GOVERNMENT-ASSISTED LOAN SCHEMES
Enterprise Singapore will be offering this loan scheme to ease cashflow woes faced by SMEs in Singapore. Enterprise Singapore partnered a number of participating Banks and Financial Institutions with a risk share of up to 50%.
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SME Working Capital Loan
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Designed to help SMEs tide through
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Maximum of $500,000 per Borrower
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Maximum loan repayment period of 5 years
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Flexible loan repayment terms with principal sum and flexible redemption terms
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Banks and financial institutions have different documentation requirements, interest rates, eligibility and risk assessment criteria.
Basic Requirements
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Singapore registered company and operating locally
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Minimum 30% shareholding by Singaporean or Singapore PR
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Group revenue of up to S$100 million or maximum employment of 200 employees
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Frequently Asked Questions
Q: I am a sole-proprietor, am I eligible for these loan schemes?
A: Yes, registered sole proprietors with company bank accounts will be eligible to apply for either of the loan schemes. Other financial and credit requirements still apply.
Q: Is it easier for companies to get loans through these schemes?
A: Yes and no. While basic credit criterias still apply, lenders are more open to issuing loans to young companies and industries that are affected by the lockdown.
Q: My company has been dormant and only started operating recently, is it eligible for these loan schemes?
A: Yes, if you have recent business activities (6months) and sound financials.
Q: I have pending litigations and bad credit record. Am I eligible?
A: Unfortunately, if you have a bad credit record, you will not be eligible for the loan. As for pending litigation, it is case by case basis.
