Covid-19: DBS doubles SME digital business loan quantum to S$200,000

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.dbsbank doubles SME digital business loan quantum to S$200,000 as part of relief measures during coronavirus outbreak

These include 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.its DBS F&B Digital Relief Package

. This new set of digital services was launched two weeks ago to help F&B establishments tap new income streams by building their online presence in three days. The bank aims to introduce more of such targeted relief packages in the coming weeks to support different SME segments, said Joyce Tee, group head of SME banking at DBS.announced by the Monetary Authority of Singapore

on March 31. For instance, SMEs banking with DBS can choose to defer principal payments on all secured term loans up to Dec 31, 2020, subject to eligibility. SMEs will also be able to extend the tenure of their loans by up to the corresponding principal deferment period. This relief will be available to SMEs that are not more than 90 days past due as at April 6, 2020.

 

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