Best SME Loan

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Supporting Affected Sectors

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Supporting Businesses

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Supporting Self-Employed Persons (SEPs)

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Supporting Workers, Protecting Livelihoods

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SINGAPORE: The Government has been swift in its response to the COVID-19 virus, allocating S$4 billion in its 2020 budget to firms to help them weather its impact as well as the general economic slowdown carried over from the US-China trade war.

Since the Singapore economy is largely dependent on small enterprises it is necessary to shore them up, says Nicholas Sim.

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Earlier enhancements were made to the Enterprise Financing Scheme (EFS) – SME Working Capital Loan to alleviate SMEs’ cash flow concerns, and the Temporary Bridging Loan Programme (TBLP) was introduced for enterprises in the tourism sector.

To support businesses’ trade financing needs, the EFS – Trade Loan will be enhanced, with the maximum loan quantum being increase from $5 million to $10 million, and an increase in the Government’s risk-share to 80%, up from 70%.

Subsidies to businesses for loan insurance premiums will be increased from 50% to 80%, under the Loan Insurance Scheme.

The Temporary Bridging Loan Programme will be expanded to all enterprises, and the maximum supported loan will be increased from $1 million to $5 million.

SMEs that require support beyond the TBLP can continue to tap on the EFS – SME Working Capital Loan. The maximum loan quantum for this will be further enhanced, from $600,000 to $1 million.

Support in cash flow, costs and credit for businesses and assistance for sectors affected by COVID-19

17/04/2020

SINGAPORE - Individuals can apply to their banks and insurers to defer repayment of property loans, as well as premium payments for life and health insurance plans, as part of a package of measures to ease their financial strain arising from the Covid-19 outbreak.

The package, rolled out by the Monetary Authority of Singapore (MAS) and the financial sector on Tuesday (March 31), also offers cash flow support to small and medium-sized enterprises, such as by ensuring continued access to bank credit and insurance cover.

It will also help to ensure that interbank funding markets remain liquid and well-functioning, the MAS added.

The package, rolled out by MAS and the financial sector, aims to ease their financial strain arising from the Covid-19 outbreak.. Read more at straitstimes.com.

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The digital business loan, which was launched on Feb 26, will continue to be collateral-free. SMEs will only need to service interest for the first 12 months, up from the original three-month interest servicing period.

DBS Bank has again doubled the quantum of its digital business loan for small and medium-sized enterprises (SMEs) to S$200,000, to give firms access to more substantial working capital to weather the Covid-19 economic fall-out. Read more at The Business Times.

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MAS' managing director Ravi Menon said that this package was possible due to the deep capital buffers, liquidity and low leverage of Singapore’s financial institutions.

He said: “They are well-placed to not only ride out the economic storm caused by Covid-19, but also provide meaningful relief to individuals and SMEs affected by the crisis. The package of measures they have put together speaks of a financial industry in Singapore that is robust, responsible and purposeful.”
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SINGAPORE — Individuals with home loans and insurance may now be able to defer their repayments and premiums until Dec 31, under a new package of relief measures to help ease the financial strain during the Covid-19 pandemic.

17/04/2020

MAS announced on 31 March 2020 a package of measures which it has rolled out together with the Association of Banks in Singapore, the Life Insurance Association, the General Insurance Association and the Finance Houses Association of Singapore to help individuals and SMEs in need during this period of the COVID-19 pandemic.

Read about the measures by the MAS, Association of Banks in Singapore, the Life Insurance Association, the General Insurance Association and the Finance Houses Association of Singapore to help individuals and SMEs affected by the COVID-19 pandemic.