About Citibank
Citibank is the consumer division of financial services MNC Citigroup. The bank has 2,649 branches in 19 countries around the world including Singapore.
In the 1980s, Citibank was the first bank in Singapore to popularize the use of ATMS. Citibank Singapore established its Global Consumer Banking division in 1982 for the needs of individuals and small businesses.
In June 2004, Citibank incorporated a wholly owned subsidiary of Citigroup in Singapore called Citibank Singapore Limited
CitiBusiness Singapore Is the unit that serves SMEs in Singapore and was launched in 2005.
Address:
8 Marina View Asia Square Tower 1, #21-00 Singapore 01896
Citibank Business Loans
Citibank has a number of financing products specially structured for Businesses in Singapore, some of the financing products they offer are
1. Citibank Working Capital Loans
This product is for businesses that have been registered an operating in Singapore for at least 6 months. Offered Jointly by the Singapore Government and Citibank Bank and administered by Enterprise Singapore. This is a flexible and affordable financing product.
The maximum loan period can be up to 5 years and the loan amount is up to S$1,000,000 under the Enhanced Budget Scheme announced in 2020. The rate for the Citibank Working Capital Loan starts at 3% effective per annum and an example of the repayment is below
| Citibank Working Capital Loans | |||
| Principle Sum | Effective Interest | Loan Tenure (Years) | Monthly Installment |
|---|---|---|---|
| S$ 100,000 | 3% | 5 | $1796.87 |
| S$ 200,000 | 3% | 5 | $3593.74 |
| S$ 500,000 | 3% | 5 | $8984.35 |
| S$ 1,000,000 | 3% | 5 | $17,968.69 |
| No Early Repayment Penalty | |||
*IMPORTANT NOTE* - The above amounts are obtained from a loan amortization calculation by Equity Capital Solution. The figures above are subject to change and might not be identical with the actual offer by Citibank.
2. Citibank Temporary Bridging Loan
Citibank’s Temporary Bridging Loan is an initiative between the Singapore Government and Citibank to help SME’s and Businesses in Singapore. This product is for businesses that have been registered in Singapore and are operating with at least 30% Singaporean or Permanent Resident shareholding.
The Temporary Bridging Loan can stretch up to 5 years. The interest rate is largely similar to the Working Capital Loan at 3%
| Citibank Working Capital Loans | |||
| Principle Sum | Effective Interest | Loan Tenure (Years) | Monthly Installment |
|---|---|---|---|
| S$ 100,000 | 3% | 5 | $1796.87 |
| S$ 200,000 | 3% | 5 | $3593.74 |
| S$ 500,000 | 3% | 5 | $8984.35 |
| S$ 1,000,000 | 3% | 5 | $17,968.69 |
| No Early Repayment Penalty | |||
*IMPORTANT NOTE* - The above amounts are obtained from a loan amortization calculation by Equity Capital Solution. The figures above are subject to change and might not be identical with the actual offer by Citibank.
The application process is quick and easy, documentation required includes 6 months bank statements and financials of the company as well as identification copies of the guarantors.
The loan can also be paid off at any time and the interest recalculated to the day of payment. This means that business owners who are looking for financing for projects can pay off the loan when the project has been completed.
3. Citibank Business Term Loans
Citibank Business Term Loan is a financing product offered directly by Citibank bank. Companies registered and operating in Singapore with at least 30% Singaporean or Permanent Resident shareholding are eligible for the loan. Citibank’s Business Term Loan can provide the necessary capital that a business needs for operations and for expansion. The maximum tenure can be up to 5 years and the interest rate can be tailored to the SME or Business, according to risk level.
The application process usually takes from 1 to 2 weeks and loan amounts can be from S$100,000 to S$500,000
4. Citibank Business First Loan
Citibank offers the Business First Loan, a groundbreaking initiative by Citibank to support newly incorporated startups. New businesses that are not able to obtain financing because they do not meet the mandatory incorporation length can apply for the Business First Loan.
Businesses just need to be registered and Incorporated in Singapore, and only 1 month latest bank statements are required together with identification documentation.
Loan Amounts can range from between S$20,000 – S$100,000 with a tenure from between 1 to 4 years available.
Other Criteria for the Business First Loan includes the following
- Must not be older than 3 years old
- Must not have more than 10 employees or a S$1 million in annual turnover
- Must have at least 30% of shares held by a Singapore Citizen or PR
- Must have at least one guarantor who is Singaporean or Singapore PR between the ages 21 and 62
5. Citibank Micro Loan
The Citibank Micro Loan is a joint initiative by the Singapore Government and Citibank. It allows businesses who are starting to grow to obtain working capital for cashflow or for business expansion.
The Citibank Micro Loan provides for loans up to S$100,000 with a tenure of 4 years. There is no early repayment penalty so this makes this attractive for SME’s and Businesses in Singapore. Businesses have to be incorporated in Singapore and be operating for at least 6 months.
The low interest rate allows SME’s and Businesses to utilize this financing product to thrive and grow. Should Businesses require greater loan amounts, they can look towards the Citibank Working Capital Loan or Temporary Bridging loan for greater funds.
Equity is a online business financing resource in Singapore. We provide free and easily accessible information on business loans in Singapore. We have extensive experience structuring both bespoke and turnkey financing solutions for both Singapore and companies overseas. Let us find you a financing solution quickly, easily and at a low cost.
How It Works
- Make a Free Enquiry.
- An Equity financing specialist will reach out to you for some simple details.
- We work together with you for the documentation.
- You relax and we do the heavy lifting for you.
- We contact you when its approved for signing down the loan.
