dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Social Links
  • zedreviews.com
  • citi.io
  • aster.cloud
  • liwaiwai.com
  • guzz.co.uk
  • atinatin.com
0 Likes
0 Followers
0 Subscribers
dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
  • Lah!

DBS Further Boosts Its Cash Flow Support For SMEs, Upsizes Collateral-free Digital Business Loan To SGD 200,000

  • April 9, 2020
Total
0
Shares
0
0
0

DBS announced that it will further bolster its liquidity relief support for SMEs impacted by COVID-19 by increasing the quantum of its Digital Business Loan to SGD 200,000. This is double the upsized SGD 100,000 quantum announced on 3 April 2020, and four times the original quantum of SGD 50,000 when the relief measure was first introduced on 26 February 2020.

Joyce Tee, Group Head of SME Banking, DBS, said, “DBS is fully supportive of the newly announced measures in the Solidarity Budget to protect lives and livelihoods amidst this COVID-19 crisis. DBS stands shoulder to shoulder with our customers, and today, we will be further ramping up our support for the SME community. We hope that by significantly beefing up the Digital Business Loan, SMEs can now access even more substantial working capital support to weather the economic fallout from COVID-19.”

The Digital Business Loan will continue to be collateral-free, with SME clients needing to service only interest for the first 12 months, up from the original three-month interest servicing period announced on 26 February 2020. DBS will continue to waive all processing fees, usually pegged at 1% of the loan quantum associated with this loan.

Today’s announcement is in addition to DBS’ third round of liquidity relief measures for SMEs announced on 3 April 2020, which includes the introduction of a nine-month principal repayment moratorium for SMEs refinancing their commercial property loans with DBS.

The Digital Business Loan adds to the raft of relief measures that DBS has made available to SMEs, including a six-month principal repayment moratorium for existing SME property loans, and an extension of import facilities of up to 60 days to act as immediate cash flow support.

Since the launch of the DBS F&B Digital Relief Package two weeks ago to help F&B establishments tap new income streams by building their online presence in just three days. DBS is in the process of onboarding more than 70 F&B businesses from household chains to hotels, standalone cafes and restaurants which combined, number more than 100 F&B outlets.

Tee added that the bank will continue engaging its SMEs and industry partners to address the specific needs of different sectors during this period. It aims to introduce more of such targeted relief packages in the coming weeks to support different SME segments.

DBS has also begun advising SME customers keen on tapping the relief measures announced by the Monetary Authority of Singapore on 31 March 2020. These include allowing SMEs banking with DBS to choose to defer principal payments on all secured term loans up to 31 December 2020, subject to eligibility. SMEs will also be able to extend the tenure of their loans by up to the corresponding principal deferment period if they wish. This relief will be available to SMEs that are not more than 90 days past due as of 6 April 2020.

 


About DBS

DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.

Total
0
Shares
Share
Tweet
Share
Share
Related Topics
  • COVID-19
  • DBS
  • SME
  • SMEs
dotlah.com

Previous Article
  • Lah!

Doing Our Part To Safeguard Economic Resilience

  • April 8, 2020
View Post
Next Article
  • Lah!
  • Technology

What Singapore Can Teach About An Effective Coronavirus Response

  • April 9, 2020
View Post
You May Also Like
View Post
  • Lah!

Tariffs, Trump, and Other Things That Start With T – They’re Not The Problem, It’s How We Use Them

  • John Francis
  • March 25, 2025
View Post
  • Lah!

Canonical announces 12 year Kubernetes LTS

  • John Francis
  • March 4, 2025
dotlah-smartnation-singapore-lawrence-wong
View Post
  • Artificial Intelligence
  • Featured
  • Features
  • Lah!
  • Machine Learning
  • Technology

Growth, community and trust the ‘building blocks’ as Singapore refreshes Smart Nation strategies: PM Wong

  • Dean Marc
  • October 9, 2024
dotlah-singapore-ndp-2024
View Post
  • Lah!

Here’s what to expect for NDP 2024!

