Relief Measures and Support
Facing COVID-19 as a community
Relief Measures and Support from DBS and our partners
SMEs are the engine of Singapore’s economy and in this difficult time, we know that cash flow 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.
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.
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.
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.
F&B Digital Relief Package
We want to support our F&B customers in as many ways as possible. We have partnered tech startups, including Oddle and FirstCom, to help you tide through these challenging times. DBS SME customers can now create new online revenue streams through building an online presence using an e-commerce site or digital marketing.
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.
Extension of import facilities of up to 60 days
This will act as cash flow 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.
Export Trade Fee Rebates
To help defray operating costs, SMEs can now enjoy more rebates.
Faster payouts for Jobs Support Scheme (JSS)
Eligible SMEs will be able to receive their payouts faster compared to cheques when using PayNow Corporate.
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.
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, 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.
Exclusive COVID-19 cover by Chubb
First-in-market COVID-19 protection to help our customers and their employees tide through this period.