Prawns, fish, lobsters, scallops, crabs. From fine dining at restaurants to our no frills hawker fare, seafood is apparent. There’s no doubt that Singaporeans love our seafood.
In 2019, over five thousand metric tons of seafood was produced in Singapore. Our country’s current financial goals include increasing this production to 30% of its consumption by the year 2030, according to a research expert.
However, the current numbers show that Singapore imports over 80% of its seafood, such as molluscs, fish, and crustaceans. So only a tiny percentage of Singapore’s seafood supply is produced locally. However, Singaporeans have an increasing appetite for fish, molluscs, and crustaceans.
According to the studies we get at SBL Singapore, the odds are in your favour if you have a seafood supply or wholesale business! You can turn a satisfying profit and increase your business rapidly if you can overcome the most common obstacles in your industry.
As such, you have to understand the high risk of food-borne illnesses and food poisoning allegations. This is so that you have all the right food-service licenses. You also need to pass rigorous food inspections. This means that your equipment and location have to be safe for people’s health.
Once you have all that sorted out, you’ll need to market your business efficiently to attract more customers. That starts with devising attractive selling propositions such as a wide array of products at low prices, sustainable products, or exotic seafood. Remember that your selling points have to solve your audience’s most pressing needs.
We understand that all this requires a considerable time and effort. Added to this, having enough working capital is also extremely important. Hence, we devised our very own Seafood Supplier / Wholesaler Business Loans.
For instance, 18 months ago, we gave our financial assistance to Mr Thomas Ong, who is a seafood wholesaler and supplier.
Although Mr Ong inherited a relatively successful business from his parents, recent years brought a substantial decrease in his profits. The reason was an increase in seafood businesses that practised low prices.
Conversely, Mr Ong was buying fresh locally-sourced seafood daily. His employees were on the market at the crack of dawn each morning to buy the best catch. Besides, his filleters were working hard to ensure that each fish order was prepared according to the clients’ specifications.
When Mr Ong came to us at SBL Singapore, he needed a loan for better advertising of his company’s efforts. We agreed that Mr Ong’s products and service were stellar, so we granted him with our Seafood Supplier / Wholesaler Business Loans.
Mr Ong hired a marketing expert who highlighted this unique selling proposition to the customers. This strategy funnelled more customers, so Mr Ong is now considering opening a cooking school.
If you want your business to thrive too, SBL Singapore can help with customised Seafood Supplier/ Wholesaler Business Loans for:
- Licenses and permits
- Purchase of machinery and equipment
- Labour and payroll
- Transportation fees
- Commercial space rental
- Vehicle rental
Launched in February 2018, SBL Singapore aims to provide financial assistance to all companies including those in the food and beverage industries. We also gather mentors in the food and beverage industries through our Coach-and-Go programme for our clients to attain more information and knowledge on business management. Our objective is to help local Singapore brands grow and enter the overseas market.
With a Seafood Supplier / Wholesaler Business Loan, you pay for an inexpensive and reasonable rate of interest on monthly repayments, ensuring that you have enough capital to remain competitive and grow your business. In addition to funding, you will also obtain the mentor-ship and operation assistance that you require.
- Max Loan Amount$1,000,000
- Min Years to Qualify0.5
- Min. Annual Turnover< $100,000