EIR

Processing fee:
Standard Processing Fee at 2%

My opinion on the above extension:

If you were to ask my opinion on the above, this would probably be the last time the government will extend the Temporary Bridging Loan. This is because the Singapore government is opening up, which leads to the rebound of the tourism industry, increased seating capacity in eateries, and ultimately, greater dining and shopping crowds everywhere. So, with the gradual recovery of the economy, it is highly likely that they don’t see the need to extend the TBLP any further. As you have noticed the word “Temporary”, it simply means that it will come to an end eventually.

What do I think of the changes in the Interest Rates:

The rates are expected to increase, it is just a matter of how much is the increase. From my 13 years in the corporate finance industry, a 4.75% p.a. EIR is still considered quite low for businesses.

If you are familiar with the “Microloan” in the past, it is already priced at 7% p.a. EIR, and it is a rate with the government subsidizing 50% risk share. Many business owners before the pandemic are also used to paying 8% p.a. EIR for working capital loans and 10.88% p.a. EIR for business term loans.

So if you ask me, I would not hesitate to tell you that a 4.75% p.a. EIR is still a good interest rate and the TBLP is definitely still worth taking if you need cashflow to roll or expand your business.

So what if it ends?

I predict that the government will still be giving us support, but to a smaller extent. Currently, we still have the EFS (Enterprise Financing Scheme) where Working Capital Loan (WCL) is available. The general direction for business owners would be to move back to WCL after the TBL has ended.

Currently, the WCL is priced at 6.5% p.a. EIR for some banks with 50% risk-sharing from ESG. However, the downside would be that WCL is capped at only $300k; and after $300k, government has just announced that they will be increasing the WCL limit from $300k to $500k from 1st October 2022 onwards, leaving you with the only $500k WCL at 6.5% p.a or the option of taking a Business Term Loan which is 8.8% p.a.

If you wish to know more about other financing schemes from EFS scheme, such as Trade Financing, Invoice Financing, or Property Financing. Feel free to contact us or check us out here.

And of course, if you are interested to apply for a Temporary Bridging Loan, click the button below to fill-up the form and we will get back to you shortly.

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BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

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URGENT UPDATES to the Temporary Bridging Loan

URGENT UPDATES to the Temporary Bridging Loan Programme

Hello Business Owners and Friends!

The US Federal Reserve has announced another interest rate hike to combat the relentless inflation. It announced yesterday that the Fed reserve rates would be raised by 75-basis points. This is a tremendous trigger for the entire world to increase their cost of funds. With the rising cost of living already taking a toll on consumers early this year, the return of rising rates will create a new form of obstacle for businesses and financial institutions.

What does the federal funds rate mean to you?

The federal funds rate, which is regulated by the US central bank, is the interest rate at which banks borrow and lend to one another overnight. Although consumers do not pay this rate, the Fed’s actions have an effect on the borrowing and saving rates we see everyday.

For starters, the rate hike will correspond with a rise in the prime rate and immediately send financing costs higher for many forms of consumer borrowing. Our bank loan, which includes our housing loan, business loan, personal loan, car loan, will all have their interest rates raised.

On the flip side, higher interest rates also mean savers will earn more money on their deposits as the deposit rates will also increase. That is why our Singapore Savings Bonds rate has increased (recently went up to 3% p.a. on average)

My opinion on the above:

As the Fed Reserve Rate increased, this is only the first tranche of hikes, more rounds of increases will be applied in the future. We should be prepared for even higher interest rates in the coming months.

Traders also expect that the Fed will raise rates again at its next meeting in September, then again in November and December before possibly lowering rates in the middle of next year, depending on the evolving economic conditions.

Therefore, there is no point in waiting for the interest rates to fall because it will not happen anytime soon.

Before I continue, let me give you an overview of the business loan environment in Singapore.

Personal experience over the past few days:

Yesterday, a couple of bankers from a local bank came to my office to share with me a potential interest rate hike next month. I was surprised to hear that the interest rate for the Temporary Bridging Loan may take place in “AUGUST 2022!”, which is next week!

