China’s top court vows to help firms stay afloat amid virus fallout
DBS has approved over 3,500 loans totalling $1.1b for micro and small enterprise businesses under Enterprise Singapore’s financing schemes, the lender revealed in the press release.
Around three in ten loans approved were for customers with no prior relationship with the bank, whilst over half were for customers with no prior borrowing history with DBS.
Amongst those with no borrowing history with DBS, the average loan quantum was $250,000, with two out of three borrowing $200,000 and below, of which over 800 borrowed $100,000 and below.
Borrowers came mainly from the services (27%), building and construction (13%), general wholesale (12%), food and beverages (11%), and retail (9%) sectors.
The lender kept its Enterprise Singapore financing schemes at interest rates averaging 2-3%.
The loans account for eight in ten of all government-assisted SME loans that the bank has approved between the start of March 2020 and mid-May 2020.
Joyce Tee, Group Head of SME Banking at DBS, noted that micro and small enterprises may not be familiar with the financing solutions available to meet their working capital needs, as they have typically flown under the radar of lenders.
The Federation of Merchants’ Associations, Singapore (FMAS) is one key stakeholder that DBS is working with to ensure that working capital support reaches the most challenged micro and small businesses. DBS has collaborated with the Federation of Merchants’ Associations, Singapore (FMAS) on establishing solutions to help heartland enterprises’ face the cash flow challenges since early April.
DBS also kept its lending rates low for its SME Working Capital Loan and the Temporary Bridging Loan Programme by tapping the Monetary Authority of Singapore’s SGD Facility for Enterprise Singapore Loans.
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