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If you're new to this funding option, we've covered the basics extensively in our previous articles.",[],{"_key":1199,"_type":170,"children":1200,"markDefs":1205,"style":1206},"k11",[1201],{"_key":1202,"_type":174,"marks":1203,"text":1204},"k10",[1186],"What is venture debt?",[],"h3",{"_key":1208,"_type":170,"children":1209,"markDefs":1241,"style":190},"k31",[1210,1214,1219,1224,1228,1232,1237],{"_key":1211,"_type":174,"marks":1212,"text":1213},"k24",[],"Venture debt is a type of debt financing specifically designed for high-growth startups and early-stage businesses that have already raised equity funding. Unlike traditional bank",{"_key":1215,"_type":174,"marks":1216,"text":1218},"k25",[1217],"k13"," ",{"_key":1220,"_type":174,"marks":1221,"text":1223},"k26",[1222],"k15","loans",{"_key":1225,"_type":174,"marks":1226,"text":1227},"k27",[]," that rely heavily on assets and",{"_key":1229,"_type":174,"marks":1230,"text":1218},"k28",[1231],"k18",{"_key":1233,"_type":174,"marks":1234,"text":1236},"k29",[1235],"k20","cash flow",{"_key":1238,"_type":174,"marks":1239,"text":1240},"k30",[],", venture debt is typically extended based on the strength of your equity investors, growth trajectory, and future success potential.",[1242,1244,1245,1247],{"_key":1217,"_type":188,"externalUrl":1243,"linkType":145},"https:\u002F\u002Faspireapp.com\u002Fblog\u002Fhow-to-get-business-loan-for-startups",{"_key":1222,"_type":188,"externalUrl":1243,"linkType":145},{"_key":1231,"_type":188,"externalUrl":1246,"linkType":145},"https:\u002F\u002Faspireapp.com\u002Fblog\u002Fmanage-cash-flow-like-a-pro",{"_key":1235,"_type":188,"externalUrl":1246,"linkType":145},{"_key":1249,"_type":170,"children":1250,"markDefs":1255,"style":1206},"k35",[1251],{"_key":1252,"_type":174,"marks":1253,"text":1254},"k34",[1186],"When Singapore startups use venture debt",[],{"_key":1257,"_type":170,"children":1258,"markDefs":1263,"style":190},"k39",[1259],{"_key":1260,"_type":174,"marks":1261,"text":1262},"k38",[],"Singapore startups typically turn to venture debt in specific scenarios: to extend runway between equity rounds, to fund specific growth initiatives without additional dilution, to finance equipment or inventory purchases, or to provide a financial cushion while achieving key milestones. The timing usually aligns with having raised at least a Series A round and demonstrating clear product-market fit.",[],{"_key":1265,"_type":170,"children":1266,"markDefs":1271,"style":1206},"k43",[1267],{"_key":1268,"_type":174,"marks":1269,"text":1270},"k42",[1186],"The EFS-Venture Debt Landscape in Singapore",[],{"_key":1273,"_type":170,"children":1274,"markDefs":1288,"style":190},"k52",[1275,1279,1284],{"_key":1276,"_type":174,"marks":1277,"text":1278},"k49",[],"Enterprise Singapore's",{"_key":1280,"_type":174,"marks":1281,"text":1283},"k50",[1282],"k45"," Enterprise Financing Scheme for Venture Debt (EFS-VD)",{"_key":1285,"_type":174,"marks":1286,"text":1287},"k51",[]," provides government-backed risk-sharing with participating lenders, making venture debt more accessible and affordable for Singapore-based startups.",[1289],{"_key":1282,"_type":188,"externalUrl":1290,"linkType":145},"https:\u002F\u002Fwww.enterprisesg.gov.sg\u002Ffinancial-support\u002Fenterprise-financing-scheme---venture-debt",{"_key":1292,"_type":170,"children":1293,"markDefs":1298,"style":190},"k56",[1294],{"_key":1295,"_type":174,"marks":1296,"text":1297},"k55",[],"The scheme can support up to 70% of the loan amount (capped at SGD $5 million), often resulting in lower interest rates and more favourable loan terms compared to non-subsidised options.",[],{"_key":1300,"_type":170,"children":1301,"markDefs":1306,"style":190},"k60",[1302],{"_key":1303,"_type":174,"marks":1304,"text":1305},"k59",[],"Importantly, the EFS-Venture Debt programme has been recently extended and remains a cornerstone of Singapore’s startup financing ecosystem. For many local founders, it continues to be the primary way to access venture debt on more founder-friendly terms, particularly in a higher interest rate environment",[],{"_key":1308,"_type":170,"children":1309,"markDefs":1314,"style":190},"k64",[1310],{"_key":1311,"_type":174,"marks":1312,"text":1313},"k63",[],"Now that we've covered the basics, let's dive into the term sheet itself.",[],{"_key":1316,"_type":170,"children":1317,"markDefs":1322,"style":1189},"k68",[1318],{"_key":1319,"_type":174,"marks":1320,"text":1321},"k67",[1186],"Why venture debt term sheets matter for