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Covid-19 Support & Resources: Extending Credit

  1. Temporary relief for businesses and individuals unable to fulfil contractual obligations

    If you are a business owner who has entered into a contractual agreement recently and experiencing difficulties fulfilling your obligations due to COVID-19, the Ministry of Law has introduced a new law that offers you temporary relief from legal action, on a just and equitable basis, for six months.

  2. Defer Payment of Principal on Secured SME Loans

    You may apply to your lender to defer principal repayment of your SME’s loan until 31 December 2020. The loan term may be extended by up to the corresponding principal deferment period.

  3. Loan Insurance Scheme

    Subsidies for loan insurance premiums increased to 80%

  4. Enterprise Financing Scheme – Trade Loan

    Maximum loan quantum of EFS-Trade Loan increases from $5m to $10m and Government’s risk-share raised to 80% (raised to 90% in the Solidarity Budget), from 1 April 2020 until 31 March 2021. Available to enterprises in all industries to help them with their trade financing needs.

  5. Enterprise Financing Scheme – Working Capital Loan

    Under the new Enhanced SME Working Capital Loan, businesses can access up to $1M working capital with Enterprise Singapore undertake 90% risk sharing.

    There are 14 financial institutions participating in this scheme. Credit criteria & interest rates vary across the banks.

  6. Temporary Bridging Loan Programme

    Eligible enterprises may borrow up to $5 million under the TBLP, with the interest rate capped at 5% p.a., from Participating Financial Institutions (PFIs). The Government will provide 90% risk-share on these loans for new applications initiated from 8 April until 31 March 2021.

    Eligible enterprises under the TBLP may also apply for up to 1 year deferral of principal repayment to help manage their debt, subject to assessment by the PFIs.