Micro Loan Programme (MLP)

Overview

Loans of up to $100,000 for local SMEs with 10 or less employees. Loan quantum has increased from $50K to $100K.

Criteria

You may apply for a Micro Loan if your company meets these criteria :

• registered or incorporated in Singapore
• company has 10 or less employees OR has annual sales not exceeding S$1 million
• at least 30% local shareholding
• company's Group Annual Sales of not more than S$100 million OR company's Group Employment Size of not more than 200*

Participating Financial Institutions

How to apply?

Before you apply

1. Ensure that your business qualifies for the loan.
2. 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.
3. 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
4. Meet with your banker or financial institution. Bring the supporting documents for the meeting.

Applying for Micro Loan

5. Download the application form and the application form guide. Find out from the lender what supporting documents you need to attach.
6. Submit the Application Form with the supporting documents.
7. 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

8. Receive funds from the bank or financial institution.
9. Keep proper records of repayments. Repayments start 1 month after disbursement of the loan.
10. Ensure you make repayments on time.