Stepping up to help SMEs tide through Covid-19 and beyond
SMEs are the engine of Singapore’s economy and in this difficult time, even though cashflow needs are your top priority, we know you have to grapple with many other challenges to keep the business going. Here at DBS SME Banking, we’re in this with you for the long run – to help you sustain, recover and even thrive beyond these challenging times.
Which is why we’re rolling out a range of short-term liquidity relief measures, resources to digitalise your business, as well as expertise you can tap on to upskill business capabilities. Everything you need in one place, to focus on what’s best for your business, and employees. Together, we can step up to a better tomorrow.
F&B Digital Relief Package
We want to support our F&B customers in as many ways as possible. We have partnered with tech startups to help you tide through these challenging times. DBS SME customers in F&B business can now build an online presence using an e-commerce site or digital marketing.
Digital Business Loan, supported by Resilience Budget 2020
Small business loans can mean a big deal to companies looking for hassle-free funding. Now you can access up to S$200,000 as part of the new relief assistance with the Digital Business Loan, supported by the Resilience Budget 2020.
Enhanced SME Working Capital Loan
New relief assistance from Budget 2020 for SMEs. Access collateral-free funding of up to S$1,000,000 with competitive rates. What’s more, SMEs need only to service interest for the first 12 months.
Temporary Bridging Loan
New relief assistance from Budget 2020, for businesses impacted by the COVID-19 outbreak. Access collateral-free funding of up to S$5,000,000 with flexible repayment period of up to 5 years. What’s more, companies need only to service interest for the first 12 months.
Principal Moratorium on Secured Term Loans
New relief assistance from Resilience Budget 2020. DBS Customers may opt in to defer principal payments on their secured terms loans up to 31 December 2020 as well as extend tenure of their loans by up to the corresponding principal deferment period if they wish. To apply, pls call your relationship manager or DBS BusinessCare at 1800 222 2200.
0% Interest Payment Plans on DBS Commercial Credit Cards
To help ease your cashflow, customers with a DBS World Business Card or Platinum Business Card can opt to spread their payments at 0% interest through merchant Instalment Payment Plans or the new My Preferred Payment Plan. Processing fee for My Preferred Payment Plan is waived until 31 December 2020 for tenor of up to 12 months.
Extension of import facilities of up to 60 days
This will act as cashflow support for customers coping with supply chain disruptions. We will be reaching out to customers with existing Letters of Credit and Trust Receipts to process this extension. These customers will be notified of the interest payable on the initial due date, and the interest and principal payable on the extended due date.
Savings on Digital Trade Transactions
To help our customers transition to digital trade financing, we will be offering cost savings for highly transacted trade products like Letter of Credit Issuance, Purchase and Sales Invoice Financing, and Bankers Guarantee / Standby Letter of Credit Issuance.
Export Trade Fee Rebates
To help defray operating costs, SMEs can now enjoy more rebates.
FAST / PayNow Transaction Fee Rebate
To reduce the handling of physical cash and cheques especially during this period, we have increased the number of free transactions per month from 30 to 50 till Jul 2020. PayNow look up fee of S$0.20 is also waived till 31 Dec 2021.
Cash Incentives for PayNow Transactions
For SMEs looking to minimise physical handling of cash and cheques, while having to continue on with payment and collection transactions during the Circuit Breaker period, you can now earn cash incentives when you do it with PayNow.
Faster payouts for Jobs Support Scheme (JSS)
Eligible SMEs will be able to receive their payouts faster compared to cheques when using PayNow Corporate.
SGQR Deployment Assistance Scheme
Businesses, especially those still operating as essential services during this period, can get complimentary support on training and display of PayNow SGQR point-of-sales materials to help reduce physical handling of cash.
Online Account Opening Care Package
Our support goes above and beyond having a banking account. Now when you open a business account with us, you would be equipped with the right resources and support to future-proof your business digitally in addition to 6 months fee waiver and added protection for your employees.
Business operations – account opening and loan applications
We strive to minimise disruption to your business and encourage you to leverage our online channels to set up a business account or apply for a loan from wherever you are. With 3 account types and 11 types of SME Loans to choose from, we are ready to keep your business going.
“Contact-free” trade financing via DBS IDEAL
To minimise the need for couriers or your employees to physically submit paper-based applications at our trade counters, you can now submit trade financing applications online, as well as digitally upload any required documents such as trade contracts, invoices, customs declarations and purchase orders.
Bootcamp webinars are designed to equip you with the know how on different digital solutions available. From streamlining business operations to specific solutions that can help tide through this challenging period, we work with partners to demonstrate how these digital solutions can help.
Upskilling business capabilities – Online SME Academy
We want to help you and your workforce to remain competitive, and we recognise that one way to do so is to support your upskilling journey. Riding on the back of our popular SME Academy classes, we’ve launched the Online SME Academy featuring actionable insights by industry practitioners you can learn from, anytime, anywhere!
Covid-19 SME Business Resource Guide
Closing in on Covid-19 and its far-reaching effects on businesses, this guide serves as a business owners’ go-to resource guide on everything related to the pandemic.
Bookmark this page to check for more updates on the latest Covid-19 relief measures from our partners and us, or call the dedicated DBS SME Banking BusinessCare team at 1800 222 2200. You may also wish to reference our FAQs on how we are safe-guarding the health and well-being of our customers and partners here.