Qualifying for Elevate Financing products involves meeting specific criteria designed to ensure that businesses can effectively utilise the funds for growth and stability. Here’s what you need to know:
General Eligibility Criteria for Elevate
Age and Residency: You must be at least 21 years old and a resident of Singapore with a valid Notice of Assessment.
Business Entity: Your company must be a Singapore-registered business entity, either a Private Limited or a Limited Liability Partnership
Authorised Applicant: You must be a registered partner or company director authorised to apply on behalf of the business.
Operating History: Your business must be incorporated at least 6 months.
Note: Unfortunately, sole proprietorships and individuals are not eligible for Elevate Financing.
Micro Loan Eligibility
In addition to the general eligibility criteria mentioned above:
Shareholding: Minimum 30% shareholding by a Singaporean Citizen or Permanent Resident director/partner.
Business Term Loan Eligibility
In addition to the general eligibility criteria mentioned above:
Shareholding: Minimum 30% shareholding by a Singaporean Citizen or Permanent Resident director/partner.
Annual Turnover: Must have an annual turnover of over SGD 500,000.
Operating History: More than 1 year of operating history.
Credit Line Eligibility
In addition to the general eligibility criteria mentioned above:
Operating History: Your business must be incorporated at least 6 months.
Ready to Elevate Your Business?
Apply in less than 5 minutes using MyInfo for a seamless experience. Get Started with Elevate Financing today and access the flexible funding solutions your SME needs to thrive.
Elevate comprises six (6) main products offered by CardUp Pte Ltd, with some products being provided in partnership with third parties who will provide the regulated services under each product. CardUp is a major payment institution licence holder under the Payment Services Act 2019. Click here to Learn More.
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