Yes you didn’t see wrongly, it’s August 2022. I thought it would only increase after the Temporary Bridging Loan expired on 30th September 2022, and transit to Working Capital Loan; but now we are talking about the Temporary Bridging Loan increasing to a higher rate next month.

I was quite shocked at how quick this has arrived, and how many of my clients had little time to react to it. As compared to the current rate, the rise is relatively large (almost 50% increase).

I am not sure if this is simply a speculation or if the bank would actually raise the interest rates so soon. However, if the growing rate really happens, the cost of borrowing will increase tremendously, and future loan rates for Working Capital Loans after September and the Business Term Loans will increase even further.

Earlier today, I got another loan approved for my client who has already maxed out their TBL limit of $1million. They managed to get a $250k Working Capital loan at 6% p.a. and $250k business term loan at 8.88% p.a from a reputable bank. So this is the interest rate that banks are currently offering. This week, we will be signing the Letter of offer.

As we all know, the bank has the absolute right to adjust its interest rates at any time. Hence, if you have plans to take on more loans for projects, cashflow, or have any plans for cash in the near future, this is your LAST CHANCE to get a loan at a decent rate, which is still at 4.75% to 5% p.a.

Also, due to the anticipated high volume of applications, our banking partners have informed us that the deadline for new applications for the Temporary Bridging Loan is on 31st August 2022. As the bank and ESG requires a longer processing time to approve any rates or loan packages, if you submit the application after 31st August, it will be classified it as a Working Capital Loan, and the interest rate will be higher.

Therefore, although the news or website indicates the deadline as 30th September 2022, it is not the case.

At the end of the day, Bizsquare has been around for the last 9 years and has received numerous recognition and awards. People who know me well will know that I am more interested in marketing and media content work than in business loan consulting. So this email is not so much about making money for me, but more for your business cost.

Here are some photos of our recent influencer marketing work:

Influencer Collaboration with Zermatt Neo: 
Influencer Collaboration with Jeff Ng:

However, I feel that if I do not inform all of my friends and clients about the impact of the business loan rate hike today, I will regret one day.

Cheers and all the best to your business!

For more articles, hesitate no longer and check out our socials!

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BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

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LIVE on Aug 15, 2022 | Start-up PITCH with SHIPP – A Dating App

ATTENTION everyone

Bizsquare will be hosting our first-ever LIVE event on Monday, 15th of August 2022 The details are as follows:

Bizsquare’s LIVE Pitch Event:

Date: 15th August 2022Time: 3:00PMPlatforms: Facebook, Instagram, YouTube & TikTok

This live will include a business pitch by the CEO of SHIPP, Jason Yah, followed by a QnA session with our CEO, Melvin Ho, and his other panel of judges. Besides that, we will be conducting a LIVE beta testing of the SHIPP app. FYI, SHIPP is an online dating app that introduces a novel innovation to the world of online dating. Do join our LIVE to learn more about their business!

Also, follow our Facebook page and Instagram, and subscribe to our YouTube channel for more updates on the LIVE event!

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

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LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

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6 Benefits of Engaging a Loan Consultant

Have you ever wondered whether it is better to engage a loan consultant or to apply for a business loan yourself? 

Applying for a business loan is an extremely tedious process. In fact, many small business owners, especially first-timers, find it difficult to get started due to the sheer number of requirements banks may ask for; and most SMEs do not know what the banks are looking for. 

Based on my 10+ years of experience in the corporate finance industry, let me first explain the role of a loan consultant. 

 

Role of a Loan Consultant 

Most of the SME loan brokers in the market act as an intermediary, a “go-between” facilitator, who connects the business owner with a prospective financier. Their key responsibility is to ensure that the loan application process runs smoothly; from satisfying the requirements of a financial institution to the actual SME loan disbursement. 

