Its been sometime since i blogged here.
A lot had happened for the past 1.5 months. I didnt post here especially for last month is mainly due to the fact that I had been sick the entire month. I think that had sapped away a lot of my motivation and confidence; especially fighting spirit.
As time goes by, I found myself getting more and more concern abt the fact that I am not supplementing my mother money. So my plans had to be expanded to include design again.
Lately, as I am concerning myself with design stuff and the type of "business" I am going to offer my service. As with what i heard during the crowbar seminar, its is agreed among all the experts and design masters in Singapore that, the business of advertising is dead. And as a "net-savvy" person, it doesnt take a lot to realise this fact. To survive purely by advertising would be like trying to fight other crocs in a lake that is getting smaller by the day. Its basically going against my philosophy of avoiding a fight in a red ocean environment.
So I started to include social media marketing, or digital marketing (as i had just read abt) into the type of services i going to provide. Its gonna take a bit more time for me to iron out, how i can bring abt value to my clients thru my service of helping them creating a online presence; in fact, engagement thru online mediums to maximise their advertising/marketing dollars.
Another thing abt design part is that, BooneOakley, a studio in the states had been reminding me of my roots in term of creativity and concept. As I got more and more consumed by commercial-ality and "corporate-nasity", i start to lose my creative-age that kindda defines me and my nonsense.
So by providing ridiculous and outrageous solutions, in addition to social media engagements for my client, I hope to make some sort of a break-thru.
Events-related dream still remains, but i just need to make some arrangement and prioritisations.
Lets see how I go...
Thursday, September 17, 2009
Monday, August 3, 2009
Revolution.
Even though, I had been doing my plannings long before I ORD; even more "revolutions" and "resets" throughout my time since my "enlightenment". But as I stepped into the new phrase of life, I think, its just apt that I do a proper review of my life again, and set in motion a new Revolution that will have more credit and "Umph!" in it.
I stumbled upon this great website for entrepreneurs: http://www.startupnation.com/ which they actually have this 10 steps towards starting up a new business. I just completed the first step: Life Plan.
They explained that, before we can start upon a business plan, we must first do a life plan. We must first review our life and understand ourselves in a more stark and honest way than we tend to do from day to day. We usually just analyse and think abt our life just in our mind, and probably for some more advanced ones, some random notes here and there. But to actually sit down, and stare at the list of things they tell you to list out, its pretty much a different ordeal. But one thing I like abt it, that is different from the many of these "life reviews" I had read abt in all those books, is that, I kindda have a much more easier time doing it.
They do not force upon you to look at your crappy past too much, or your irritating traits again and again; but they pretty much focus on what you have and the future that you want. Look at the things that awaits you.
Surprisingly, I actually completed something like that... because i had actually seen many of these self-study in my self-improvement books, and somehow, I just never take out that paper that ask me to, and start filling them up.
Revolution I must. As my horoscope forecast had warned: these few months will determine what i am going to be and go through for the next few years... I must not fail.
I stumbled upon this great website for entrepreneurs: http://www.startupnation.com/ which they actually have this 10 steps towards starting up a new business. I just completed the first step: Life Plan.
They explained that, before we can start upon a business plan, we must first do a life plan. We must first review our life and understand ourselves in a more stark and honest way than we tend to do from day to day. We usually just analyse and think abt our life just in our mind, and probably for some more advanced ones, some random notes here and there. But to actually sit down, and stare at the list of things they tell you to list out, its pretty much a different ordeal. But one thing I like abt it, that is different from the many of these "life reviews" I had read abt in all those books, is that, I kindda have a much more easier time doing it.
They do not force upon you to look at your crappy past too much, or your irritating traits again and again; but they pretty much focus on what you have and the future that you want. Look at the things that awaits you.
Surprisingly, I actually completed something like that... because i had actually seen many of these self-study in my self-improvement books, and somehow, I just never take out that paper that ask me to, and start filling them up.
Revolution I must. As my horoscope forecast had warned: these few months will determine what i am going to be and go through for the next few years... I must not fail.
Job of a CEO.
"My job is to not be easy on people. My job is to make them better. My job is to pull things together from different parts of the company and clear the ways and get the resources for the key projects. And to take these great people we have and to push them and make them even better, coming up with more aggressive visions of how it could be."
Steve Jobs, CEO Apple.
Steve Jobs, CEO Apple.
Bank Loans for Start Up - Impossible.
