Fund Raising in Singapore
In business, cash is King. More than half of the business owners might have quoted this: Lack of funding or working capital is the biggest reason of failure, especially in stressed times. However, liquid cash may not necessary be there at the blow of a whistle. Hence you might encounter situations that indicate to you that you have to find ways to raise money for whatever particular purpose you need. Below are some fund raising methods you can use:
1st way – Self Fund your start-up
This will be easy due to fewer formalities and compliances and costs of fund raising are much lesser.
2nd way – Crowdfunding online
You might have heard of this method, because it is definitely a hit on social media sites. Online fundraising is a powerful tool. With millions of followers, a viral social media post could turn a simple video to hundreds of thousands to millions of dollars in contribution. Plus, it is free.
3rd way – Apply for a small business loan when you need extra cash
Banks offer various kinds of small business loans to customers looking for extra cash flow or investment funds.
4th way – Look to small business grants and local funding opportunities
Government offers grants and subsidies to SMEs. Although they aren’t always the easiest to find or get, but once you have got your business up and running (no matter how small the size is), you can begin searching in earnest for such funds on their websites. But having said that, always remember, government grants will usually have specific application requirements.
5th way – Vendor financing
If your ability to pay your bills is contingent on your ability to sell your product, you may benefit from negotiating longer payment terms with your suppliers. This is called Vendor financing.
Most vendors require payment on invoices within 30 days before implementing late fees and penalties. You may be able to negotiate a longer term that gives you more cash to work with in the interim. This is especially important if you have a sales cycle longer than 30 days. If it takes 45 days from purchase of goods to sale, you’ll never be able to pay invoices in 30 days.
Come to us:
If you need assistance, come to us. We can assist you out in this aspect, for e.g., guiding you and recommending the most suitable method for your fundraising stint. We can even refer you to bank relationship managers that we are familiar with, to guide you on. We at CoSeClinic have the expertise to even guide you on government grant application procedures.
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