founders",[],{"_key":1324,"_type":170,"children":1325,"markDefs":1330,"style":190},"k72",[1326],{"_key":1327,"_type":174,"marks":1328,"text":1329},"k71",[],"A venture debt term sheet is more than a formality. It's the blueprint for your financial relationship with a lender. Unlike equity funding, where you give up ownership, venture debt lets you access capital while maintaining control of your business. But that capital comes with strings attached: interest rates, loan fees, covenants, and repayment schedules that can impact your future success.",[],{"_key":1332,"_type":170,"children":1333,"markDefs":1338,"style":190},"k76",[1334],{"_key":1335,"_type":174,"marks":1336,"text":1337},"k75",[],"Understanding your term sheet helps you avoid surprises. A seemingly small clause, like a prepayment fee or investor abandonment clause, can have significant implications for your company's ability to operate flexibly. The more you understand upfront, the better positioned you are to negotiate favourable terms that support your growth rather than constrain it.",[],{"_key":1340,"_type":170,"children":1341,"markDefs":1346,"style":190},"k80",[1342],{"_key":1343,"_type":174,"marks":1344,"text":1345},"k79",[],"For early-stage businesses and startups in Singapore, this is particularly important. Singapore's Enterprise Financing Scheme for Venture Debt (EFS-VD) provides government-backed support, but you still need to understand what you're signing. The loan agreement you enter today as a founder will shape your financial obligations for years to come.",[],{"_key":1348,"_type":170,"children":1349,"markDefs":1354,"style":1189},"k84",[1350],{"_key":1351,"_type":174,"marks":1352,"text":1353},"k83",[1186],"Key components of a typical venture debt term sheet",[],{"_key":1356,"_type":170,"children":1357,"markDefs":1362,"style":190},"k88",[1358],{"_key":1359,"_type":174,"marks":1360,"text":1361},"k87",[],"Every venture debt term sheet follows a similar structure, though specific terms vary by lender. Here's what you need to understand about each section.",[],{"_key":1364,"_type":170,"children":1365,"markDefs":1370,"style":1206},"k92",[1366],{"_key":1367,"_type":174,"marks":1368,"text":1369},"k91",[1186],"1. Deal overview and parties",[],{"_key":1372,"_type":170,"children":1373,"markDefs":1387,"style":190},"k101",[1374,1378,1383],{"_key":1375,"_type":174,"marks":1376,"text":1377},"k98",[],"This section identifies who's involved: your company, the lender (whether traditional bank lenders or specialised",{"_key":1379,"_type":174,"marks":1380,"text":1382},"k99",[1381],"k94"," venture debt funds",{"_key":1384,"_type":174,"marks":1385,"text":1386},"k100",[],"), and any guarantors. It also outlines the basic terms: loan amount, tenor (length of the loan), and the type of debt structure.",[1388],{"_key":1381,"_type":188,"externalUrl":1389,"linkType":145},"https:\u002F\u002Fwww.joinarc.com\u002Flearning-center\u002Fhow-to-compare-and-negotiate-venture-debt-term-sheets",{"_key":1391,"_type":170,"children":1392,"markDefs":1397,"style":190},"k105",[1393],{"_key":1394,"_type":174,"marks":1395,"text":1396},"k104",[],"Pay attention to how your company is described. If there are parent companies, subsidiaries, or special purpose vehicles involved, make sure the structure matches your actual business setup. Any discrepancies here can cause significant legal complications down the line.",[],{"_key":1399,"_type":170,"children":1400,"markDefs":1405,"style":1206},"k109",[1401],{"_key":1402,"_type":174,"marks":1403,"text":1404},"k108",[1186],"2. Loan amount and structure",[],{"_key":1407,"_type":170,"children":1408,"markDefs":1413,"style":190},"k113",[1409],{"_key":1410,"_type":174,"marks":1411,"text":1412},"k112",[],"The loan size is typically expressed as a commitment amount, the maximum you can borrow, and may be structured in tranches. For example, you might have access to SGD $2 million, but only be able to draw SGD $1 million immediately, with the remaining SGD $1 million available after hitting specific milestones like reaching certain revenue targets or closing your next funding round.",[],{"_key":1415,"_type":170,"children":1416,"markDefs":1421,"style":1422},"k117",[1417],{"_key":1418,"_type":174,"marks":1419,"text":1420},"k116",[1186],"Key terms to understand:",[],"h4",{"_key":1424,"_type":170,"children":1425,"level":1430,"listItem":1431,"markDefs":1432,"style":190},"k121",[1426],{"_key":1427,"_type":174,"marks":1428,"text":1429},"k120",[],"Loan commitment: The total amount the lender agrees to make available to you over the life of the