Based on my visit to 2 banks and a phone call to a friend of mine whom works at the bank, i concluded that for a start-up with no experience and track record can forget abt bank loans.
Crap.
Back to Plan A.
Crap.
Back to Plan A.
Friday, July 24, 2009
Bank Loans for Start Ups Part 2
The foreign institution i covered on my previous post is only 2 of them. So i decided to look into the rest of the other financial institution.
Royal Bank of Scotland (RBS)
Did not provide information on the topic. They require you to go to the bank to find out.
Will update when i go.
Citibank
Citibank seems pretty okay despite didnt offer A LOT of instruments like Maybank.
Bridging Loan Programme (gov. asst)
QUOTE: "At Citi, we know that there are many challenges that come with being an entrepreneur. That's why we are offering you working capital through this government-assisted financing scheme to keep your business running optimally."
Maximum Tenure: Up to 4 years
Maximum Loan Quantum: Up to S$5 Million.
Interest Rate: 5% p.a throughout the loan term.
Its does give me an impression that Citibank might be willing to loan... And they seemed to cut out all the noise of small amount loans with the offering of just this big amount loan. They offer their own services for smaller amount of biz loans.
Standard Chartered
The way Standard Chartered present their website is different, and their formatting suggest that they do not want to just provide loan and earn your interest. But they seemed to take an interest in really help your business as well as maintaining a relationship... might not be true la~ but its just a feeling...
Business Overdraft
This is interesting to note, because being an overdraft, the interest rate should be pretty high. But for StandChart, they provide this unsecured loan up to 200k at just 0.2% p.a (max). That means, 200k of overdraft, their interest per year is just $400. Seems ridiculous and too good to be true. But IF TRUE, then its really good!
Micro Loan (SPRING)
Same as the rest that offered it. They mentioned its suitable for start-up and can loan up to 50k.
Loan Insurance Scheme (SPRING)
The loan insurance scheme here is baffling as they way i interpret it is that, its not a loan, but really, as the name suggest, an insurance. One that said the Government will subsidise up to 50% of the premium, while the insurance will protect the bank against loan default.
I dunno how this works, once i find out, will update here.
Goldman Sachs
Does not operate in Singapore, thus not viable.
Morgan Stanley
Its an investment bank. So its out.
Thats is for now.
Royal Bank of Scotland (RBS)
Did not provide information on the topic. They require you to go to the bank to find out.
Will update when i go.
Citibank
Citibank seems pretty okay despite didnt offer A LOT of instruments like Maybank.
Bridging Loan Programme (gov. asst)
QUOTE: "At Citi, we know that there are many challenges that come with being an entrepreneur. That's why we are offering you working capital through this government-assisted financing scheme to keep your business running optimally."
Maximum Tenure: Up to 4 years
Maximum Loan Quantum: Up to S$5 Million.
Interest Rate: 5% p.a throughout the loan term.
Its does give me an impression that Citibank might be willing to loan... And they seemed to cut out all the noise of small amount loans with the offering of just this big amount loan. They offer their own services for smaller amount of biz loans.
Standard Chartered
The way Standard Chartered present their website is different, and their formatting suggest that they do not want to just provide loan and earn your interest. But they seemed to take an interest in really help your business as well as maintaining a relationship... might not be true la~ but its just a feeling...
Business Overdraft
This is interesting to note, because being an overdraft, the interest rate should be pretty high. But for StandChart, they provide this unsecured loan up to 200k at just 0.2% p.a (max). That means, 200k of overdraft, their interest per year is just $400. Seems ridiculous and too good to be true. But IF TRUE, then its really good!
Micro Loan (SPRING)
Same as the rest that offered it. They mentioned its suitable for start-up and can loan up to 50k.
Loan Insurance Scheme (SPRING)
The loan insurance scheme here is baffling as they way i interpret it is that, its not a loan, but really, as the name suggest, an insurance. One that said the Government will subsidise up to 50% of the premium, while the insurance will protect the bank against loan default.
I dunno how this works, once i find out, will update here.
Goldman Sachs
Does not operate in Singapore, thus not viable.
Morgan Stanley
Its an investment bank. So its out.
Thats is for now.
Sunday, July 19, 2009
Bank Loans for Start Ups
(rmks: pls note that the information is correct as of the post. i will not be responsible to any lost of your interests due to any changes to the banks' services after the date of post.)
Today, i would like to discuss about the Bank Loans for Start Ups in Singapore.
