I want to borrow
Over
Years
Eligibility - Sales Turnover
Eligibility - Years of Incorporation
Years
UPDATED AS OF 21 Sep 2021
UPDATED AS OF 21 Sep 2021
Lowest Business Banking Facilities
SMART-TOWKAY.COM
Lowest Temporary Bridging Loan Rate
3.25%
Per year
Lowest Business Term Loan Rate
6%
Per year
Lowest Home Loan Rate
0.98%
Per year
Lowest P2P Biz Loan Rate
1%
Per month
Lowest Commercial Property Rate
1.235%
Per year
Latest SIBOR, SOR And SORA Rates
UPDATED AS OF 21 Sep 2021
Click above for historical trend
SIBOR SOR SORA
1-month 0.265 0.19985 0.1486
3-month 0.43607 0.24071 0.1695
6-month 0.59193 0.27153 0.1835
12-month NA NA NA

What is the maximum amount that SMEs can loan from Participating Financial Institutions under the Temporary Bridging Loan Programme?

The TBLP was introduced to help the enterprises access working capital.

As announced in the Solidarity Budget on 6 Apr 2020, the Government will enhance the TBLP further with 90% risk share. The enhancement will apply to new applications initiated from 8 April 2020 until 31 March 2021. For applications that are pending approval from PFIs, enterprises are advised to speak to their PFIs on their eligibility.

As announced on 12 Oct 2020, TBLP will be extended from 1 Apr 2021 to 30 Sep 2021. Under this extension, the Government’s risk-share on the loan will be lowered to 70% (90% currently) with the maximum loan quantum lowered to S$3 million (S$5 million currently). This is to calibrate the support for businesses as the economy gradually recovers.

Can a business apply for Temporary Bridging Loan from different Financial Institutions?

Yes, SMEs can approach different financial institutions to apply for Temporary Bridging Loans. However, the total aggregate borrowing under the scheme from different Financial Institutions cannot exceed S$3,000,000.

The participating Financial Institutions for the Temporary Bridging Loan Scheme are:




  • CIMB Bank Berhad




  • DBS Bank Ltd




  • ETHOZ Capital Ltd




  • FS Capital Pte Ltd




  • Goldbell Financial Services Pte Ltd




  • Hong Kong and Shanghai Banking Corporation




  • Hong Leong Finance Ltd




  • IFS Capital Ltd




  • Innoven Capital




  • Maybank Singapore Ltd and Malayan Banking Berhad, Singapore Branch




  • ORIX Leasing Singapore Ltd




  • Oversea-Chinese Banking Corporation Ltd (OCBC Bank)




  • Resona Merchant Bank Asia Ltd




  • RHB Bank Berhad




  • Sing Investments & Finance Ltd




  • Singapura Finance Ltd




  • Standard Chartered Bank




  • United Overseas Bank Ltd




  • Validus Capital Pte. Ltd.



What is the difference between the Temporary Bridging Loan and the Enhanced Enterprise Financing Scheme - SME Working Capital Loan?

Temporary Bridging Loan was introduced in response to the COVID-19 outbreak, to help SMEs manage their immediate cash flow needs.

Eligible SMEs can borrow up to S$3 million, with an interest rate capped at 5% per annum. SMEs that require help beyond the Temporary Bridging Loan can also tap on the Enhanced Working Capital Loan, which has been further enhanced to support loans of up to S$1 million.

Can a business apply for the Temporary Bridging Loan if directors' have a bad credit bureau score?

Different banks have different risk appetites at different times, hence their lending policies can differ. A credit score in risk grade HH might be outrightly rejected by some financial institutions while others like Maybank might approve the application (subject to Company Financial Profile and mitigation of bad Credit Bureau Score.) 

Financial Institutions like Ethoz and Orix might not even need to run Directors' CBS search if entities have more than 2 Directors/ Shareholders. 

The best thing you can do is to improve your credit score as much as you can and keep it at that highest possible level. You may wish to approach us for advice.

Find out more about how your personal credit bureau affects your business loan application here.

My business has been rejected by one of the Participating Financial Institute (PFI), Can I still approach other PFI for the Temporary Bridging Loan Programme?

All eligible enterprises applying for the Temporary Bridging Loan are subject to assessment by Participating Financial Institutions (PFIs).

As different PFIs have different lending criteria and assessments, one rejection might not similarly mean rejection from others. But do note that any failed application with a PFI will result in a waiting period of 6-12 months before the business can re-apply with the same PFI.

