Temporary Bridging Loan Programme 2022

Temporary Bridging Loan Programme

The Temporary Bridging Loan Programme is a government assisted financing scheme introduced in Budget 2020. This financing scheme is now eligible to all sectors (previously only applicable to tourism industry) after the Solidarity Budget enhancements.

About $1.7 billion drawn from past reserves will be used to finance several enhanced schemes to provide businesses with access to credit amid the coronavirus pandemic.
 
The Temporary Bridging Loan Programme and the Enhanced Enterprise Financing Scheme – Trade Loan  will be extended with revised parameters for another six months – from April 1 to Sept 30, 2022. They were previously extended in October 2011 last year to March 31, 2022

Interested enterprises can apply through Bizsquare.

Benefits of Temporary Bridging Loan

  • Maximum Loan Quantum up to S$5 Million
  • Tenure up to 5 years
  • No Collateral
  • Interest rate start from 2.5% p.a onwards
  • Government risk sharing with banks on loan default

Risk Share

The borrower is responsible to repay 100% of the loan amount. When defaults occur, the PFIs are obligated to follow their standard commercial recovery procedure, including the realisation of security, before they can make a claim against Enterprise Singapore for the unrecovered amount in proportion to the risk-share.

Eligibility

  • Be a business entity that is registered and physically present in Singapore
  • At least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership

Above with reference from:

https://www.straitstimes.com/politics/enhanced-financing-schemes-to-help-firms-access-credit

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