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.
Businesses now can take a loan of up to $5 million under the programme, an increase from the previous $1 million cap. All eligible enterprises can apply for the programme till 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
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.
- 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
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