- January 8, 2021
- Posted by: avantconsulting
- Categories: Singapore Economy, SME Loans
Updates on Temporary Bridging SME Loan Singapore 2021 – The temporary bridging loan proposed by Enterprise Singapore in the year of 2020 to fight the downturn caused by the pandemic is extended to the September of 2021.
The Temporary Bridging Loan in Singapore has been widely used by the Singapore SMEs to tide through this tough times.
Interest rates have been low at 1.29% per annum for the local banks and slightly higher for the other banks.
Fees have went from zero to about 1-2% depending on which banks you go to.
As most business are likely still going to see soft returns, we are expecting the loan scene in Singapore to still stay strong for a period of time.
That said, most banks have already extended large sums of money to the business community and for some banks, they have been facing higher than normal default rates due to the tough business environment right now.
We are expecting that as the year goes by, we will be seeing tough loan environments for businesses.
As the economy is unlikely to get any better with the pandemic still affecting the whole world, we are expecting to see a very slow economy chugging along with government support and not supported by true economic activity.
We look forward to some form of injections of foreign investments that will assist Singapore’s economy in catching the wave of recovery.
We are consultants with many years of knowledge and also skills to assist you in higher quantum and lower rates for your loans.
Avant Consulting also has a sister division that does Mortgage Advisory for Singaporeans and Singapore businesses, we will be keen to assist you in getting the best rates for your new home or help you refinance it!
Thank you for reading our article on “Updates on Temporary Bridging SME Loan Singapore 2021”.