We live in the age of startups where converting a business idea into a viable commercial venture is not a very difficult task. In fact, many of the largest and biggest businesses in the world today started as small businesses and their business idea helped them to achieve global success. In Singapore, there are many industrious and innovative people who often come up with new business ideas that has the potential of becoming a successful commercial venture. However, converting an innovative business idea into a successful business venture requires the business owners to invest a lot of money. Not too many small and medium scale businesses have access to the funds needed to manage their cash flow effectively while purchasing everything they need to smoothly run their business. Such businesses can take advantage of OCBC Business Purchase Financing Scheme and effectively manage their cash flow.
The Oversea-Chinese Banking Corporation (OCBC) Bank is one of the few local banks in Singapore. OCBC Bank is regarded as one of the top 5 strongest banks in the world and has won many prestigious awards for achieving excellence in the field of banking and financing. The bank offers a myriad of financing solutions, products and services that are able to meet the emerging needs of the customers in developing as well as developed countries. OCBC Bank has one of the largest customer bases in Singapore and offers a wide range of products and services that include credit cards, debit cards, personal loans, business loans etc. OCBC personal loans offer various benefits to the customers. The Business Purchase Financing Scheme from OCBC Bank has been designed to help businesses in acquiring the funds that they require for their purchases.
As the owner of a small or medium scale enterprise, it is most likely that you have access only to limited funds. Hence, managing the cash flow and also taking care of your business purchases might be a big financial burden. You will need access to funds at a regular basis to make sure that you are able to make your purchases effectively and also have enough funds for taking care of all other needs of your business. With the help of OCBC Purchase Financing Scheme, you can easily get the funds needed for your business finances and so you will have access to additional cash for all other needs of your business.
Each month, you can purchase goods from the supplier and as them to issue you invoices for the goods that were shipped. Once you receive these invoices, you will need to submit the same to OCBC Bank. Along with the invoices, you will also need to submit an application form and relevant transport documents for the goods shipped. The bank will then pay your supplier and clear the amount mentioned in the invoices on the same day. After that, you will need to pay off the amount paid by the bank after one and half months (90 days). Thus, you will not have to worry about your business purchases and you will have enough time to pay off the amount borrowed from the bank. The bank will clear the invoices of the suppliers on the same day of submitting the documents, provided that the documents are submitted to them by 4:30 pm.
You can apply for OCBC Business Purchase Financing by sending a text message to the bank, sending an email to them or by calling the 1800 number of their Business Loan department.
Once you avail the credit facility offered under this Business Purchase Financing Scheme from OCBC Bank, you will be notified 5 days in advance before the due date by which you need to pay off the borrowed amount. If the loan amount is offered in Singapore Dollars, the bank will auto-debit the payment amount from your bank account. If the loan is in any foreign currency, you will need to fax your payment instructions to the bank. You will need to ensure that there is sufficient funds in the account so that there will no problem for the bank to auto-debit the payment amount. Once the bank is able to successfully debit the amount, an advice slip will be faxed to you to confirm the receipt of the payment.
The bank accepts only commercial invoices for this financing scheme and the payment will only be made to the supplier who had issued the invoices. While submitting the invoices, make sure that the name of the recipient that you have provided in your application form is the same as the one provided in the invoices that you intend to submit. Also, the quantity and description of the goods provided in the invoices should match the information provided in the submitted transport documents.
The following transport documents are accepted by the bank: