Relief measures and digital solutions for SMEs

Relief Measures

Defer principal payment on SME loans:

Extended Support Scheme – Standardised (ESS-S) for SMEs

Defer 80 per cent of principal payment from 1 January 2021 up to 30 June 2021*.
Applicable for all fully secured loans and loans granted under Enterprise Singapore’s Temporary Bridging Loan Programme and Enhanced Working Capital Loan scheme.

* Borrowers in Tier 1 and 2 Sectors can choose to defer 80 per cent of principal from 1 January 2021 to 30 June 2021.

Borrowers in Tier 3A and 3B Sectors can choose to defer 80 per cent of principal from 1 January 2021 to 31 March 2021.

Under the ESS-S, borrowers will need to pay instalments comprising the remaining 20 per cent principal and the interest on the loan.

To find out which JSS tier you are in, please refer to the FAQs: Extended Support Scheme – Standardised (ESS-S), Question 2.

Extended Support Scheme – Customised (ESS-C) for SMEs

The ESS-C is targeted at SMEs with viable businesses that will benefit from a coordinated and customised approach among lenders to restructure existing facilities.
These SMEs will be offered a holistic restructuring proposal that covers their credit facilities provided by banks and finance companies (“FI”), as compared to multiple restructuring proposals with individual lenders.
Please fill up the ESS-C Application Package and submit it to your Relationship Manager together with the supporting documents* to request for a recommendation into the ESS-C.

For more information on ESS-S and ESS-C, please contact your Relationship Manager, call 6439 5050 or fill in the enquiry form.

*Supporting documents will include declaration of all banking facilities, latest financial statements, financial projections and business plans.

Enjoy lower interest rates and higher subsidies on SME loans

Applies to loans under the government-assisted financing scheme administered by Enterprise Singapore to support your cash flow requirements.

Obtain funding under SME Working Capital Loan or Temporary Bridging Loan at a lower interest rate.
Enjoy increased subsidy by the Government under the Loan Insurance Scheme.

Apply now with MyInfo Business

FAQs

Extended Support Scheme – Standardised (ESS-S)

1. What is the Extended Support Scheme – Standardised (“ESS-S”)?

The ESS-S is an opt-in scheme for small- and-medium-sized enterprise (SME) borrowers whereby:

Borrowers in Tier 1 and 2 Sectors can choose to defer 80 per cent of principal from 1 January 2021 to 30 June 2021.
Borrowers in Tier 3A and 3B Sectors can choose to defer 80 per cent of principal from 1 January 2021 to 31 March 2021.

Under the ESS-S, borrowers will need to pay instalments comprising the remaining 20 per cent principal and the interest on the loan during the deferment period.

2. How do I know which Tier I am in?

The determination of the borrower’s Tier is based on the Job Support Scheme (“JSS”) notice(s) or other documentation from IRAS, where available.

For cases where the borrower is not receiving wage support through JSS, the bank may exercise its own judgement and determine the Tier for the borrower based on the definitions below.

Tier 1/2/3A/3B Sectors are defined by the Ministry of Finance as follows for JSS purposes:

Tier 1 and Tier 2 JSS Support Sectors:
Aviation and Aerospace, Tourism, Hospitality, Conventions and Exhibitions, Built Environment, Licensed food shops and food stalls (including hawker stalls), Qualifying retail outlets, Arts and Entertainment, Land Transport, Marine and Offshore.
Tier 3A and 3B JSS Support Sectors:
All other Sectors not in Tier 1 and Tier 2

For more details of the tiers, please refer to https://go.gov.sg/jss.

3. Who is eligible for the ESS-S?

ESS-S is available to existing UOB SME customers including sole proprietors and partnerships that by the implementation date of the ESS-S have:

No overdue interest payments on loans under moratorium; and
No more than 30 days past due on all other loan repayments

4. What are the credit facilities included under the ESS-S?

The ESS-S is applicable to these credit facilities:

Fully secured term loans,
Loans under Enterprise Singapore Temporary Bridging Loan Programme and Enhanced Working Capital Loan Scheme.

