- July 20, 2020
- Posted by: avantconsulting
Singapore Temporary Bridging Loans
Temporary Bridging Loan – Due to the onset of the Covid-19 pandemic and the drastic slowdown in the economy. The government has set out to take up more risk and making the spread of risk to the government 90% as compared to previously. The government is also releasing loans to the banks at close to 0% to help businesses to work through this very extreme tough period.
With this the banks have been pushing up a new type of loan called the Temporary Bridging Loan. The temporary bridging loan has a higher quantum per company of $5 million, depending on financial strength of the company and for the interest rates, it currently stands at roughly 2.5% EIR depending also on the strength of the company, which is about 1.3% per annum.
For most businesses that are suffering badly due to the extreme slowdown in the economy due to lock downs globally and also when the economy is slowing down due to retrenchment and thus lower spending.
The loan is mainly used for businesses to finance working capital and to retain their staff members so that the business can last till things get better.
The terms for this loan are as follows:
- Up to 5 years of loan tenure
- Loan amounts of up to $5 Million
- Government risk sharing of up to 90%
The following Banks & Financial Institutions are taking part in this loan:
- STANDARD CHARTERED BANK
- ETHOZ CAPITAL
- IFS CAPITAL
- HONG LEONG FINANCE
- ORIX LEASING
- GOLDBELL FINANCIAL SERVICES
- SING INVESTMENT
- SINGAPURA FINANCE
We are able to assist you if you need help with the Singapore Temporary Bridging Loan if you need help through our Avant Consulting Temporary Bridging Loan Consultants.
Schedule an appointment with our loan advisors so that we can assist you and assess the requirements of your business. We will be able to let you know what works better for your business and based on your current business situation to find the best packages and best product that will aid in your business surviving this extreme down turn and also to grow during the rebounding phase.
Avant Consulting is a Singapore SME Loan Broker that can assist you in your business financing needs.