agreement.",1,"bullet",[],{"_key":1434,"_type":170,"children":1435,"level":1430,"listItem":1431,"markDefs":1440,"style":190},"k125",[1436],{"_key":1437,"_type":174,"marks":1438,"text":1439},"k124",[],"Draw period: The specific timeframe during which you can access the committed funds, typically 12–24 months from signing.",[],{"_key":1442,"_type":170,"children":1443,"level":1430,"listItem":1431,"markDefs":1448,"style":190},"k129",[1444],{"_key":1445,"_type":174,"marks":1446,"text":1447},"k128",[],"Tranche structure: Whether funds are released all at once (single tranche) or in multiple stages tied to performance milestones (multi-tranche).",[],{"_key":1450,"_type":170,"children":1451,"markDefs":1456,"style":190},"k133",[1452],{"_key":1453,"_type":174,"marks":1454,"text":1455},"k132",[],"This structure gives lenders some protection, but it also means you need to plan carefully. If your second tranche depends on reaching certain revenue targets, make sure those targets are realistic given your current trajectory. Understanding your cash runway becomes critical when planning around milestone-based drawdowns.",[],{"_key":1458,"_type":170,"children":1459,"markDefs":1464,"style":1206},"k137",[1460],{"_key":1461,"_type":174,"marks":1462,"text":1463},"k136",[1186],"3. Tenor, drawdown, and repayment profile",[],{"_key":1466,"_type":170,"children":1467,"markDefs":1472,"style":190},"k141",[1468],{"_key":1469,"_type":174,"marks":1470,"text":1471},"k140",[],"The tenor is how long you have to repay the loan, typically 24 to 48 months for venture debt. But the repayment structure matters just as much as the length.",[],{"_key":1474,"_type":170,"children":1475,"markDefs":1480,"style":190},"k145",[1476],{"_key":1477,"_type":174,"marks":1478,"text":1479},"k144",[],"Most venture loans include an interest-only period (usually 6–12 months) where you only pay interest on the borrowed amount. After this, principal repayment begins, often through straight-line amortisation, where you repay equal amounts monthly. This structure is specifically designed to give startups breathing room to deploy capital before heavy repayment obligations kick in.",[],{"_key":1482,"_type":1483,"columnHeaders":1484,"hasColumnTitles":141,"rows":1497},"k146","richTableBlock",[1485,1490,1493],{"_key":1486,"_type":1487,"cellIndex":1488,"title":1489},"h1313","columnHeader",0,"Repayment structure",{"_key":1491,"_type":1487,"cellIndex":1430,"title":1492},"h1314","What it means",{"_key":1494,"_type":1487,"cellIndex":1495,"title":1496},"h1315",2,"Impact on cash flow",[1498,1536,1572],{"_key":1499,"_type":1500,"cells":1501},"r1316","row",[1502,1514,1525],{"_key":1503,"_type":1504,"content":1505},"c1317","richTableCell",[1506],{"_key":1507,"_type":170,"children":1508,"markDefs":1513,"style":190},"b1319",[1509],{"_key":1510,"_type":174,"marks":1511,"text":1512},"s1318",[1186],"Interest-only period",[],{"_key":1515,"_type":1504,"content":1516},"c1320",[1517],{"_key":1518,"_type":170,"children":1519,"markDefs":1524,"style":190},"b1322",[1520],{"_key":1521,"_type":174,"marks":1522,"text":1523},"s1321",[],"Pay only interest for 6–12 months",[],{"_key":1526,"_type":1504,"content":1527},"c1323",[1528],{"_key":1529,"_type":170,"children":1530,"markDefs":1535,"style":190},"b1325",[1531],{"_key":1532,"_type":174,"marks":1533,"text":1534},"s1324",[],"Lower initial monthly payments, preserves runway for growth investments",[],{"_key":1537,"_type":1500,"cells":1538},"r1326",[1539,1550,1561],{"_key":1540,"_type":1504,"content":1541},"c1327",[1542],{"_key":1543,"_type":170,"children":1544,"markDefs":1549,"style":190},"b1329",[1545],{"_key":1546,"_type":174,"marks":1547,"text":1548},"s1328",[1186],"Straight line amortisation",[],{"_key":1551,"_type":1504,"content":1552},"c1330",[1553],{"_key":1554,"_type":170,"children":1555,"markDefs":1560,"style":190},"b1332",[1556],{"_key":1557,"_type":174,"marks":1558,"text":1559},"s1331",[],"Equal monthly principal + interest payments",[],{"_key":1562,"_type":1504,"content":1563},"c1333",[1564],{"_key":1565,"_type":170,"children":1566,"markDefs":1571,"style":190},"b1335",[1567],{"_key":1568,"_type":174,"marks":1569,"text":1570},"s1334",[],"Predictable outflows, easier to budget, but higher monthly burn",[],{"_key":1573,"_type":1500,"cells":1574},"r1336",[1575,1586,1597],{"_key":1576,"_type":1504,"content":1577},"c1337",[1578],{"_key":1579,"_type":170,"children":1580,"markDefs":1585,"style":190},"b1339",[1581],{"_key":1582,"_type":174,"marks":1583,"text":1584},"s1338",[1186],"Balloon payment",[],{"_key":1587,"_type":1504,"content":1588},"c1340",[1589],{"_key":1590,"_type":170,"children":1591,"markDefs":1596,"style":190},"b1342",[1592],{"_key":1593,"_type":174,"marks":1594,"text":1595},"s1341",[],"Large