To avoid this, one can approach a platform like us to assist with the company's financial assessment before they submit to PFIs. 


Businesses that require further support may approach Enterprise Singapore at (65) 6898 1800 or enquiry@enterprisesg.gov.sg for assistance.

Why is there a Site Visit inspection by some participating Financial Institutions for the Temporary Bridging Loan application?

Site visit inspection is part of the Participating Financial Institution's due diligence to make sure applicants are running a proper and legitimate business.

The site visit includes but is not limited to:

1. Proper Company signage and tenancy agreement sighted for Company registered address


2. Sighting of Original Company operating account statements


3. Selfie with Company key person 


4. Taking pictures of company premises, inventory, staff, etc. 

Since Enterprise Singapore provides a 70% risk share on the loan, is the business responsible for only 30% of the remaining percentage of the loan?

We wish that were the case too! But, sadly, borrowers and guarantors are responsible to repay 100% of the loan amount.

In the event of default, Participating Financial Institutions are obligated to follow their standard commercial recovery procedure, including the effect of the personal guarantee (which means PFIs will foreclose, auction off any valuable assets of the company and guarantors), before they make a claim against Enterprise Singapore for the unrecovered amount in proportion to risk-share. 

I run an e-commerce business and all business proceeds are credited into my personal account, can I apply for the Temporary Bridging Loan scheme with my personal bank statements?

We get this enquiry a lot from businesses running as sole-proprietorships with no business account.

Participating Financial Institutions require corporate bank statements for their credit assessments, thus our advice is to set up a business banking account, and credit all future business proceeds to the newly set-up corporate account, and apply for a business loan in 6 months time (most PFIs require 6 months' bank statements for submission except for DBS which require only 3 months' bank statement for credit analysis).

Why is there a Credit Call by some participating Financial Institutions for the Temporary Bridging Loan application?

Credit Call is part of the Participating Financial Institution's due diligence to make sure applicants are running a proper and legitimate business. Credit call is required when PFIs use solely bank statement analysis for their credit assessments (like UOB and CIMB).

Usually, the credit call to the Keyman of the business will comprise of the following questions:

1. Nature of Business
2. Financing Purpose
3. How does Covid-19 affect the business
4. Proposed Loan Amount
5. Is the company profit-making?
6. What is the existing company loan commitment?
7. Annual Sales Turnover

What Are The Likely Reasons For My Business Loan Application To Get Rejected?

Applications may possibly be rejected due to the following reasons:




  •  The guarantor of the application has poor credit bureau standing




  •  Loss-making company




  •  Negative net-worth company




  •  Poor repayment conduct of existing personal or business loan facility with the applicant lender




  •  Poor mid/end month balance sighted



Can Smart Towkay Help With My Business Loan Application?

Yes, of course. Besides applying by yourself, you can engage us to act as a middleman between you and potential lenders. We understand the daunting task of going through the whole rigorous process of documents submission and numerous Q&As for a company to take up a business term loan.


Our job is to work on your behalf and with several PFIs to find the best business term loan lenders who best fit your needs with the lowest rates. We have a well-developed stable of lenders we work with, making your life easier.

We are like your company loan concierge; we do all the legwork for you, negotiate terms, and make the approval magic happen. All for a nominal fee, of course.

Will Taking Up A Temporary Bridging Loan Affect My Personal Residential Purchase In The Future?

All business term loans will require the company’s director and shareholder to be the personal guarantor.


As per MAS notice 645 TDSR (Total Debt Servicing Ratio) guidelines, 20% of the monthly repayment instalment for any relevant credit facility which the borrower is a guarantor of will be factored into the TDSR calculation.

Even in tough times,
we’re here for you.
Did you know?
0%
SME face cashflow problem

There are various government assisted SME Loan Financing Scheme in Singapore offered by more than 30+ banks & financial institutions?

With the rise of alternative lenders, SMEs currently have more options in their working capital requirement.