5. What does “fully secured term loans” mean?

It refers to term loans that are secured by collateral that the bank and finance company currently accepts for SME term loans. For movable collateral and floating charges, the bank and finance company may apply its internal haircuts to determine whether the loan is “fully secured” in relation to the scheme.

6. What does deferment of 80 per cent of the principal payment mean?

The deferment of 80 per cent of principal payment is based on the principal amount that you had been paying prior to the relief period.

For example, if you were paying a monthly instalment of S$10,000 comprising of: (i) principal amount of S$7,500 and (ii) interest amount of S$2,500 prior to the relief period, the deferment of 80 per cent will be applied to the principal amount of S$7,500.

7. What specific impact(s) from COVID-19 do I have to demonstrate to be eligible for the ESS-S?

You do not need to demonstrate any specific impact from the COVID-19 pandemic.

8. When can I start applying for the ESS-S?

You can submit your application between 2 November 2020 to 31 March 2021 if your business is in a sector in Tier 3, or from 2 November 2020 to 30 June 2021 if your business is in a sector in Tier 1 or Tier 2.

9. How do I apply for the ESS-S?

You may contact your Relationship Manager, or call us at 6439 5050 for more information.

You can also leave your contact details here for us to call you back.

Extended Support Scheme – Customised (ESS-C)

1. What is the Extended Support Scheme – Customised (“ESS-C”)?

The ESS-C is intended to facilitate the restructuring of facilities for borrowers with more than 1 lender:

for whom the ESS-S package is not suitable;
who have exhausted efforts to work out arrangements bilaterally with individual lenders; and
for whom the Credit Counselling Singapore’s scheme for Sole Proprietors and Partnerships (“SPP Scheme”) and Ministry of Law’s Simplified Insolvency Programme for qualified micro and small companies (“SIP”), if operational, are not suitable.

Under ESS-C, participating Banks and Finance Companies (“FIs”) agree to act jointly toward restructuring of the facilities granted to the borrowers.

2. Which Banks and Finance Companies are participating in the ESS-C?

The Banks and Finance Companies participating in the ESS-C are:

Bank of China
CIMB Bank
Citibank
DBS Bank
HL Bank
Hong Leong Finance
HSBC Bank
Indian Overseas Bank
Industrial & Commercial Bank of China
Maybank
OCBC Bank
RHB Bank
Sing Investments & Finance
Singapura Finance
Standard Chartered Bank
United Overseas Bank

3. Who is eligible for the ESS-C?

An SME must meet the following criteria and obtain a recommendation from one of its FIs (“Receiving FI”) to enter the ESS-C:

It has credit facilities with more than one FI;
It does not qualify for the Credit Counselling Singapore’s Sole Proprietor and Partnership Scheme (SPP Scheme);
It does not qualify for the Simplified Insolvency Programme (SIP) (if operational);
It has approached its FIs to restructure its credit facilities but the solutions provided were not sufficient/suitable.

The Receiving FI will assess if the ESS-C would lead to a better outcome for the borrower compared to the borrower dealing with each FI individually. If so, the Receiving FI can recommend the borrower to the ESS-C.

4. What are the credit facilities included under the ESS-C?

ESS-C covers all loans granted by FIs, including secured and unsecured loans, as well as loans granted under Enterprise Singapore (“ESG”) support schemes.

5. When can I apply for the ESS-C?

You can submit your application between 2 November 2020 to 30 June 2021.

6. How do I apply for the ESS-C?

You may fill up the ESS-C Application Package and submit it to your Relationship Manager together with the supporting documents, which include:

Declaration of all its banking facilities;
Latest financial statements;
Financial projections; and
Business plans.

Alternatively, you may contact your Relationship Manager, call us at 6439 5050 for more information, or leave your contact details here for us to call you back.

Financing Assistance

Enhanced SME Working Capital Loan

Ease cash flow with the Enhanced SME Working Capital Loan, as announced in the Resilience and Solidarity Budget.

