Amidst the ongoing downward pressures of the economy, MAS has since released their latest take on loan applications. In a move to tide SMEs over the troubling period, MAS will offer near zero interest rate loans to eligible banks.
What this means for you
That’s great! Zero interest rate loans to the banks. But how does it affect me if I’m part of an SME?
What this means for SMEs is that now banks are able to process a wider array of loan applications for individuals and SMEs. As part of the Enterprise Singapore (ESG) Loan Schemes, Governments and banks are working closely together to ease the financial burdens of SMEs.
This, on top of the 90% risk sharing by the Government as announced on 6 April as part of the Solidarity Budget, is expected to help banks process competitive and affordable loans for SMEs by taking on more risk on behalf of the financial institutions.
If you would like to learn more about the viability of loan applications, do reach out to us and we can proceed to evaluate your Company’s financial situation with the best advice and assist you.
For more information, check out this website here: Coronavirus: Banks to lend more money to SMEs at cheaper rate with new MAS facility