Since the inset of the financial meltdown, the Singapore Government had been anxious to keep our banking instruments working, and the credit money flowing. Because if credit facilities stop to provide credits to businesses at such bad times and with reasonable rates, businesses will close down, and wide scale retrenchment will happen.
Other than that, to make up for the retrenchments and the shutdown of businesses, the Government wants to encourage entrepreneurship, which in turn will provide jobs and new winners for Singapore as a whole. But from what I had researched, Singapore banks arent as "friendly" as they should, in help the Government to help the people. And because its a dangerous loan (to startups, its always dangerous to the banks), it definitely must be a Government Assisted loan. So just looking at it will give you a clear idea.
Lets start with the BIG 3 of Singapore banking: UOB, DBS and OCBC.
UOB
For start ups, the choice are pretty grim:
QUOTE: "Thinking of owning that business premise for expansion? Require working capital for day-to-day operations and long-term investments? Looking to purchase machinery? Well, whatever your business needs, we have a full range of commercial loans, products and services to meet the needs of your business."
Notice they didnt mention start up or establishing new businesses
and for gov. assisted loans:
QUOTE "UOB is a participating financial institution offering low-cost Government Assistance Schemes to meet the specific upgrading and expansion needs of Small and Medium Enterprises in Singapore. Several schemes are available depending on the specific needs of your business"
and STILL, the only mentioned about expansion and upgrading. Nothing of use for Entrepreneurs.
DBS
I'm not sure a start-up should be using Overdraft facility... Because it basically like allowing you to draw more money than you actually have in the bank. But probably a facility for stop gap measure than a proper loan to start a business...
The only viable loan for Start Up is the Loan Insurance Scheme.
http://www.dbs.com.sg/sg/enterprise/credit/lis/Pages/default.aspx
and i quote: "DBS also offers a loan insurance scheme ("LIS" or the "Scheme") to our corporate customers who may require additional working capital.
The Scheme is co-sponsored by SPRING / IE Singapore. Insurance premium is 1.5% of the loan request amount, of which SPRING / IE Singapore co-sponsor half of the premium payable.
Customers may use such loans for the following purposes:-
Establish a viable new business
Support establishment of inventory storage & distribution hub
Expand existing manufacturing capacity
Diversify into other product lines capabilities
Augment working capital needs
Expand trading into new markets
Broaden distribution channels
Support & Fund majority-owned overseas"
But based on an email enquiry, it doesnt sound very promising: "Application for corporate loan requires a company to be in operation preferably at least two years.
All application will be subject to approval."
Although, they didnt say can, but they also mentioned their preference.
Lets keep this in view.
OCBC
OCBC is another Singapore bank that hold no interest in start-ups as well.
To know whether a bank that operates in Singapore is interested in funding startups, just look at the "Gov Assistance Schemes" - because they usually will have a list of different type of loans for different purposes. But OCBC only got the "internationalisation finance scheme".
So, forget about contacting OCBC. They wont entertain you.
----------------
Now lets look at Foreign Banks.
HSBC
http://www.hsbc.com.sg/1/2/business/products-and-services/financing/government-assistance-scheme
They provide 2 loan that we can use: The Loan Insurance Scheme and the Local Enterprise Finance Scheme.
For the Loan Insurance Scheme, i QUOTE:
"You can use the loan to:
Establish a new business venture, inventory storage and distribution hub
Extend into new markets and product lines
Expand existing manufacturing capacities and distribution channels
Increase working capital
Financially support majority-owned overseas subsidiaries"
For the Local Enterprise Finance Scheme, i QUOTE:
"You can use the loan to:
Establish a viable new business
Modernise and automate your plant and machinery
Expand your existing manufacturing capacity
Diversify into other product lines
Purchase factory or business premises (only JTC or HDB properties)"
So, they seemed to suggest that they would be interested to finance a Start Up.
MAYBANK
Maybank is by far, the most pro-entrepreneurs among the banking institutions i had seen, based on my research online (there are other financial institutions, but i dun see a point to put them here). They even had an entire page dedicated to Start Ups. Can you imagine that? http://info.maybank2u.com.sg/business/start_up_business/index.htm
It makes me feel disillusioned when compared to our local banks.... Now i am glad to see Maybank's tower shining brightly in the skyline during F1. They deserve to shine brighter than the rest of the skyscrapers...