Secure a larger loan quantum of up to S$1million
Enjoy preferential low interest rates
Flexible repayment period of up to 5 years

Temporary Bridging Loan

Overcome immediate financial challenges with the Temporary Bridging Loan Programme, now expanded to include all businesses, as announced in the Resilience and Solidarity Budget.

Access financing of up to S$5million
Enjoy preferential low interest rates
Flexible repayment period of up to 5 years

Loan Insurance Scheme / Enterprise Financing Scheme Trade facility (EFS Trade)

Get additional credit support for your trade facilities under the Loan Insurance Scheme (LIS)/ EFS Trade as announced in the Resilience Budget.

Singapore Government will provide 80% subsidy for your monthly LIS loan insurance premium
Access financing of up to S$10million under EFS Trade facility

FAQs

Temporary Bridging Loan Programme

1. What is Temporary Bridging Loan?

The Temporary Bridging Loan is introduced to help enterprises alleviate cash flow concerns during the COVID-19 pandemic.

2. How much can enterprises loan under the Temporary Bridging Loan Programme?

Under the Temporary Bridging Loan, eligible enterprises can borrow up to S$5million.

3. Who is eligible for the Temporary Bridging Loan?

Enterprises that are eligible for the Temporary Bridging Loan must meet the following:

A business entity that is registered and be physically present in Singapore;
At least 30 per cent local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership.

4. Can enterprises apply for both the Temporary Bridging Loan and the Enhanced Enterprise Financing Scheme Working Capital Loan (Enhanced EFS-WCL) at the same time?

Yes. Enterprises can apply for both the Temporary Bridging Loan and the Enhanced EFS-WCL if they meet the criteria for each scheme. The approval is subject to assessment by the bank.

5. How do I apply for the Temporary Bridging Loan?

To apply, please contact your Relationship Manager, or call us at 6439 5050 for more information.

Alternatively, please submit your online application here.

Enhanced Enterprise Financing Scheme Working Capital Loan (Enhanced EFS-WCL)

1. What is the Enhanced EFS-WCL?

The Enhanced EFS-WCL is introduced to help SMEs address working capital needs during this period of uncertainty due to the COVID-19 pandemic. The Enhanced EFS-WCL is available to SMEs across all industries.

2. What are the enhancements?

The maximum loan quantum will be raised from S$600,000 to S$1million.

3. Who is eligible for the Enhanced EFS-WCL?

The Enhanced EFS-WCL is available to SMEs across all industries. SMEs who are eligible for the Enhanced EFS-WCL must meet the following:

A business entity that is registered and be physically present in Singapore;
At least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership.
Sales turnover of up to $100m; OR
Group employment size of up to 200 workers

4. Can SMEs apply for the Enhanced EFS-WCL multiple times with different Participating Financial Institutions?

Yes. SMEs can approach different Participating Financial Institutions to apply. The total aggregate amount borrowed must be capped at S$1million under the scheme, and subjected to the bank’s assessment.

5. Can SMEs apply for the Enhanced EFS-WCL if they had previously applied for the Enterprise Financing Scheme Working Capital Loan?

Yes, eligible SMEs can still apply for the Enhanced EFS-WCL, up to a total loan quantum of S$1million. The approval is subject to the bank’s assessment.

6. Can enterprises apply for the Temporary Bridging Loan and the Enhanced EFS-WCL at the same time?

Yes. Enterprises can apply for both the Temporary Bridging Loan and the Enhanced EFS-WCL if they meet the criteria for each scheme, subject to assessment by the bank.

7. How do I apply for the Enhanced EFS-WCL?

To apply, please contact your Relationship Manager, or call us at 6439 5050 for more information.

Alternatively, please submit your online application here.

Go Digital

As Singapore reopens in phases, businesses should continue to accelerate the adoption of digital solutions to diversify their income streams and build resilience for the future. Explore the digital and cashless solutions below, which will be able to work seamlessly with your business accounts.