lump sum due at the end",[],{"_key":1598,"_type":1504,"content":1599},"c1343",[1600],{"_key":1601,"_type":170,"children":1602,"markDefs":1607,"style":190},"b1345",[1603],{"_key":1604,"_type":174,"marks":1605,"text":1606},"s1344",[],"Lower monthly payments throughout tenor, but requires careful planning for final payment or refinancing",[],{"_key":1609,"_type":170,"children":1610,"markDefs":1615,"style":190},"k150",[1611],{"_key":1612,"_type":174,"marks":1613,"text":1614},"k149",[],"Understanding your repayment schedule is critical. If you're burning SGD $200,000 monthly and your principal repayment adds another SGD $80,000 to your monthly obligations, you need to ensure your revenue growth can support that additional burden without forcing premature cost-cutting.",[],{"_key":1617,"_type":170,"children":1618,"markDefs":1623,"style":1206},"k154",[1619],{"_key":1620,"_type":174,"marks":1621,"text":1622},"k153",[1186],"4. Pricing: Interest, fees, and total cost",[],{"_key":1625,"_type":170,"children":1626,"markDefs":1631,"style":190},"k158",[1627],{"_key":1628,"_type":174,"marks":1629,"text":1630},"k157",[],"This is where the real cost of venture debt becomes clear. Don't just focus on the interest rate; the total cost includes multiple fees that can significantly increase your actual borrowing expense.",[],{"_key":1633,"_type":170,"children":1634,"markDefs":1639,"style":1422},"k162",[1635],{"_key":1636,"_type":174,"marks":1637,"text":1638},"k161",[1186],"Common fee structures:",[],{"_key":1641,"_type":170,"children":1642,"level":1430,"listItem":1431,"markDefs":1647,"style":190},"k166",[1643],{"_key":1644,"_type":174,"marks":1645,"text":1646},"k165",[],"Interest rate: Typically 8-15% annually for Singapore startups, calculated on the outstanding balance.",[],{"_key":1649,"_type":170,"children":1650,"level":1430,"listItem":1431,"markDefs":1655,"style":190},"k170",[1651],{"_key":1652,"_type":174,"marks":1653,"text":1654},"k169",[],"Origination fees: 1-3% of total loan amount, paid upfront at closing as compensation for processing your application.",[],{"_key":1657,"_type":170,"children":1658,"level":1430,"listItem":1431,"markDefs":1663,"style":190},"k174",[1659],{"_key":1660,"_type":174,"marks":1661,"text":1662},"k173",[],"Commitment fees: Annual or quarterly fee (0.25-0.5%) for making funds available, even if you haven't drawn them yet.",[],{"_key":1665,"_type":170,"children":1666,"level":1430,"listItem":1431,"markDefs":1671,"style":190},"k178",[1667],{"_key":1668,"_type":174,"marks":1669,"text":1670},"k177",[],"Prepayment fee: Penalty for paying off the loan early, usually 1-3% of the remaining balance, declining over time.",[],{"_key":1673,"_type":170,"children":1674,"level":1430,"listItem":1431,"markDefs":1679,"style":190},"k182",[1675],{"_key":1676,"_type":174,"marks":1677,"text":1678},"k181",[],"Closing date fees: Administrative and legal costs for finalising documentation, typically SGD $5,000-15,000.",[],{"_key":1681,"_type":170,"children":1682,"markDefs":1687,"style":190},"k186",[1683],{"_key":1684,"_type":174,"marks":1685,"text":1686},"k185",[],"Let's say you're borrowing SGD $1 million at 10% annual interest with a 2% origination fee and 2% prepayment fee. Your actual cost breakdown might look like this:",[],{"_key":1689,"_type":170,"children":1690,"level":1430,"listItem":1431,"markDefs":1695,"style":190},"k190",[1691],{"_key":1692,"_type":174,"marks":1693,"text":1694},"k189",[],"Year 1 interest: SGD $100,000",[],{"_key":1697,"_type":170,"children":1698,"level":1430,"listItem":1431,"markDefs":1703,"style":190},"k194",[1699],{"_key":1700,"_type":174,"marks":1701,"text":1702},"k193",[],"Origination fee: SGD $20,000",[],{"_key":1705,"_type":170,"children":1706,"level":1430,"listItem":1431,"markDefs":1711,"style":190},"k198",[1707],{"_key":1708,"_type":174,"marks":1709,"text":1710},"k197",[],"If you prepay early: Additional SGD $20,000",[],{"_key":1713,"_type":170,"children":1714,"markDefs":1719,"style":190},"k202",[1715],{"_key":1716,"_type":174,"marks":1717,"text":1718},"k201",[],"That's SGD 140,000 in costs, significantly more than the stated 10% interest rate suggests. Always calculate the all-in cost before comparing offers. Many founders overlook these additional fees and are surprised by the true cost of capital.",[],{"_key":1721,"_type":170,"children":1722,"markDefs":1727,"style":190},"k206",[1723],{"_key":1724,"_type":174,"marks":1725,"text":1726},"k205",[],"Moreover, some venture debt term sheets also include Payment-in-Kind (PIK) interest, where