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Education Center

Borrower

What are the minimum requirements to register?

  • Only Singapore registered Private Limited and Limited Liability Partnership entities
  • Not an individual or sole-proprietorship
  • No existing Winding up/Judicial Management order
  • Have 2 years of accounts filed with ACRA or in the event that the business does not file its accounts, to have been trading for 2 years
  • Minimum annual turnover of S$ 200,000

What are the required documents to be submitted?

  • Certified true copy of the latest ACRA Bizfile Business Profile Report
  • Certified true copy of the Limited Liability Partnership Agreement/Memorandum & Articles of Association (M&A)
  • Proof of Identity of Directors/Partners/Managing Partner
  • Proof of residential address of all the authorized Directors/Partners/Managing Partner in the Resolution
  • Proof of local trading address, dated within the last six months
  • A corporate bank account with a local bank or Foreign Qualifying Full Bank in Singapore with at least 3 months of bank statements
  • Latest Financial Statement (Preferably 2 years of audited statements)

Can my business remain anonymous to investors?

Yes, your business can remain anonymous to investors throughout the funding process if you express such a desire. However, upon signing the legal agreement, the investors will learn of your identity (which is required for legal reasons).

Will my business secrets and financials be made public?

All information submitted to Crowd-genie are kept private and confidential, however certain key information such as cash flow; debt to equity will be presented

How long does it take for the registration to be approved?

The verification process will take no more than 3 working days. The borrower will get an email notification on the status within 3 working days

How soon can I get cash from the loan?

The application and approval process would take 4-5 working days. Upon acceptance of loan offer, your loan will be listed on our platform for 30 days. Your crowdfunding period will end as soon as it hits full funding. After this, your money will then be disbursed within 3-4 business days.

What are the criteria and additional documents required for personal guarantee?

Guarantor(s) must satisfy the following criteria 

  • Between 21 and 65 years of age
  • Singapore Citizen or Singapore Permanent Resident
  • No bankruptcy orders

Documents Required from the Guarantor(s)

  • Proof of residential address, dated within the last six months
  • Proof of Identity
  • Most recent Income Tax Notice of Assessment of guarantor
  • A copy of the DP Complete Litigation Check – Individual (PLIT)
  • A copy of Personal Consumer Credit Report from Credit Bureau (Singapore)

 

How long is the listing valid?

A published listing will be kept open for 30 days or till it meets its target raise, whichever is earlier

Can I cancel the request?

Yes, you can withdraw the listing provided the request has not been accepted. Once accepted, no cancellation or amendments can be made. All actions on the platform, including withdrawal of listing will be logged and published on your profile as an information field for prospective investors.

How many requests can I submit?

A business can have at most one open unfunded listing.

Can I accept a higher amount if the request is more than 100% funded?

No. The maximum loan amount is the requested amount.

How much does it cost?

We charge an origination fee on each loan we fund ranging from 2% – 5% of the total loan amount. The origination fee is based on the strength of the credit profile, with higher fees for lower credit scores. For example, if you successfully raise a loan of S$100,000, and you have the highest credit score of “A”, then our origination fee will be 2%, and you will receive S$100,000 – 2%(S$2000) = S$98,000 in your account. There are no other fees for your application or consultation.

Do you check my credit status?

Yes, your credit status will be checked.

How is the facility approved?

We first propose you terms of the facility for your approval. Once you agree to it, we make the facility available for investors to commit funds. When they commit a minimum of 80% amount, then it's on you to accept it. At that point the funds disbursement is only subject to signing of the documents.

How are the funds disbursed?

Upon signing of the agreement, the funds are disbursed by bank transfer directly to your bank account.

How do I make monthly repayments?

As a part of the agreement, you sign a GIRO Authorization Form for us to set up a monthly GIRO deduction from your corporate bank account to escrow agent.

Can I pay back the facility early? Is there any early repayment fee?

You can repay early subject to a first 3-month non-repayment period. There is no early repayment fee, though you have to pay the entire processing fee that would have been payable till the end of the term.

What happens if I pay late?

A late payment fee is payable if the scheduled repayment is delayed beyond the agreed due date. The fee is calculated based on 3% of the total outstanding principal at that point in time. 

Do you require any collateral or guarantees?

As currently, we offer only unsecured loans, there is no collateral required, but the company's director(s) and/or shareholder(s) need to act as personal guarantor(s).

What are the legal documents that I will have to sign to take on the facility?

The key documents that govern the provision of our services normally include Service Agreement, Terms & Conditions, Promissory Note, GIRO Authorization and Certified Extract of Resolution. We will discuss those with you before we ask you to sign them.

What is the final amount that I will receive?

We charge an origination fee on each loan we fund ranging from 1% – 5% of the total loan amount. The origination fee is based on the strength of the credit profile, with higher fees for lower credit scores. For example, if you successfully raise a loan of S$100,000, and you have the highest credit score of 1, then our origination fee will be 1%, and you will receive S$100,000 – 1%(S$1000) = S$99,000 in your account.

When will I receive the funds after a successful acceptance of offers?

Once you have accepted the offers, funds (net of origination fees) will take 2-3 working days to reach your corporate bank account via bank transfer

How do I make the repayment?

You will receive an email reminder 1 week before due date. 

Do I have to make repayment to each individual investor?

No. You make one payment to the escrow agent before each repayment date and the escrow agent will apportion to each investor's account.

What if my Business goes bankrupt?

Investors have the legal rights to file claims against the Business based on the agreement.

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