  • dotlah.com
  • August 9, 2024
dotlah-singapore-airlines_may_21-1716298816
View Post
  • Lah!

Severe turbulence during Singapore Airlines flight leaves several people badly injured. One man died

  • majulah
  • May 22, 2024
dotlah-pm-lee-lawrence-wong-9656d4cd-1fa4-40ed-905d-e19e639b8476_728802dd
View Post
  • Lah!
  • People
  • Politics

End of Lee Era for Singapore as PM Steps Down

  • dotlah.com
  • May 16, 2024
DPM Lawrence Wong will be Singapore's fourth prime minister on May 15. ST PHOTO: LIM YAOHUI
View Post
  • Lah!
  • People
  • Politics

7 things to know about Singapore’s next prime minister Lawrence Wong

  • dotlah.com
  • May 15, 2024
When asked about his leadership style, DPM Lawrence Wong said he will be open and consultative, but he will not shirk from doing what is necessary for Singapore's future. ST PHOTO: LIM YAOHUI
View Post
  • Features
  • Lah!
  • People
  • Politics

‘We are prepared to relook everything’: Lawrence Wong on a changing society and his hopes for S’pore

  • dotlah.com
  • May 15, 2024


Trending
  • 1
    • Cities
    • Lah!
    • Science
    • Technology
    Preparing For Future Pandemics With Hi-Tech Lab
    • July 6, 2021
  • 2
    • Cities
    Moshie Safdie: How To Reinvent The Apartment Building
    • September 30, 2019
  • 3
    • Lah!
    Five International Films That Were Made-With-Singapore
    • November 14, 2021
  • 4
    • Cities
    • Lah!
    Ascott Launches Discoverasr.com To Unify 14 Lodging Brands On One Global Online Travel Booking Platform
    • July 9, 2021
  • 5
    • Cities
    The World’s Most Expensive Cities 2020
    • March 25, 2020
  • 6
    • Lah!
    • Society
    What Is Essential Is Invisible To The Eye
    • September 17, 2021
  • 7
    • Cities
    4 European Cities With Low Living Costs But A Great Quality Of Life
    • February 25, 2020
  • 8
    • Cities
    The Top 50 Smart Cities In The World 2020
    • July 16, 2020
  • 9
    • Lah!
    VR Study Finds Vertical Greenery Useful As Stress Buffer
    • July 7, 2021
  • 10
    • Lah!
    • Society
    FairPrice Food For Good Community Fridge Provides Low-Income Families With Free Food
    • September 24, 2021
  • 11
    • Lah!
    MPA Launches Six Next-Generation Patrol Craft To Grow Its Frontline Capabilities
    • August 12, 2020
  • 12
    • Technology
    Grab Expands Grocery, Essentials Delivery Across Southeast Asia
    • June 6, 2020
Trending
  • 1
    Meralco PowerGen’s PacificLight starts up 100 MW fast-response plant in Singapore
    • June 20, 2025
  • 2
    A Father’s Day Gift for Every Pop and Papa
    • June 14, 2025
  • 3
    Apple services deliver powerful features and intelligent updates to users this autumn
    • June 12, 2025
  • 4
    Apple supercharges its tools and technologies for developers to foster creativity, innovation, and design
    • June 11, 2025
  • 5
    It’s time to stop debating whether AI is genuinely intelligent and focus on making it work for society
    • June 8, 2025
  • 6
    PBBM asks Singapore to invest more in PH renewable energy projects
    • June 6, 2025
  • 7
    Singapore PM Wong arrives in Malacañang
    • June 4, 2025
  • 8
    Renewable energy, carbon credits are priority areas of cooperation for Singapore, Philippines: Lawrence Wong
    • June 4, 2025
  • 9
    Singapore businesses eye more investments in PH, says PM Wong
    • June 4, 2025
  • 10
    The Summer Adventures : Hiking and Nature Walks Essentials
    • June 3, 2025
Social Links
dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Connecting Dots Across Asia's Tech and Urban Landscape

Input your search keywords and press Enter.