a portion of the interest isn't paid in cash but instead capitalised and added to the loan principal.",[],{"_key":1729,"_type":170,"children":1730,"markDefs":1735,"style":190},"k210",[1731],{"_key":1732,"_type":174,"marks":1733,"text":1734},"k209",[],"While PIK interest can reduce short-term cash outflows, it increases the total amount owed over time. Founders should model PIK carefully, as it can materially raise the effective cost of capital despite a seemingly attractive headline interest rate.",[],{"_key":1737,"_type":170,"children":1738,"markDefs":1743,"style":1206},"k214",[1739],{"_key":1740,"_type":174,"marks":1741,"text":1742},"k213",[1186],"5. Security, collateral, and ranking",[],{"_key":1745,"_type":170,"children":1746,"markDefs":1751,"style":190},"k218",[1747],{"_key":1748,"_type":174,"marks":1749,"text":1750},"k217",[],"Most venture debt lenders require security, assets over which they hold a security interest in the event of default. This might include:",[],{"_key":1753,"_type":170,"children":1754,"level":1430,"listItem":1431,"markDefs":1759,"style":190},"k222",[1755],{"_key":1756,"_type":174,"marks":1757,"text":1758},"k221",[],"Intellectual property (patents, trademarks, proprietary technology, and other IP assets that form your competitive advantage)",[],{"_key":1761,"_type":170,"children":1762,"level":1430,"listItem":1431,"markDefs":1767,"style":190},"k226",[1763],{"_key":1764,"_type":174,"marks":1765,"text":1766},"k225",[],"Company's stock (shares in the business itself)",[],{"_key":1769,"_type":170,"children":1770,"level":1430,"listItem":1431,"markDefs":1775,"style":190},"k230",[1771],{"_key":1772,"_type":174,"marks":1773,"text":1774},"k229",[],"Accounts receivable (money owed to you by customers)",[],{"_key":1777,"_type":170,"children":1778,"level":1430,"listItem":1431,"markDefs":1783,"style":190},"k234",[1779],{"_key":1780,"_type":174,"marks":1781,"text":1782},"k233",[],"Equipment or inventory (physical assets with resale value)",[],{"_key":1785,"_type":170,"children":1786,"markDefs":1791,"style":190},"k238",[1787],{"_key":1788,"_type":174,"marks":1789,"text":1790},"k237",[],"In Singapore, however, many venture debt agreements use a negative pledge over intellectual property rather than a full fixed or floating charge. A negative pledge means you agree not to pledge or encumber your IP to another party, but the lender does not hold an active lien over the IP unless a default occurs. This structure is often more acceptable to Series B and C equity investors, who are typically cautious about investing in companies where core IP is already fully encumbered.",[],{"_key":1793,"_type":170,"children":1794,"markDefs":1799,"style":190},"k242",[1795],{"_key":1796,"_type":174,"marks":1797,"text":1798},"k241",[],"Security ranking also matters. If your venture debt is subordinated to other obligations, those senior creditors are paid first if things go wrong. Because subordinated lenders take on more risk, they usually charge higher interest rates or require additional protections. By contrast, senior secured debt has first claim on assets, while junior or subordinated debt sits lower in the repayment hierarchy.",[],{"_key":1801,"_type":170,"children":1802,"markDefs":1807,"style":190},"k246",[1803],{"_key":1804,"_type":174,"marks":1805,"text":1806},"k245",[],"For early-stage businesses with limited hard assets, lenders tend to focus heavily on intellectual property and the strength of your cap table. As a founder, you should understand exactly what security you're granting and how it may affect future fundraising. Some equity investors are reluctant to invest in companies where core IP is heavily encumbered by debt, making this a critical point to review before signing.",[],{"_key":1809,"_type":170,"children":1810,"markDefs":1815,"style":1206},"k250",[1811],{"_key":1812,"_type":174,"marks":1813,"text":1814},"k249",[1186],"6. Warrants and other equity kickers",[],{"_key":1817,"_type":170,"children":1818,"markDefs":1823,"style":190},"k254",[1819],{"_key":1820,"_type":174,"marks":1821,"text":1822},"k253",[],"Warrant coverage is a unique feature of venture debt. Lenders receive the right (but not obligation) to purchase a company's stock at a predetermined price, usually the price of your most recent equity rounds.",[],{"_key":1825,"_type":170,"children":1826,"markDefs":1831,"style":190},"k258",[1827],{"_key":1828,"_type":174,"marks":1829,"text":1830},"k257",[],"Typical warrant coverage ranges from 5-20% of the loan amount. On an SGD $1 million loan with 10% warrant coverage at SGD $1 per share, the lender gets