Anyway, they provide startups with all sort of financial options. I will list a few here that is relevant to me:
Micro Loan
http://info.maybank2u.com.sg/business/start_up_business/microloans.htm
Tenure: Up to 4 years
Loan Limit: Up to $S100,000
Loan Insurance Scheme
http://info.maybank2u.com.sg/business/start_up_business/loan_insurance_scheme.htm
There will be 1.5% p.a insurance premium for this thingy. I still not very sure how this gonna work. Will have a totally separate post on it when i find out from the bank.
Bridging Loan
http://info.maybank2u.com.sg/business/start_up_business/bridging_loan.htm
Tenure: Up to 4 years
Loan Limit: Up to S$5 Million.
-------
So till I go down to the bank myself, I cant really know whats the hidden criteria behind all this "possible" loans. I do hope I am eligible, so that I can rely lesser on VCs and investors...
Today, i would like to discuss about the Bank Loans for Start Ups in Singapore.
Since the inset of the financial meltdown, the Singapore Government had been anxious to keep our banking instruments working, and the credit money flowing. Because if credit facilities stop to provide credits to businesses at such bad times and with reasonable rates, businesses will close down, and wide scale retrenchment will happen.
Other than that, to make up for the retrenchments and the shutdown of businesses, the Government wants to encourage entrepreneurship, which in turn will provide jobs and new winners for Singapore as a whole. But from what I had researched, Singapore banks arent as "friendly" as they should, in help the Government to help the people. And because its a dangerous loan (to startups, its always dangerous to the banks), it definitely must be a Government Assisted loan. So just looking at it will give you a clear idea.
Lets start with the BIG 3 of Singapore banking: UOB, DBS and OCBC.
UOB
For start ups, the choice are pretty grim:
QUOTE: "Thinking of owning that business premise for expansion? Require working capital for day-to-day operations and long-term investments? Looking to purchase machinery? Well, whatever your business needs, we have a full range of commercial loans, products and services to meet the needs of your business."
Notice they didnt mention start up or establishing new businesses
and for gov. assisted loans:
QUOTE "UOB is a participating financial institution offering low-cost Government Assistance Schemes to meet the specific upgrading and expansion needs of Small and Medium Enterprises in Singapore. Several schemes are available depending on the specific needs of your business"
and STILL, the only mentioned about expansion and upgrading. Nothing of use for Entrepreneurs.
DBS
I'm not sure a start-up should be using Overdraft facility... Because it basically like allowing you to draw more money than you actually have in the bank. But probably a facility for stop gap measure than a proper loan to start a business...
The only viable loan for Start Up is the Loan Insurance Scheme.
http://www.dbs.com.sg/sg/enterprise/credit/lis/Pages/default.aspx
and i quote: "DBS also offers a loan insurance scheme ("LIS" or the "Scheme") to our corporate customers who may require additional working capital.
The Scheme is co-sponsored by SPRING / IE Singapore. Insurance premium is 1.5% of the loan request amount, of which SPRING / IE Singapore co-sponsor half of the premium payable.
Customers may use such loans for the following purposes:-
Establish a viable new business
Support establishment of inventory storage & distribution hub
Expand existing manufacturing capacity
Diversify into other product lines capabilities
Augment working capital needs
Expand trading into new markets
Broaden distribution channels
Support & Fund majority-owned overseas"
But based on an email enquiry, it doesnt sound very promising: "Application for corporate loan requires a company to be in operation preferably at least two years.
All application will be subject to approval."
Although, they didnt say can, but they also mentioned their preference.
Lets keep this in view.
OCBC
OCBC is another Singapore bank that hold no interest in start-ups as well.
To know whether a bank that operates in Singapore is interested in funding startups, just look at the "Gov Assistance Schemes" - because they usually will have a list of different type of loans for different purposes. But OCBC only got the "internationalisation finance scheme".
So, forget about contacting OCBC. They wont entertain you.
----------------
Now lets look at Foreign Banks.
HSBC
http://www.hsbc.com.sg/1/2/business/products-and-services/financing/government-assistance-scheme
They provide 2 loan that we can use: The Loan Insurance Scheme and the Local Enterprise Finance Scheme.
For the Loan Insurance Scheme, i QUOTE:
"You can use the loan to:
Establish a new business venture, inventory storage and distribution hub
Extend into new markets and product lines
Expand existing manufacturing capacities and distribution channels
Increase working capital
Financially support majority-owned overseas subsidiaries"
For the Local Enterprise Finance Scheme, i QUOTE:
"You can use the loan to:
Establish a viable new business
Modernise and automate your plant and machinery
Expand your existing manufacturing capacity
Diversify into other product lines
Purchase factory or business premises (only JTC or HDB properties)"
So, they seemed to suggest that they would be interested to finance a Start Up.