A good loan consultant, however, not only takes on the role of an intermediary but also as an advisor to help you improve your chances of loan approval and, ultimately, grow your business. 

 

So, what are the benefits of engaging a loan consultant? 

1. Extensive Contacts and Networks 

Professional brokers, especially those with years of experience, have built relationships with a large network of financiers and bankers. They’ve known and worked with a large number of banks and financial institutions in the past, giving them (and you) the advantage of knowing who offers the best deals. A loan broker knows where to search for a financier who is a good match for your funding needs, and he will find the missing piece of the puzzle. In essence, you are paying for the extensive contacts of a business financing specialist, whom he has screened through numerous bankers and has direct ready access to those bankers who are responsive and dependable.

Additionally, due to his wide range of contacts and networks, a broker is informed of new loan products and promotions. He would know every useful and latest information about lenders and loan programs. In other words, he is in the loop.

 

2. Expertise and Experience 

A seasoned broker will have both mastery and experience in the lending process as well as documentation. He is familiar with the market, including indicative rates, and can identify whether a loan is overly or reasonably priced. He has the knowledge of the common types of collateral offered as loan security. He also understands the basic laws and regulations governing lenders and borrowers. Since he has handled most types of loan contracts, you can rely on him to discuss any terms and conditions that you are unclear of. He can walk you through each loan provision and highlight any business loan fees you should look out for. 

Additionally, the founder’s background is also crucial as his or her knowledge and experience can help you better understand your case situation. When they have good credit knowledge, it can also further add value to your case. 

3. Alternative strategy and practical advice 

Obtaining a loan through a broker does not guarantee that you will get it the first time you approach a bunch of funders. If the banks reject you, your broker can still work it out for you because he knows other financing options. While you might not be eligible for a traditional bank loan, you could still get approved for a merchant’s cash advance, a revolving credit line, or other funding options.

A good loan broker will have a plan B and a string of other alternatives prepared for you just in case. He can also advise you on the various possible reasons your application was rejected and how you could improve your credit standing in the future.

 

4. Favourable loan terms 

Many loan brokers think that presenting your loan proposal to a handful of financiers rather than a single financier is a strategic way of getting the best of the best loan terms offered in the market. They think that approaching multiple banks and financial institutions concurrently will result in the best rates and payment terms. While it saves you time, we would like to share that Bizsquare does not propose your loan to all funders. Although many brokers do this, Bizsquare does not believe that it is the right thing to do. It is very easy to just forward your document to all of the financiers at once, without accessing your credit, but this will not benefit the SME at all.

In our opinion, a good loan consultant will have the knowledge of accessing the customer’s credit profile and business needs, then recommend the correct loan package or financing product to the client. If the client needs a trade financing loan rather than a simple business loan, a good loan consultant will explain the trade cycle and how it will help the business. 

Upon determining the ideal product, the loan consultant will share with the SME different financiers who offer this product, as well as all of the terms, before making the final decision with the client. Once a decision has been made, the loan consultant should apply to only 1 or 2 financiers. 

It is not necessary to approach and compare because this merely indicates that the consultant does not know their work and must rely on the banker or credit approval to inform them.
An important reason not to approach several banks at once is that when multiple banks search the guarantor’s personal credit bureau and the company’s ACRA, there will be extra searches on the director’s personal credit bureau, which will lower the guarantor’s credit rating. The same is true for company ACRA searches from banks, where additional searches can reveal credit approval that the SME is simultaneously applying for multiple loans, which does not look good (I’m saying this as a former bank credit-approval officer). 
This frequency of searches from different funders in a month also shows to other funders that this company is desperate for funding. For example, having 8 searches in a month does not reflect well on the company. 

Many inexperienced brokers still do this today and they do not realise this problem.

The right way to do it is that before you submit your application, have an experienced broker assess your case and see how you may improve your credit record. Even if you submit and get rejected, the consultant should be able to let you know your problem and work with you to solve it. Therefore, allowing you to apply within the next few months. 

