GROW with DBS
In conjunction with SPRING Singapore -
LEFS/V-LEFS Micro Loan
GROW with DBS, is a special financing package for SMEs launched in conjunction
with the Standards, Productivity and Innovation Board (SPRING Singapore) Local Enterprise Finance Scheme - Micro Loan programme with
the sole purpose of providing the smaller local businesses better access
to funds to meet their business needs.
The loan will be structured as a term loan and we can consider term loans
without collateral.
Customer Eligibility
To qualify for GROW with DBS, your company must meet the following criteria:
- Company has at least 30% local shareholding
- Company's group fixed assets (at net book value) must not exceed $15 million
- Not more than 10 staff*
Local businesses involved in all industries and sectors are eligible for the loans under GROW with DBS.
Terms of Loan
| Maximum loan amount |
: $100,000
per company |
| Interest rate |
:
From
5.50% p.a fixed monthly rests |
| Tenure |
: Up to four years |
| Facility type |
: Term loan |
| Administrative Fee |
: A one time flat fee of $500 is payable upon loan disbursement |
Use of loan
- Working capital purposes (e.g. financing company's daily operation costs)
- Any other uses deemed satisfactory by DBS/SPRING Singapore
What are the documents required?
- Application forms (comprising two forms: (1) SPRING Singapore-LEFS Micro Loan Application Form; (2) DBS Grow Corporate Credit Application
- Photocopy of NRIC (front and back) of guarantor(s)
- Income Tax Notice of Assessment for the last 2 years of sole proprietor / key partners / directors
- Bank Statements for the last 3 months (if operating account is not maintained with DBS)
- Financial Statements (audited where applicable) for the last 2 years (latest financial statements should be less than 18 months old)
- Original/Certified True Copy of Updated Memorandum and Articles of Association by any one director (only applicable for Pte Ltd Companies which do not maintain
any borrowing account with DBS)
- Business Plan for business with less than 2 years in operation
- For Professional Practices NOT registered with ACRA:
(I) A copy of a confirmation from the relevant authority on the constitution of the firm and the name(s) of the sole proprietor/ partners.
- FOR LAWYERS; by way of a confirmation letter from the Law Society
- Original is to be sighted by branch /sales staff
- Date of letter should not be more than one month to date of application
- FOR MEDICAL PRACTITIONERS; by way a clinic licence from MOH
- Original is to be sighted by branch / sales staff
- Date of application must be within validity date of clinic licence
- FOR ACCOUNTANTS; by way of an online print-out from Bizfile website
- Date of print-out should not be more than one month to date of application
(II) Original Letter stating equity partners & authorized signatures (for partnership only).
- SPRING Singapore-Application Form
- Other supporting financial information of relevance to this application
What do we typically require of the applicant?
- Positive networth (typically comprising paid-up capital and accumulated profit/loss) for Pte Ltd Co.
- Ability to service monthly instalments.
- Satisfactory conduct of operating bank account.
- No adverse status for applicant and promoters.
- For new business, additional factors include:
- Preferably six months in operation; and
- Funds invested in the company should be more than the loan amount requested; and
- Experience/net worth of promoters and viability of business. We may call for a face-to-face meeting where necessary.
The Bank has the right to approve or reject any application without assigning any reason.
For application form
- Application forms (comprising two forms: (1) SPRING Singapore-LEFS Micro Loan Application Form; (2) DBS Grow Corporate Credit Application
- Call our Relationship Officers at 1800 222 2200.
- Email us at smebanking@dbs.com.
For submission of your application form, simply mail it to DBS Bank Ltd, Robinson Road Branch P.O. Box 228, Singapore 900482.