Relief Measures and Support
Facing COVID-19 as a community
SMEs are the engine of Singapore’s economy and in this difficult time, we know that cashflow needs are your top priority. To address that, we are rolling out a range of short-term liquidity relief measures as well as other initiatives to help businesses cope – so you can focus on doing what’s best for your business, employees and loved ones. Together, we can overcome this challenging period.
Six-month principal moratorium for property loans
We will be actively reaching out to customers with existing secured mortgage loans affected by the COVID-19 situation. These customers would need to service only the loan interest for the next six months upon effect.
Extension of import facilities of up to 60 days
This will act as immediate cashflow support for customers coping with supply chain disruptions. We will be actively 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.
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.
Upskilling business capabilities – Online SME Academy
We want to help you and your workforce to remain competitive, especially at times like these. 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!
Additional $1million protection coverage by Manulife
To protect against business disruption, coverage for our existing customers will be enhanced to cover the following. For more details, please contact your RM.
- One-time immediate cash benefit of S$1,500 for customers who are diagnosed with COVID-19 in Singapore
- Additional cash benefit of S$2,000 would be payable if the customer with a confirmed diagnosis of COVID-19 is hospitalised for 5 days or more
- An additional lump sum of S$30,000 will be paid on top of the death benefit from customer’s existing policy, in the unfortunate event that death occurs as a result of COVID-19
We are introducing the first two measures for customers from selected industries we’ve seen most impacted from the COVID-19 situation. Bookmark this page to check for more updates on DBS’ latest COVID-19 relief measures 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.