5. Handling the small details 

A broker will sift through the information to see how you might fare in the eyes of a potential creditor. They will be able to identify red flags that may reduce your chances of approval. Most SME owners are unaware that different banks have varied credit conditions. For example, did you know that the nature of your business industry may influence your chances of approval? For instance, bank A may be open to a certain industry while bank B may reject the same industry?

Assisting you with the nitty-gritty of loan packaging saves you time from doing the grind yourself and increases your chances of getting a business loan

 

6. Sharing the same interest 

Most consultants charge their consultation fee by a percentage of the approved loan amount and this will align the SME’s interests with the consultant’s. By sharing the same interest, the consultant will try their best to ensure that your loan is granted and will not shortchange your application as their fees are based entirely on this. However, beware of brokers/consultants who charge you an advance fee without actually applying for the loan as this is not a common practice.

 

Conclusion 

In conclusion, there are various advantages of engaging a loan consultant to improve your chances of getting your business loan application approved. However, if you think that you can successfully apply for a business loan on your own, go ahead and do so. Only if you are experiencing problems or difficulties should you seek the assistance of a professional. If you’re looking for a loan consultant or interested to know more, click here and we would be pleased to assist you! 

 

For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

Melvin Ho, Founder and CEO of Bizsquare Management Consultants Pte Ltd.

Fun fact about Melvin is that he likes to drink fresh milk every morning and he loves to play squash!

The post 6 Benefits of Engaging a Loan Consultant appeared first on Bizsquare Group.

What You Need To Know About The Increase In CPF Contribution Rates

What You Need To Know About The Increase In CPF Contribution Rates

Hello Business Owners and friends!

In the Budget 2022 speech, Finance Minister Lawrence Wong announced an increase in the CPF contribution rate for senior workers aged 55 to 70 years old in order to increase their retirement incomes and improve retirement adequacy. The first increase in CPF contribution rates for older workers was already implemented earlier this year, on 1st January 2022, and the second increase will be applied on 1st January 2023.

cpf 1

Here is the summary of the CPF contribution rates changes that you NEED TO know:

  1. The adjustments to the CPF contribution rates that will occur on 1st January 2023 will only apply to employees aged 55 to 70, while all other age groups will remain unchanged. You can refer to the graphic below for a more detailed description of the changes.
  2. Employees earning more than $500 to $750 per month will continue to contribute to their CPF at the same rate as before.
  3. For Singapore Permanent Residents (SPRs) in their first and second year, the graduated contribution rates will stay unchanged.
     
cpf 2

How would the revised CPF contribution rates affect you as a business owner?

The increment of CPF contribution rates, which is intended to enhance senior workers’ retirement income, also implies that you have to contribute more to your employees’ CPF. Simply put, the adjustment in CPF contribution rates actually raises your labour costs.

However, as with this year, a one-year CPF Transition Offset (CTO) will be automatically supplemented for the 2023 increments to cover half of the increase in employer CPF contribution rates. You will not be required to apply for it. For more information on the CTO, you can visit here.

Despite the government offset, hiring senior workers aged 55 to 70 will cost you more than it did previously. While employing senior employees can help diversify the workforce, it is apparent that if you continue to recruit senior workers in the future, your operating costs will rise, making your business less profitable.

As illustrated, the cost benefits of hiring senior workers provided previously have been reduced. With the cost increase, you should reconsider recruiting senior workers. As compared to the seniors, a younger employee is more likely to possess up-to-date skill sets and knowledge, as well as be more in sync with current market sentiments. Therefore, it will be cheaper and more advantageous to hire a younger employee as you will not have to train them from the ground up.

Having said that, many seniors are constantly undergoing training classes and upgrading themselves in various areas in order to remain relevant with the current market and trends. Hence, if a senior person can deliver the same value as a younger employee, you should definitely consider hiring them. More importantly, this will also be less costly for you.

All in all, we hope that you’ve gained a clearer understanding of the updated CPF contribution rates that will be taking effect in the coming year and how it will affect you as a business owner. For further details on the increase in CPF contribution rates, please visit the CPF website or here.

