DBS has permitted round 3,500 loans totalling greater than $1.1 billion for micro and small enterprises and companies underneath Enterprise Singapore’s financing schemes.
The loans account for 80 per cent of all government-assisted small-and medium-sized enterprise (SME) lending the bank permitted between the beginning of March and the center of this month, it mentioned yesterday.
About 30 per cent of the three,500 or so loans had been for purchasers with no prior relationship with the bank, whereas round 50 per cent had been for shoppers with no borrowing historical past with DBS.
The typical loan for these with no borrowing historical past with DBS was $250,000.
Debtors got here primarily from the companies – they accounted for 27 per cent of the lending – then development (13 per cent), basic wholesale (12 per cent), meals and beverage (11 per cent) and retail (9 per cent).
Ms Joyce Tee, group head of SME banking at DBS, mentioned: “Many have sound enterprise fashions however are going through a cash crunch, with enterprise momentum slowing considerably because of the prolonged secure distancing and circuit breaker measures. Within the meantime, overheads and contractual bills nonetheless should be met.”
She famous that many of those corporations have usually flown underneath the radar of lenders and may not be accustomed to the choices that may meet their working capital wants.
DBS and the Federation of Retailers’ Associations, Singapore have been collaborating because the center of final month on methods to ease the cash circulation challenges confronted by heartland companies.
There are greater than 15,000 such enterprises throughout 14 city centres right here, spanning a various vary of companies, from kopitiam house owners to service suppliers and neighbourhood mom-and-pop outlets, mentioned DBS.
THE BUSINESS TIMES