Small Business Loan Contract for Singapore

Small Business Loan Contract Template for Singapore

A legally binding agreement governed by Singapore law that establishes the terms and conditions for a loan provided to a small business. The document complies with MAS guidelines and Singapore's Banking Act, setting out the loan amount, interest rates, repayment terms, security arrangements, and default provisions. It includes specific protections required under Singapore's financial regulations and incorporates necessary data protection provisions under PDPA.

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What is a Small Business Loan Contract?

The Small Business Loan Contract is essential for formalizing lending arrangements between financial institutions and small businesses in Singapore. It provides a comprehensive framework for business financing, incorporating requirements from the Banking Act, MAS guidelines, and other relevant Singapore regulations. This document is particularly crucial in Singapore's dynamic business environment, where SMEs form a vital part of the economy. The contract typically covers loan amount, purpose, interest rates, repayment terms, security arrangements, and default provisions, while ensuring compliance with fair lending practices and data protection requirements.

What sections should be included in a Small Business Loan Contract?

1. Parties: Identification of lender and borrower with full legal names and registration details

2. Background: Context of the loan and purpose of the agreement

3. Definitions: Key terms used throughout the agreement including banking, financial and legal terminology

4. Loan Amount and Purpose: Specified amount of the loan and approved use of funds

5. Interest Rate and Fees: Interest rate, calculation method, and all applicable fees in compliance with Singapore banking regulations

6. Repayment Terms: Payment schedule, method, and duration of loan repayment

7. Security and Collateral: Details of any assets pledged as security for the loan

8. Events of Default: Circumstances constituting default and consequences thereof

9. Representations and Warranties: Statements of fact and assurances provided by the borrower

10. Covenants: Ongoing obligations of the borrower during the loan term

11. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for disputes

What sections are optional to include in a Small Business Loan Contract?

1. Guarantees: Terms of any personal or corporate guarantees required for the loan

2. Insurance Requirements: Mandatory insurance coverage requirements for borrower or collateral

3. Prepayment Provisions: Terms and conditions for early loan repayment, including any penalties

4. Change of Circumstances: Provisions dealing with material changes affecting the loan agreement

5. Assignment and Transfer: Terms regarding the transfer or assignment of rights under the agreement

What schedules should be included in a Small Business Loan Contract?

1. Schedule 1 - Repayment Schedule: Detailed payment dates and amounts throughout the loan term

2. Schedule 2 - Security Details: Comprehensive description of all collateral and security arrangements

3. Schedule 3 - Fee Schedule: Breakdown of all applicable fees, charges, and commissions

4. Schedule 4 - Conditions Precedent: List of conditions to be met before loan disbursement

5. Schedule 5 - Form of Drawdown Notice: Template for requesting loan disbursement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services
Small and Medium Enterprises
Retail
F&B
Manufacturing

Relevant Teams

Finance
Legal
Risk Management
Compliance
Credit

Relevant Roles

Chief Financial Officer
Finance Manager
Business Owner
Loan Officer
Risk Manager
Compliance Officer

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What is a Small Business Loan Contract?

What sections should be included in a Small Business Loan Contract?

What sections are optional to include in a Small Business Loan Contract?

What schedules should be included in a Small Business Loan Contract?

Authors

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