Lending

Funding Societies Launches FS Bolt – Claims to Be Fastest Working Capital Loan Provider in Singapore

Funding Societies, Singapore’s digital lending startup, has announced the launch of FS Bolt – a mobile application to provide flexible working capital loans for local SMEs. With minimal document submission and an application process that takes merely two minutes to complete, FS Bolt offers highly accessible SME financing.

Meanwhile, an automated credit assessment process enables decision time in two hours and disbursement within 24 hours – making FS Bolt the quickest source of working capital loans in Singapore. Complementing the government’s financing programs for SMEs, FS Bolt offers loans with quantum up to S$ 20,000. FS Bolt is available on both iOS and Android devices.

Besides its emphasis on speed and user-friendliness, FS Bolt also provides loan flexibility. There are no fees for early repayment, differentiating FS Bolt loans from other financial products in the market. With this feature, borrowers only pay interest while using the funds and are encouraged to repay their loan as soon as their finances permit. In-app customer support is also made available should applicants encounter any issues.

Lack of credit access continues to hinder the growth of SMEs in Singapore – which employ 70% of the local workforce and contribute to nearly half of the nation’s GDP. Yet, SMEs face major hurdles when seeking financing as they often lack credit history, collateral, and sophisticated financial documents required by most loan products.

FS Bolt alleviates such issues by offering a credit product specifically targeted to answer SME needs. FS Bolt also incorporates automation and highly intelligent systems to include non-traditional datasets into the firm’s credit assessment processes.

“It’s difficult for SMEs to accurately project their cash needs. When emergency strikes, we want to be there for them. Our FS Bolt app is a quick and simple solution. SME owners can apply for a loan via mobile, even before they return to their offices. If they no longer need the extra cash, just repay early, without extra fees.,”

said Kelvin Teo, Co-Founder of Funding Societies.

Funding Societies currently also provides bigger, longer-term SME loans and invoice financing services with quantum up to S$1 million. Since its establishment in early 2015, Funding Societies has disbursed S$18.5 million worth of loans to more than 210 SMEs.

Funding Societies was the first digital lending platform to use a government-registered escrow account for security of funds and proud recipient of MAS FinTech Award. As the firm’s most recent innovation, FS Bolt expands the firm’s offerings and shows Funding Societies’ continued commitment to serve the Singapore SME sector by improving credit availability.