Can I still get financing if my Credit Bureau Score is poor?

We provide the following solutions to help businesses:

1. Build a strong fundamental base by improving cash flow 
2. Raise funds with certainty and speed 
3. Protect your business against unexpected events

At Beacon, we believe in building strong fundamentals so that you are able to confidently grow your business to the next level. That is why our team used our combined experience and expertise to carefully develop 3 products which we believe are critical to the success of every business.

Beacon RAISE – Raise funds from a variety of funders with certainty and speed

Beacon ADVISE – Improve cash flow, key business metrics and optimise trade cycle 

Beacon PROTECT – Manage trade risks, protect assets and reduce liabilities

Unlike other loan brokers who only provide loan application services, Beacon’s experience in working with businesses of all sizes and across multiple industries means that we are familiar with your business needs. We also seek to resolve underlying financial issues facing the business and do not encourage loan stacking as it will eventually result in liquidity.

We seek to bring a fresh perspective to grow your business to the next level by rapidly identifying and delivering effective solutions to ensure your business remains financially sustainable and resilient to economic downturns.

Beacon RAISE is our proprietary platform that incorporates all our funders’ approval criteria, allowing your business to know which funders to approach immediately and how much funds your business qualifies for. 

The funding amount is dependent on several factors such as financial statements, bank statements, credit bureau score, available assets, and future revenue projections. Some government loan programs such as the Enhanced SME Working Capital Loan imposes a limit of $600,000 per company.

Upon receiving the full set of documents, you will receive our funding proposal within 3 days.

After the consultancy agreement is signed, the approval time for funds typically takes between 2 – 3 weeks. Funds will be disbursed within 2 to 7 days.

Your interest rate will be based on a review of your financial documents. Generally, higher risks and unsecured loans will have a higher interest rate.

Below are the estimated interest rates,

• Unsecured term loans from banks: 3% to 7% per annum.
• Asset-based financing: 2.2% to 3.5% per annum
• Trade Financing from banks: 4% to 6% per annum
• Property Financing: 2.2% to 6.5% per annum
• Non-bank loan provider: 8% to 48% per annum

Our team at Beacon is committed to sourcing for the lowest interest rates for your business.

You will need to submit the following supporting documents in order for us to perform a full banking-level analysis on your business:

1. Latest 2 years of financial statements
2. Latest management accounts

• Latest 6 months bank statements

1.  ACRA Business Profile
2. Latest Debtor and Creditor Ageing List
3. Last 2 years Notice of Assessment for all directors

• Credit Bureau Score for all directors (within a month of submission date)

At Beacon, we are committed to transparent and fair pricing for all our clients. All processing charges will be made clear in the proposal to our clients. Beacon’s fees are only applicable upon the issuance of a letter of offer from the funder. We also do not charge any upfront fees if the loan is not approved.

Getting a bank loan approved is not an easy process – banks have stringent approval criteria and look at many different factors, most of which are not made available to the public. Companies that apply to banks directly without knowing if they qualify run the risk of getting their application rejected. Once rejected, Banks will usually impose a 6 month blackout period, reducing your funding options.

Beacon RAISE incorporates all of our funders’ approval criteria, performing a banking-level analysis of your financial data and matching you to the funders most likely to approve your loan application, saving you precious time and money.

Our network of more than 50 funders is among the largest in the market and our experienced team will be able to structure a suitable financing solution for your business, enabling you to achieve your business objectives.

Yes, it is possible to still get a business loan from non-bank funders even with a poor credit bureau score. We understand the difficulties faced by business owners during the early stages of their business.

Our team at Beacon has helped many directors with poor credit bureau score secure business loans from non-bank funders. We have also advised many business owners on the steps to improve their credit bureau score, eventually qualifying for a bank loan.

Although the interest rates charged by non-bank funders are higher than banks, these loans are meant to be short term and act as a bridge to eventually securing a loan from a bank.