Talk To Us
Businesses Seeking For SME Loan
Are Not Aware
01

Credit Criteria

Different Lenders have different credit criteria, rejection in one does not means rejection in others
02

Interest Rate

Depending on the borrower nancial standing, processing fees and interest rates might differ
03

Personal Guarantor

Although most business loan are market as unsecured, there's still a need for personal guarantee by the directors/shareholders
So where can you go?
Smart Towkay helps SMEs in Singapore in their SME Business Loans and Cashflow solution by Comparing & Maximize their Approval Chances by recommending lenders which company might be eligible for
Business Loan

Step 1

Apply in just 1 Min by Click here for Our Business Eligibility Calculator

Business Loan

Step 2

Take 1 minute to provide key company information & our system will generate indicative suitable lenders

Business Loan

Step 3

See all best SME loan options available for your company via email

TYPE OF SME LOAN
Best SME Loans Package In Singapore
TYPE TYPE INTEREST RATE AMOUNT UP TO TENURE
SME WORKING CAPITAL LOAN (Government Financing Scheme) From 6-12% E.I.R S$1,000,000 5 years
TEMPORARY BRIDGING LOAN(Government Financing Scheme) Capped at 5% E.I.R S$5,000,000 5 years
BANK LOANS From 6-12% E.I.R S$500,000 5 years
PEER TO PEER LENDERS From 1-3% simple interest per month S$500,000 12 months
BUSINESS TO BUSINESS LENDERS From 3-6% simple interest per month S$500,000 12 months
Business Loan
Need some help?

No worries, we've got you covered!

The TBLP was introduced to help the enterprises access working capital.

As announced in the Solidarity Budget on 6 Apr 2020, the Government will enhance the TBLP further with 90% risk share. The enhancement will apply to new applications initiated from 8 April 2020 until 31 March 2021. For applications that are pending approval from PFIs, enterprises are advised to speak to their PFIs on their eligibility.

As announced on 12 Oct 2020, TBLP will be extended from 1 Apr 2021 to 30 Sep 2021. Under this extension, the Government’s risk-share on the loan will be lowered to 70% (90% currently) with the maximum loan quantum lowered to S$3 million (S$5 million currently). This is to calibrate the support for businesses as the economy gradually recovers.

Yes, SMEs can approach different financial institutions to apply for Temporary Bridging Loan. However, the total aggregate borrowing under the scheme from different Financial Institutions cannot exceed S$3,000,000.

The participating Financial Institutions for the Temporary Bridging Loan Scheme are:




  • CIMB Bank Berhad




  • DBS Bank Ltd




  • ETHOZ Capital Ltd




  • FS Capital Pte Ltd




  • Goldbell Financial Services Pte Ltd




  • Hong Kong and Shanghai Banking Corporation




  • Hong Leong Finance Ltd




  • IFS Capital Ltd




  • Innoven Capital




  • Maybank Singapore Ltd and Malayan Banking Berhad, Singapore Branch




  • ORIX Leasing Singapore Ltd




  • Oversea-Chinese Banking Corporation Ltd (OCBC Bank)




  • Resona Merchant Bank Asia Ltd




  • RHB Bank Berhad




  • Sing Investments & Finance Ltd




  • Singapura Finance Ltd




  • Standard Chartered Bank




  • United Overseas Bank Ltd




  • Validus Capital Pte. Ltd.



Temporary Bridging Loan was introduced in response to the COVID-19 outbreak, to help SMEs manage their immediate cash flow needs.

Eligible SMEs can borrow up to S$3 million, with an interest rate capped at 5% per annum. SMEs that require help beyond the Temporary Bridging Loan can also tap on the Enhanced Working Capital Loan, which has been further enhanced to support loans of up to S$1 million.

Different banks have different risk appetites at different times, hence their lending policies can differ. A credit score in risk grade HH might be upright rejected by some financial institutions while others like Maybank might approve the application (Subject to Company Financial Profile and mitigation of bad Credit Bureau Score.) 

Financial Institutions like Ethoz and Orix might not even need to run Directors' CBS search if entities have more than 2 Directors/ Shareholders. 

The best thing you can do is to improve your credit score as much as you can and keep it at that highest possible level or approach us for advisory.

Find out more about how your personal credit bureau affects your business loan application here.

No. With the Co-Risk sharing scheme PFIs will be more inclined to take in more loan exposure to a certain extent, but that does not necessarily mean a lenient risk assessment.  PFIs will still approve applicants within their own credit parameters and comfort levels; although credit parameters can differ among PFIs, their main assessments are still based on company Financial Reports, Bank Statements and Individual Directors’ declared income assessments.

Most PFIs will require the standard documents listed below for processing:




  • Latest 6 months company’s operating account




  • Latest 2 years company audited/ management report




  • Latest 2 years notice of assessment of directors/shareholders




  • Photocopy of directors/shareholders NRIC (front and back)




Some may ask for additional documents such as the company’s debtor aging list, corporate Notice Of Assessment, GST tax filing, etc.

