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DBS Bolsters Liquidity Relief Support for SMEs

DBS Bolsters Liquidity Relief Support for SMEs

(7 April 2020 – Singapore) DBS is doubling the quantum of its Digital Business Loan to S$200,000, giving businesses access to more working capital to ease the financial strain caused by the coronavirus outbreak.

This is the third change since February 26, when it was introduced at S$50,000 then doubled to S$100,000 by April 3. The Digital Business Loan is collateral-free, with SMEs required to pay only the loan's interest in the first 12 months. DBS is also waiving all processing fees. Other relief measures rolled out by DBS include a six-month principal repayment moratorium for existing SME property loans and an extension of import facilities for up to 60 days to act as immediate cash flow support.

 

The bank will introduce more targeted relief packages in the coming weeks to support different SME segments.

 

“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.” DBS' Group Head of SME Banking Joyce Tee commented.

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