Loans of up to $100,000 for local SMEs with 10 or less employees. Government default risk sharing increased from 80% to 90% and loan quantum has increased from $50K to $100K.
| Use of Funds |
For daily operations or for automating and
upgrading factory and equipment |
| Maximum Loan Quantum |
$100,000 |
| Interest Rate |
* Minimum 5% interest rate for loan tenure of 4 years and below. |
| * Subject to Participating Financial Institutions’ assessments of risks involved. |
You may apply for a Micro Loan if your company meets these criteria :
- registered or incorporated in Singapore
- employ 10 or less employees
- at least 30% of your shareholding is local
- your company’s group fixed assets are below $15 million
- your company’s group has no more than 200 employees (for companies in the services sector)
- Checking up to three levels for corporate shareholders holding 20% or more of the total shareholding in the company and one level down, where the company holds more than 50% of the shareholding in a subsidiary company.
|
Banks
|
Contact Numbers
|
| DBS Bank Limited |
1800 222 2200 |
| The Hongkong and Shanghai Banking Corporation Limited |
6216 9000 |
| Indian Bank |
6309 4379 |
| Maybank |
6550 7888 |
| Oversea-Chinese Banking Corporation Limited |
6538 1111 |
| RHB Bank |
6323 2001 |
| Standard Chartered Bank |
1800 743 3000 |
| The Bank of East Asia, Limited |
6602 7702 |
| United Overseas Bank Limited |
1800 2266 121 |
|
Finance Company
|
Contact Numbers
|
| Hong Leong Finance Limited |
6415 9640 |
|
Other Financial Institutions
|
Contact Numbers
|
| IFS Capital Limited |
6270 7711 |
| GE Commercial Financing (Singapore) Ltd |
6226 3822 |
| ORIX Capital Ltd |
6510 7295 |
| ORIX Leasing Singapore Ltd |
6339 3622 |
| ^ Please note that Micro Loan may be subject to banks' credit approval |
Before you apply
- Ensure that your business qualifies for the loan.
- Consult your banker or one of the Micro Loan Participating Financial Institutions. They will be able to give you professional advice and also assist your application.
- Prepare the supporting documents if your bank requires them :
- a copy of your business profile from ACRA
- audited accounts or certified financial statements
- bank statements
- personal income tax assessment of owners and directors
- Meet with your banker or financial institution. Bring the supporting documents for the meeting.
Applying for Micro Loan
- Download the application form and the application form guide. Find out from the lender what supporting documents you need to attach.
- Submit the Application Form with the supporting documents.
- Wait 3 weeks for the bank or financial institution to reply. Processing of applications may be longer depending on the size of the loan and other factors.
Upon successful application
- Receive funds from the bank or financial institution.
- Keep proper records of repayments. Repayments start 1 month after disbursement of the loan.
- Ensure you make repayments on time.