warrants to buy 100,000 shares at SGD $1 each.",[],{"_key":1833,"_type":170,"children":1834,"markDefs":1839,"style":190},"k262",[1835],{"_key":1836,"_type":174,"marks":1837,"text":1838},"k261",[],"Warrant coverage of 5–20% of the loan amount is considered industry standard across venture debt providers, both in Singapore and globally, with the exact percentage reflecting company stage, risk profile, and lender appetite.",[],{"_key":1841,"_type":170,"children":1842,"markDefs":1847,"style":190},"k266",[1843],{"_key":1844,"_type":174,"marks":1845,"text":1846},"k265",[1186],"Warrant pricing matters because:",[],{"_key":1849,"_type":170,"children":1850,"level":1430,"listItem":1431,"markDefs":1855,"style":190},"k270",[1851],{"_key":1852,"_type":174,"marks":1853,"text":1854},"k269",[],"If your company succeeds and your shares are worth SGD $10, those warrants are worth SGD $900,000.",[],{"_key":1857,"_type":170,"children":1858,"level":1430,"listItem":1431,"markDefs":1863,"style":190},"k274",[1859],{"_key":1860,"_type":174,"marks":1861,"text":1862},"k273",[],"If your company fails, they're worthless.",[],{"_key":1865,"_type":170,"children":1866,"level":1430,"listItem":1431,"markDefs":1871,"style":190},"k278",[1867],{"_key":1868,"_type":174,"marks":1869,"text":1870},"k277",[],"Unlike interest payments, warrants only cost you if you succeed.",[],{"_key":1873,"_type":170,"children":1874,"markDefs":1879,"style":190},"k282",[1875],{"_key":1876,"_type":174,"marks":1877,"text":1878},"k281",[],"For founders worried about dilution, warrants are generally more favourable than giving up equity directly, but they still represent future ownership you're giving up.",[],{"_key":1881,"_type":170,"children":1882,"markDefs":1887,"style":1206},"k286",[1883],{"_key":1884,"_type":174,"marks":1885,"text":1886},"k285",[1186],"7. Covenants and information undertakings",[],{"_key":1889,"_type":170,"children":1890,"markDefs":1895,"style":190},"k290",[1891],{"_key":1892,"_type":174,"marks":1893,"text":1894},"k289",[],"Covenants are promises you make about how you'll run your business. They come in two types:",[],{"_key":1897,"_type":170,"children":1898,"markDefs":1903,"style":1422},"k294",[1899],{"_key":1900,"_type":174,"marks":1901,"text":1902},"k293",[1186],"Affirmative covenants (things you must do):",[],{"_key":1905,"_type":170,"children":1906,"level":1430,"listItem":1431,"markDefs":1911,"style":190},"k298",[1907],{"_key":1908,"_type":174,"marks":1909,"text":1910},"k297",[],"Maintain minimum cash balances",[],{"_key":1913,"_type":170,"children":1914,"level":1430,"listItem":1431,"markDefs":1919,"style":190},"k302",[1915],{"_key":1916,"_type":174,"marks":1917,"text":1918},"k301",[],"Provide monthly or quarterly financial statements",[],{"_key":1921,"_type":170,"children":1922,"level":1430,"listItem":1431,"markDefs":1927,"style":190},"k306",[1923],{"_key":1924,"_type":174,"marks":1925,"text":1926},"k305",[],"Keep insurance policies current",[],{"_key":1929,"_type":170,"children":1930,"level":1430,"listItem":1431,"markDefs":1935,"style":190},"k310",[1931],{"_key":1932,"_type":174,"marks":1933,"text":1934},"k309",[],"Obtain lender approval for major decisions",[],{"_key":1937,"_type":170,"children":1938,"markDefs":1943,"style":1422},"k314",[1939],{"_key":1940,"_type":174,"marks":1941,"text":1942},"k313",[1186],"Negative covenants (things you can't do):",[],{"_key":1945,"_type":170,"children":1946,"level":1430,"listItem":1431,"markDefs":1951,"style":190},"k318",[1947],{"_key":1948,"_type":174,"marks":1949,"text":1950},"k317",[],"Raise additional debt without approval",[],{"_key":1953,"_type":170,"children":1954,"level":1430,"listItem":1431,"markDefs":1959,"style":190},"k322",[1955],{"_key":1956,"_type":174,"marks":1957,"text":1958},"k321",[],"Pay dividends",[],{"_key":1961,"_type":170,"children":1962,"level":1430,"listItem":1431,"markDefs":1967,"style":190},"k326",[1963],{"_key":1964,"_type":174,"marks":1965,"text":1966},"k325",[],"Make acquisitions above a certain size",[],{"_key":1969,"_type":170,"children":1970,"level":1430,"listItem":1431,"markDefs":1975,"style":190},"k330",[1971],{"_key":1972,"_type":174,"marks":1973,"text":1974},"k329",[],"Change your business model significantly",[],{"_key":1977,"_type":170,"children":1978,"markDefs":1983,"style":190},"k334",[1979],{"_key":1980,"_type":174,"marks":1981,"text":1982},"k333",[],"Covenants protect lenders, but overly restrictive ones can limit your flexibility. If you can't hire key team members without lender approval, or can't pivot your product strategy, you're giving up more than just money.",[],{"_key":1985,"_type":170,"children":1986,"markDefs":1991,"style":1206},"k338",[1987],{"_key":1988,"_type":174,"marks":1989,"text":1990},"k337",[1186],"8. Conditions precedent and conditions subsequent",[],{"_key":1993,"_type":170,"children":1994,"markDefs":1999,"style":190},"k342",[1995],{"_key":1996,"_type":174,"marks":1997,"text":1998},"k341",[],"Conditions precedent are requirements you must meet before the loan funds. 