MAYBANK
Maybank is by far, the most pro-entrepreneurs among the banking institutions i had seen, based on my research online (there are other financial institutions, but i dun see a point to put them here). They even had an entire page dedicated to Start Ups. Can you imagine that? http://info.maybank2u.com.sg/business/start_up_business/index.htm
It makes me feel disillusioned when compared to our local banks.... Now i am glad to see Maybank's tower shining brightly in the skyline during F1. They deserve to shine brighter than the rest of the skyscrapers...
Anyway, they provide startups with all sort of financial options. I will list a few here that is relevant to me:
Micro Loan
http://info.maybank2u.com.sg/business/start_up_business/microloans.htm
Tenure: Up to 4 years
Loan Limit: Up to $S100,000
Loan Insurance Scheme
http://info.maybank2u.com.sg/business/start_up_business/loan_insurance_scheme.htm
There will be 1.5% p.a insurance premium for this thingy. I still not very sure how this gonna work. Will have a totally separate post on it when i find out from the bank.
Bridging Loan
http://info.maybank2u.com.sg/business/start_up_business/bridging_loan.htm
Tenure: Up to 4 years
Loan Limit: Up to S$5 Million.
-------
So till I go down to the bank myself, I cant really know whats the hidden criteria behind all this "possible" loans. I do hope I am eligible, so that I can rely lesser on VCs and investors...
Tuesday, July 14, 2009
Visit to Intertrust Singapore
Just went for a meeting with Intertrust Singapore just now.
Met the Olivier and Raj, very nice guys.
Before this, i cant really get what Intertrust does, as all the terms in their old brochures is kindda confusing to me.... But after a good 30 mins session with them, i think i got it.
What intertrust does (relevant for me), is that they will help to document and keep track of all the documentation and agreement/contracts made by my company. So they will make sure that I do not miss any of my agreements and thus ensure nothing goes wrong. They also do accounting matters which all my slips and invoice can be sent to their office and in turn, they will get all my financial statements done up cleanly. Payroll, CPF matters, and corporatising of company, etc...
Ha... suddenly, i realised they actually do a lot of things.
But of course, its vital that i meet real faces and talk to them face to face. Because certain things just cant be solved and communicated just through their corporate website. (the website definitely had improved tremendously from their previous one)
http://www.intertrustgroup.com/
Hopefully, i can work with them in the future. If i can, that means things are going well already.
After my introduction of what i wish to do in the future, i can see that they do hold their reservations. But of course, who doesnt? My plans is as grandeur as it is overwhelming. Especially when placed in a hand of a business novice (me), all seemed impossible.
Hmm... thats why i want to work with them.
The more difficult the situation, the more i should get the BEST into my core team. Without the BEST, like Intertrust, how can i expect to repay the trust of any willing investors who shares my vision.
isnt it?
Met the Olivier and Raj, very nice guys.
Before this, i cant really get what Intertrust does, as all the terms in their old brochures is kindda confusing to me.... But after a good 30 mins session with them, i think i got it.
What intertrust does (relevant for me), is that they will help to document and keep track of all the documentation and agreement/contracts made by my company. So they will make sure that I do not miss any of my agreements and thus ensure nothing goes wrong. They also do accounting matters which all my slips and invoice can be sent to their office and in turn, they will get all my financial statements done up cleanly. Payroll, CPF matters, and corporatising of company, etc...
Ha... suddenly, i realised they actually do a lot of things.
But of course, its vital that i meet real faces and talk to them face to face. Because certain things just cant be solved and communicated just through their corporate website. (the website definitely had improved tremendously from their previous one)
http://www.intertrustgroup.com/
Hopefully, i can work with them in the future. If i can, that means things are going well already.
After my introduction of what i wish to do in the future, i can see that they do hold their reservations. But of course, who doesnt? My plans is as grandeur as it is overwhelming. Especially when placed in a hand of a business novice (me), all seemed impossible.
Hmm... thats why i want to work with them.
The more difficult the situation, the more i should get the BEST into my core team. Without the BEST, like Intertrust, how can i expect to repay the trust of any willing investors who shares my vision.
isnt it?
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