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2020 COVID-19 RELIEF MEASURES BY DBS

SMEs are the backbone of Singapore’s economy, and in this difficult time, we understand that cash flow requirements are your top priority. To counter this, DBS is introducing a number of short-term liquidity reduction strategies as well as other programs to help businesses cope – so that you can concentrate on doing what is right for your company, your workers and your loved ones. Together, we can overcome this challenging Covid-19 period. With DBS Relief measures and Support, you can have:

1. Six-month principal moratorium for property loans

Customers with existing secured mortgage loans impacted by the COVID-19 situation would only have to pay interest on the loan for the next six months upon effect.

2. Extension of import facilities of up to 60 days

This will serve as immediate cash flow assistance for consumers experiencing supply chain delays. Customers with existing Letter of Credit and Trust Receipts will be notified of the interest payable on the initial due date, and the interest and principal payable on the extended due date.

3. Export Trade Fee Rebate

Consumers using our Export Trade Services get help to defray operating costs through fee rebates on Letter of Credit (LC) advising as well as on courier services for delivering export documents to us.

4. FAST /PayNow Transaction Fee Rebate

In order to reduce the handling of physical cash and cheques, particularly during this time, the number of free transactions each month is increased from 30 to 50.

5. Next Day Funding with Digital Business Loan

Small business loans can mean a big deal to companies looking for hassle-free, next day funding. The Digital Business Loan is designed to help businesses ease cash flow pressures – SMEs need only to service interest for the first 3 months. There is also no need to submit any financials for funds up to $50,000. What’s more, when a loan is approved, companies can get their money paid out on the next working day. For further peace of mind, companies will also enjoy complimentary 12-month loan repayment insurance and processing fee waiver.

6. Temporary Bridging Loan

New relief assistance from Budget 2020, for businesses impacted by the COVID-19 outbreak. Access collateral-free funding of up to S$1,000,000 with flexible repayment period of up to 5 years.

7. Enhanced SME Working Capital Loan

New relief assistance from Budget 2020, for businesses impacted by the COVID-19 outbreak. Access collateral-free funding of up to S$1,000,000 with flexible repayment period of up to 5 years.

8. Business operations – account opening and loan applications

Aim to minimize disruption to your business and allow you to use their online platforms to set up a business account or apply for a loan from wherever you are.

9. Upskilling business capabilities – Online SME Academy

Employees remain competitive, particularly at times like this and one way to do this is to help your upskilling path. Riding on the back of DBS famous SME Academy courses, they launched an online SME Academy showcasing actionable insights from industry professionals that you can benefit from, at any time, anywhere! With Relief Measures from DBS Partners, you can have an additional $1million protection coverage by Manulife to protect against business disruption, coverage for their existing customers will be enhanced to cover the following.

  •  One-time immediate cash benefit of S$1,500 for customers who are diagnosed with COVID-19 in Singapore.
  •  Additional cash benefit of S$2,000 would be payable if the customer with a confirmed diagnosis of COVID-19 is hospitalised for 5 days or more
  • An additional lump sum of S$30,000 will be paid on top of the death benefit from customer’s existing policy, in the unfortunate event that death occurs as a result of COVID-19 For more details, please contact your RM.

For more information on this, visit here.
If you need more advice on business loans, you may always contact us to book an appointment for a free consultation.

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Published on 3 Mar 2020
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