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Missing these can trigger default, so take them seriously.",[],{"_key":2041,"_type":170,"children":2042,"markDefs":2047,"style":1206},"k366",[2043],{"_key":2044,"_type":174,"marks":2045,"text":2046},"k365",[1186],"9. Events of default and lender remedies",[],{"_key":2049,"_type":170,"children":2050,"markDefs":2055,"style":190},"k370",[2051],{"_key":2052,"_type":174,"marks":2053,"text":2054},"k369",[],"This section outlines what happens if things go wrong. 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strain your repayment plan.",[4114],{"_key":4107,"_type":188,"externalUrl":4115,"linkType":145},"https:\u002F\u002Faspireapp.com\u002Fglobal-payments",{"_key":4117,"_type":170,"children":4118,"level":1430,"listItem":1431,"markDefs":4128,"style":190},"k1216",[4119,4124],{"_key":4120,"_type":174,"marks":4121,"text":4123},"k1214",[4122],"k1210","Automated controls:",{"_key":4125,"_type":174,"marks":4126,"text":4127},"k1215",[]," Set spending limits by team or project, ensuring your use of proceeds aligns with your loan agreement.",[4129],{"_key":4122,"_type":188,"externalUrl":4130,"linkType":145},"https:\u002F\u002Faspireapp.com\u002Fspend-limits",{"_key":4132,"_type":170,"children":4133,"markDefs":4138,"style":190},"k1220",[4134],{"_key":4135,"_type":174,"marks":4136,"text":4137},"k1219",[],"For founders juggling venture debt obligations, investor reporting, and day-to-day operations, Aspire removes friction so you can focus on growth, not financial admin.",[],{"_key":4140,"_type":170,"children":4141,"markDefs":4146,"style":1189},"k1224",[4142],{"_key":4143,"_type":174,"marks":4144,"text":4145},"k1223",[1186],"Founder checklist",[],{"_key":4148,"_type":170,"children":4149,"markDefs":4154,"style":190},"k1228",[4150],{"_key":4151,"_type":174,"marks":4152,"text":4153},"k1227",[],"Before you sign any venture debt term sheet, be sure you pay heed to the following checklist:",[],{"_key":4156,"_type":170,"children":4157,"level":1430,"listItem":1431,"markDefs":4162,"style":190},"k1232",[4158],{"_key":4159,"_type":174,"marks":4160,"text":4161},"k1231",[],"Calculate the all-in cost, including every fee.",[],{"_key":4164,"_type":170,"children":4165,"level":1430,"listItem":1431,"markDefs":4170,"style":190},"k1236",[4166],{"_key":4167,"_type":174,"marks":4168,"text":4169},"k1235",[],"Model cash flow impact month-by-month forthe full 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documents.",[],{"_key":4236,"_type":170,"children":4237,"level":1430,"listItem":1431,"markDefs":4242,"style":190},"k1272",[4238],{"_key":4239,"_type":174,"marks":4240,"text":4241},"k1271",[],"Talk to 3-5 other founders who've worked with this lender.",[],{"_key":4244,"_type":170,"children":4245,"level":1430,"listItem":1431,"markDefs":4250,"style":190},"k1276",[4246],{"_key":4247,"_type":174,"marks":4248,"text":4249},"k1275",[],"Build a covenant tracking system before the closing date.",[],{"_key":4252,"_type":170,"children":4253,"level":1430,"listItem":1431,"markDefs":4258,"style":190},"k1280",[4254],{"_key":4255,"_type":174,"marks":4256,"text":4257},"k1279",[],"Understand exactly what triggers material adverse change.",[],{"_key":4260,"_type":170,"children":4261,"level":1430,"listItem":1431,"markDefs":4266,"style":190},"k1284",[4262],{"_key":4263,"_type":174,"marks":4264,"text":4265},"k1283",[],"Know your lender contact for post-close 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However, lenders generally honour term sheets unless they discover material issues during diligence, so treat the term sheet stage seriously even though it's not fully binding.",[],{"_key":4308,"_type":170,"children":4309,"markDefs":4314,"style":1206},"k1308",[4310],{"_key":4311,"_type":174,"marks":4312,"text":4313},"k1307",[1186],"Typical Singapore venture debt interest rates?",[],{"_key":4316,"_type":170,"children":4317,"markDefs":4322,"style":190},"k1312",[4318],{"_key":4319,"_type":174,"marks":4320,"text":4321},"k1311",[],"For startups in Singapore, venture debt interest rates typically range from 8-15% annually. Early-stage businesses with strong equity rounds and revenue traction might secure rates at