To view more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

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LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg

PTE LTD or Sole Proprietorship?

PTE LTD or Sole Proprietorship?

“I want to set up a company. What type of company should I set up?”

Well, if you want to expand your business, raise funds, or take on a big project, always set up a Private Limited company. The reasons are as follows:

1. Able to raise funds

Unlike private limited, you cannot raise funds with a sole proprietor company because it doesn’t have a shareholding structure. Since the nature of the company can only consist of one owner, the owner cannot split up his/her shares to raise capital. This is due to the non-existent paid-up capital for dilution.

business interest calculation

2. Degree of liability

If your company is accountable for a project/trade liability, a private limited company would be better as it is a separate legal entity that is distinct from its shareholders and directors. In this case, shareholders in a private limited company are not personally liable for company debts. The liability of a shareholder will only be limited to his investment in the company (which is normally paid-up capital). Whereas a sole proprietor company is owned by the sole proprietor himself without any separate legal identity of its own. The sole proprietor (owner) is personally liable for all debts and losses of the business

3. Tax savings

If you are making money, especially if you earn high revenue, there are more tax savings you can obtain as a private limited company than as a sole proprietor. In Singapore, there are many tax benefits to starting a business and getting a tax discount for the first 3 years. In addition, your personal expenses can be combined with your company expenses to be expensed out from your earnings to receive higher tax savings.

4. Transferring of ownership

In a private limited company, it is easy to transfer your ownership. You can always transfer or sell your shares to another owner (succession planning or selling of business), only if you are in a private limited company. In corporate law, a private limited company last perpetually. Unlike a private limited company, a sole proprietorship cannot last in perpetuity, the registration of a sole proprietorship has to be renewed either at the end of one or three years. Even if the registration is dutifully renewed, the business will still come to an end once the business owner either retires or dies.

In Summary

With that said, I personally feel that one should always set up a private limited company if you wish to expand and grow your business. Certainly, there are also advantages to operating as a sole proprietorship, such as the ease of establishing the company due to the fewer requirements. However, I suggest that you should only start a sole proprietorship if your business is a part-time hustle, and you are not serious about it. Otherwise, I advise you to always start a private limited company because the benefits far outweigh the cons of it. If you wish to succeed in growing a big and profitable business, then we should think and act like one.

For more articles, don’t hesitate and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

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LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

(URGENT!) updates to the Temporary Bridging Loan programme

(URGENT!) updates to the Temporary Bridging Loan programme

Hello everyone!

The US Federal Reserve has announced another interest rate hike to combat the relentless inflation. It announced yesterday that the Fed reserve rates would be raised by 75-basis points. This is a tremendous trigger for the entire world to increase their cost of funds. With the rising cost of living already taking a toll on consumers early this year, the return of rising rates will create a new form of obstacle for businesses and financial institutions.

What is the federal funds rate to you?

The federal funds rate, which is regulated by the US central bank, is the interest rate at which banks borrow and lend to one another overnight. Although consumers do not pay this rate, the Fed’s actions have an effect on the borrowing and saving rates we see everyday.

For starters, the rate hike will correspond with a rise in the prime rate and immediately send financing costs higher for many forms of consumer borrowing. Our bank loan, which includes our housing loan, business loan, personal loan, car loan, will all have their interest rates raised.

On the flip side, higher interest rates also mean savers will earn more money on their deposits as the deposit rates will also increase. That is why our Singapore Savings Bonds rate has increased (recently went up to 3% p.a. on average)

My perspective on the aforementioned:

As the Fed Reserve Rate increased, this is only the first tranche of hikes, more rounds of increases will be applied in the future. We should be prepared for even higher interest rates in the coming months.

Traders also expect that the Fed will raise rates again at its next meeting in September, then again in November and December before possibly lowering rates in the middle of next year, depending on the evolving economic conditions.

Therefore, there is no point in waiting for the interest rates to fall because it will not happen anytime soon.