We wish too! But sadly, borrower and guarantors are responsible to repay 100% of the loan amount.

In the event of default, Participating Financial Institutions are obligated to follow their standard commercial recovery procedure, including the effect of the personal guarantee (which means PFIs will foreclose, auction off any valuable assets of the company and guarantors), before they make a claim against Enterprise Singapore for the unrecovered amount in proportion to risk-share. 

All eligible enterprises applying for the Temporary Bridging Loan are subject to assessment by Participating Financial Institutions (PFIs).

As different PFIs have different lending criteria and assessments, one rejection might not mean rejection in others but do note that any failed application with a PFI will result in a waiting period of 6-12 months before the business can re-apply with the same PFI.

To avoid this, one can approach a platform like us to assist with the company's financial assessment before they submit to PFIs. 


Businesses that require further support may approach Enterprise Singapore at (65) 6898 1800 or enquiry@enterprisesg.gov.sg for assistance

Applications may possibly be rejected due to the following reasons:




  1. Poor credit bureau standing of the guarantor of the application




  2. Loss making company




  3. Negative net-worth company




  4. Poor repayment conduct of existing personal or business loan facility with the applicant lender




  5. Poor mid/end month balance sighted



All business term loans will require the company’s director and shareholder to be the personal guarantor. As per MAS notice 645 TDSR (Total Debt Servicing Ratio) guideline, 20% of the monthly repayment instalment for any relevant credit facility which the borrower is a guarantor of will be factored into the TDSR calculation.

Site visit inspection is part of the Participating Financial Institution's due diligence to make sure applicants are running a proper and legit business.

The site visit includes but not limited to:

1. Proper Company signage and tenancy agreement sighted for Company registered address


2. Sighting of Original Company operating account statements


3. Selfie with Company key person 


4. Taking pictures of company premises, inventory, staff, etc. 

Yes, of course. Besides applying by yourself, you can engage us to act as a middleman between you and potential lenders. We understand the daunting task of going through the whole rigorous process of document submission and numerous Q&As for a company to take up a business term loan.

Our job is to work on your behalf and with several PFIs to find the best business term loan lenders who best fit your needs with the lowest rates. We have a well-developed stable of lenders we work with, making your life easier. We are like your company loan concierge; we do all the legwork for you, negotiate terms, and make the approval magic happen. All for a nominal fee, of course.



Else contact us through our whatapps or email and our friendly consultants will guide you.

We get this enquiry a lot where business running as a sole-proprietor business with no business account.

Participating Financial Institutions required corporate bank statements for their credit assessments, thus our advice is to set up a business banking account and credit all future business proceeds to the newly set-up corporate account and apply for a business loan in 6 months time (Most PFIs required 6 months bank statement for submission except for DBS which required only 3 months bank statement for credit analysis)

Credit Call is part of the Participating Financial Institution's due diligence to make sure applicants are running a proper and legit business. Credit call is required when PFIs used solely bank statement analysis for their credit assessments. (PFIs like UOB and CIMB)

Usually, the credit call to Keyman of the business comprise of the following questions:

1. Nature of Business
2. Financing Purpose
3. How does Covid-19 affect the business
4. Proposed Loan Amount
5. Is the company profit-making?
6. What is the existing company loan commitment?
7. Annual Sales Turnover

In general, simple interest rate is less than the effective one, which is why lenders might be less inclined to advertise the latter instead of the former even though the effective interest rate is clearly the more useful rate for consumers to know.


But under the Code of Advertising for Banks that mandates that any interest-bearing loan must include the effective interest rate, in the final Offer Letter, the effective interest rates will still be reflected.

Then what is the difference between Simple Interest and Effective Interest? Are they the same?

Read here to find out more: https://www.smart-towkay.com/blog/view/263-effective-interest-rates-vs-simple-interest-rates-what-to-take-note-of-when-considering-a-loan

Disclaimer: Interest rates above are Financial Institution public broadcast rates, depending on Borrowers' Financial Standing, rates may varies according to banks' credit and risk assessment.

Be Part Of thousands of SMEs just like yours who entrusted us to grow their business

FINDING THE BEST BUSINESS LOAN IS EASY

Here are some benefits of applying for your loan through Smart-Towkay.Com

SAVING TIME

We’ve aggregated all the latest Business Loan so you can save time comparing them.

EASY COMPARING

Find Business Loan rates and promotions you might have missed.

HASSLE FREE

Apply hassle free online and get the cash you need as soon as possible. It is easy