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Temporary Bridging Loan
Announced in Budget 2020, Temporary Bridging Loan is an Enterprise Singapore initiatives to help local small businesses gain unsecured working capital financing under the Enterprise Financing Scheme (EFS) of up to Up To $3,000,000 with the maximum repayment period of 5 years . The Temporary Bridging Loan Programme is aimed at helping local companies manage their immediate cash-flow needs during the midst of pandemic.
Scheme is Ending Soon
Temporary Bridging Loan has been extended to 31 March 2022, and eligible businesses can borrow up to $3 million. A reduced rate from previous Temporary Bridging Loan programme, which provided loans of up to $5 million. At the start of the programme, government risk-share level of 90% is lowered to it current risk share of 70%. A strong economic showing in 2021 – which Finance Minister Lawrence Wong says will continue to be in line within MTI’s 4.0% to 6.0% growth rate – will likely result in the cessation or further easing of the programme after March 2022.
Am I Eligible
- 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
- Company/ business has been incorporated for more than 1 year
Taking up a Temporary Bridging Loan and making timely repayments prove to the banks that you are a creditworthy borrower – deserving of better terms and lower rates – if you happen to need cash again in the future.
- Up to $3,000,000
- No Collateral
- 3-5 years repayment
- Affordable Interest Rate of 2.2%
- Company Acra
- Directors’ NRIC
- Directors’ 2 years Notice of Assessment
- 6 Months Bank Statement