Before I continue, let me give you an overview of the business loan environment in Singapore.

temporary bridging loan vs working capital loan

Personal encounters throughout the past few days:

Yesterday, a couple of bankers from a local bank came to my office to share with me a potential interest rate hike next month. I was surprised to hear that the interest rate for the Temporary Bridging Loan may take place in “AUGUST 2022!”, which is next week!

Yes you didn’t see wrongly, it’s August 2022. I thought it would only increase after the Temporary Bridging Loan expired on 30th September 2022, and transit to Working Capital Loan; but now we are talking about the Temporary Bridging Loan increasing to a higher rate next month.

I was quite shocked at how quick this has arrived, and how many of my clients had little time to react to it. As compared to the current rate, the rise is relatively large (almost 50% increase).

I am not sure if this is simply a speculation or if the bank would actually raise the interest rates so soon. However, if the growing rate really happens, the cost of borrowing will increase tremendously, and future loan rates for Working Capital Loans after September and the Business Term Loans will increase even further.

Earlier today, I got another loan approved for my client who has already maxed out their TBL limit of $1million. They managed to get a $250k Working Capital loan at 6% p.a. and $250k business term loan at 8.88% p.a from a reputable bank. So this is the interest rate that banks are currently offering. This week, we will be signing the Letter of offer.

As we all know, the bank has the absolute right to adjust its interest rates at any time. Hence, if you have plans to take on more loans for projects, cashflow, or have any plans for cash in the near future, this is your LAST CHANCE to get a loan at a decent rate, which is still at 4.75% to 5% p.a.

Also, due to the anticipated high volume of applications, our banking partners have informed us that the deadline for new applications for the Temporary Bridging Loan is on 31st August 2022. As the bank and ESG requires a longer processing time to approve any rates or loan packages, if you submit the application after 31st August, it will be classified it as a Working Capital Loan, and the interest rate will be higher.

Therefore, although the news or website indicates the deadline as 30th September 2022, it is not the case.

At the end of the day, Bizsquare has been around for the last 9 years and has received numerous recognition and awards. People who know me well will know that I am more interested in marketing and media content work than in business loan consulting. So this email is not so much about making money for me, but more for your business cost.

These are some photos of our recent influencer marketing work:

Influencer Collaboration (Zermatt Neo): 
influencer marketing
Influencer Collaboration (Jeff Ng):
influencer marketing

However, I feel that if I do not inform all of my friends and clients about the impact of the business loan rate hike today, I will regret one day.

Cheers and all the best to your business!

For more articles, check out our socials now!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd

BizSquare  is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship. 

For more info, please visit Bizsquare Group at  www.bizsquare.com.sg 

Chopstix & Rice’s Branding & Marketing Journey – Customer Testimonial

Chopstix & Rice's Branding & Marketing Journey - Customer Testimonial

Experiencing 𝐄𝐱𝐩𝐨𝐧𝐞𝐧𝐭𝐢𝐚𝐥 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐆𝐫𝐨𝐰𝐭𝐡 through professional Branding and Marketing services – Mdm Loji’s Customer Testimonial. Faced with pandemic restrictions, a dwindling customer base, and battered sales, Mdm Loji was at her wit’s end, until she enquired about our services on Facebook in late 2020. In this video, get to discover the story and personal perspectives of Mdm Loji, the owner of Chopstix and Rice – a humble Nasi Padang eatery at Orchard Towers – who embarked on a branding and marketing journey with us a year ago. As a result of our brand and marketing project, business at Chopstix and Rice improved dramatically despite the ongoing pandemic and it was even acquired by one of the top F&B groups in Singapore, all within a span of 1.5 years!

Interested to know how we did it? Watch the video to find out now! Feel free to also leave a comment on any queries and we will be happy to share more with you! If you think your brand is due for a refresh and your business goal is to build a successful brand, consult us today to learn more. You may very well just be our next success story.