the lower end (8-10%), while pre-revenue companies or those in riskier sectors might pay 12-15%. Companies with EFS-VD support often receive better rates due to government risk-sharing. These rates don't include fees, so always calculate the total cost.",[],{"_key":4324,"_type":170,"children":4325,"markDefs":4330,"style":1206},"k1316",[4326],{"_key":4327,"_type":174,"marks":4328,"text":4329},"k1315",[1186],"How do warrants actually work?",[],{"_key":4332,"_type":170,"children":4333,"markDefs":4338,"style":190},"k1320",[4334],{"_key":4335,"_type":174,"marks":4336,"text":4337},"k1319",[],"Warrants give lenders the right (not obligation) to purchase a company's stock at a predetermined price, usually the price of your most recent funding round. If you borrowed SGD $1 million with 10% warrant coverage at SGD $1 per share, the lender gets warrants to buy 100,000 shares at SGD $1. If your shares later trade at SGD $10, those warrants are worth SGD $900,000 to the lender. Warrants only cost you if your company succeeds, making them more founder-friendly than immediate equity dilution. 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Others are flexible and only require monthly reporting.",[],{"slug":1148,"title":1149},{"_type":154,"alternativeText":4373,"height":1055,"url":4374,"width":1057},"Venture debt term sheet explained: What founders should look for before signing","https:\u002F\u002Fcdn.aspireapp.com\u002Fwebsites\u002Fblog\u002F1f3fc1a9b67db7f941bc2b74eca9be24\u002Fventure-debt-term-sheet_cover.jpeg",[4376,4383,4391,4398,4404,4411],{"_key":1184,"_type":170,"children":4377,"level":1430,"listItem":1431,"markDefs":4382,"style":190},[4378],{"_key":4379,"_type":174,"marks":4380,"text":4381},"k1",[],"A venture debt term sheet defines the full financial and legal relationship between a startup and a lender, covering cost, repayment, collateral, covenants, and potential dilution.",[],{"_key":4384,"_type":170,"children":4385,"level":1430,"listItem":1431,"markDefs":4390,"style":190},"k5",[4386],{"_key":4387,"_type":174,"marks":4388,"text":4389},"k4",[],"The all-in cost of venture debt includes much more than the stated interest rate; factor in origination fees, commitment fees, prepayment penalties, and warrant dilution to understand true expenses",[],{"_key":4392,"_type":170,"children":4393,"level":1430,"listItem":1431,"markDefs":4397,"style":190},"k8",[4394],{"_key":1191,"_type":174,"marks":4395,"text":4396},[],"Covenants, material adverse change clauses, and investor abandonment provisions in a venture debt term sheet can materially affect a founder’s control, operational flexibility, and future fundraising outcomes",[],{"_key":1199,"_type":170,"children":4399,"level":1430,"listItem":1431,"markDefs":4403,"style":190},[4400],{"_key":1202,"_type":174,"marks":4401,"text":4402},[],"In Singapore, venture debt terms are often shaped by the Enterprise Financing Scheme – Venture Debt (EFS-VD), which can improve pricing and risk allocation for eligible startups.",[],{"_key":4405,"_type":170,"children":4406,"level":1430,"listItem":1431,"markDefs":4410,"style":190},"k14",[4407],{"_key":1217,"_type":174,"marks":4408,"text":4409},[],"Comparing venture debt term sheets requires evaluating total cost, repayment structure, dilution impact, covenant restrictiveness, and lender behaviour, not just interest rates.",[],{"_key":4412,"_type":170,"children":4413,"level":1430,"listItem":1431,"markDefs":4418,"style":190},"k17",[4414],{"_key":4415,"_type":174,"marks":4416,"text":4417},"k16",[],"Red flags in a venture debt term sheet include interest rates above 18%, overly restrictive covenants on routine decisions, vague material adverse change definitions, and personal guarantees from founders",[],[4420,4426],{"_key":1184,"_type":170,"children":4421,"markDefs":4425,"style":190},[4422],{"_key":4379,"_type":174,"marks":4423,"text":4424},[],"If you're considering venture debt as a funding option, you're probably staring at a term sheet filled with financial jargon and legal clauses that feel deliberately confusing. You're not alone. For founders across startups, SMEs, and even mid-size companies, the fear of hidden costs, restrictive terms, or making a decision that could damage cash flow or control is very real.",[],{"_key":4384,"_type":170,"children":4427,"markDefs":4431,"style":190},[4428],{"_key":4387,"_type":174,"marks":4429,"text":4430},[],"This guide breaks down exactly what you need to know about a venture debt term sheet, from the basic structure to the red flags that should make you pause. 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