Check us out now for our Marketing & Branding Services! https://bizsquare.com.sg/branding-marketing/ https://bizsquare.com.sg/contact-us/ We are a business consultancy firm specializing in business loans financing, financial Management, and Branding and Marketing for Singapore SMEs. Follow and Subscribe to our YouTube Channel: https://www.youtube.com/channel/UCeKMnAjT4d2oG-CjLXBs4Lw/ Follow us on our Social Media: IG: https://www.instagram.com/bizsquaremc/ FB: https://www.facebook.com/bizsquaremc LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltd/ For websites, please visit: http://bizsquare.com.sg or http://sgsmeloans.com.sg For general enquiries on business loans, click on the links below! https://www.sgsmeloans.com.sg https://bizsquare.com.sg/what-are-the-4-common-misconceptions-about-getting-a-business-loan-in-singapore/

For further enquiries on Temporary Bridging Loans, click on the link below! https://bizsquare.com.sg/6-factors-that-banks-look-for-when-accessing-a-temporary-bridging-loan/ For further enquiries on Working Capital Loans, click on the link below! https://bizsquare.com.sg/3-reasons-on-why-you-should-take-a-working-capital-loan-for-your-business/

more about our services: Getting Temporary Bridging Loan in Singapore 2022 | Business Loan: https://sgsmeloans.com.sg/temporary-bridging-loan/ SME Working Capital Loan Singapore 2022 | Business Loan Consulting: https://sgsmeloans.com.sg/working-capital-loan/ Business Term Loan Singapore 2022 | Business Loan Consulting: https://sgsmeloans.com.sg/business-term-loan/ Getting Property Loan Singapore Approved in Singapore 2022 | Property Cash Out: https://sgsmeloans.com.sg/property-loan/ Best Trade Financing Advisor In Singapore 2022 | LC and Invoice Financing: https://sgsmeloans.com.sg/trade-financing/ Private Financing for Business in Singapore 2022 | Business Loan Private Funder: https://sgsmeloans.com.sg/private-financing/ Company Secretary and Accounting: https://bizsquareaccounting.com/ Premium Branding & Marketing Agency: http://matthernsmedia.com/

For any enquiries, do not hesitate to contact us at +65 9183 4413 or email us at admin@bizsquare.com.sg #bizsquaremc #askbizsquare #loanConsultant #businessconsultant #LoanBroker #businessloanconsultant #businessloansingapore #Investment #InvestmentTips #BusinessInvestment

BUSINESS TERM LOAN SINGAPORE 2022

BUSINESS TERM LOAN SINGAPORE 2022

BUSINESS TERM LOAN SINGAPORE

A Business Term Loan for your day-to-day operations, business expansion or contingency for your working capital in Singapore.

Business Term Loans in Singapore may be used to benefit your business in a multitude of ways, such as to purchase fixed assets like equipment for production processes.

These pieces of equipment will begin to prove a constant stream of revenue for your business while your loan is being repaid. Be it for property expansion, investment injection, or new technology implementation, Bizsquare provides you easy access to additional funds, from Temporary Bridging Loan to Working Capital Loans to property secured loans, so that you can fully focus on growing your business.

In this case, Business Term Loan refers to a loan where the Banks and Fi do not get any support from the government scheme and lend out to the respective SME based solely on their own internal risk and funding capacity.

Therefore, they are of a higher interest rate than the government-supported business loan.

Borrow as much as SGD500,000 at attractive interest rates for up to five years with this collateral-free loan.


For more articles, hesitate no longer and check out our socials!

Website: https://bizsquare.com.sg/

Website: https://www.sgsmeloans.com.sg/

Facebook: https://www.facebook.com/bizsquaremc

Instagram: https://www.instagram.com/bizsquaremc/

LinkedIn: https://www.linkedin.com/company/bizsquare-management-consultants-pte-ltdBizSquare is a one-stop business consultancy firm providing Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship.

For more info, please visit Bizsquare Group at www.bizsquare.com.sg 

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