Run your business remotely with UOB BizSmart

Through UOB BizSmart's suite of integrated solutions, SMEs can seamlessly manage multiple core processes such as sales, invoicing, payroll, and accounting remotely. The cloud-based platform can be connected to a UOB corporate banking account, giving you an up-to-date view of operations and company financials anytime, anywhere.

Create and send Peppol
e-invoices to local and overseas customers

Collect payments faster
with PayNow QR
and NETS PayCollect

Manage payroll, leave, claims and attendance using HReasily

Manage human resource with HReasily

UOB BizSmart featuring HReasily, is a cloud-based human resource management system that allows SMEs to manage staff records, payroll, leave, claims, and attendance remotely with ease. With facial recognition software and GPS tracking, SMEs can track employees’ time and attendance even when they are working from home, and integrate the data automatically for payroll calculations.

UOB customers can enjoy 90 days free trial on Time and Attendance modules

Build your virtual store with Shopmatic

Shopmatic is an e-commerce platform that offers easy-to-use web templates and a user-friendly interface, so that you can showcase your products and services online in no time. To support your business’ digital push, we will connect you to Shopmatic’s e-commerce consultants who can provide digital marketing advice.

UOB customers can enjoy 30% off Shopmatic subscription plans and defray up to 80% of the setup cost under the SMEs Go Digital Programme

Connect your business to your online customers

Synagie offers easy-to-use, end-to-end e-commerce solutions to help SMEs expand into e-commerce and to manage multiple online sales channels more effectively for business growth. With Synagie’s solutions, every part of the e-commerce value chain can be managed or automated centrally and cost-efficiently, from inventory storage and management, digital marketing and multi-channel sales to distribution and fulfilment of customer orders.

Sign up for the Synagie Multichannel eCommerce Platform (MEP) package at a special price of S$6,000 (normally S$20,000), with 70% support from Enterprise Singapore.

Make an enquiry

Manage your F&B business digitally with Getz

Getz is a complete F&B management solution that enables you to easily set up your online and in-store contactless ordering service. The full-fledged solution also allows you to manage everything from in-store and online orders to payments, pickups and deliveries, on a single iPad. With Getz, you can drive sustainable sales growth at cost effective rates within days for your business.

Activate new sales channel by offering online ordering service with self pick-up or delivery options

Faster in-store ordering with mobile ordering and payment via QR code scan

Reduce cost by managing orders on one iPad with no additional manpower required

For UOB customers, enjoy low fees of 4% on online take-away/delivery sales and up to 9 months free trial with no setup or licensing fees. You can also defray up to 80% of the setup costs under the SMEs Go Digital Programme.

Manage payments and collections easily with FAST/PayNow FAST and UOB Infinity

SGQR (Singapore Quick Response Code)

PayNow has been incorporated into SGQR, Singapore's unified QR label. Receive payments directly into your UOB SGD Corporate Account when customers or business partners scan your SGQR code to pay you. Click here to register for SGQR.

UOB customers enjoy fee waivers on all incoming PayNow Corporate transactions to their UOB SGD Corporate Account from now till 31 December 2021. Terms and conditions apply

FAST/PayNow FAST

Transfer funds to individuals and businesses using their mobile number, NRIC or Unique Entity Number (UEN) with PayNow FAST. It’s secure and hassle-free, and you won’t need to share your business details or bank account number.

UOB customers using UOB Infinity can enjoy up to 100 single FAST/PayNow FAST transactions per month.
Please refer to the Terms & Conditions for details

UOB mCollect

UOB mCollect is a QR-based collections solution digitalises the cash-on-delivery model for businesses. By accepting scan and pay with PayNow, you can reduce the handling of cash and cheques and receive immediate notifications upon receipt of funds. The digital records mean one less pile of paperwork to vet through, while reducing associated risks for your delivery personnel. Click here to apply for UOB mCollect.

UOB Infinity (Digital banking for business)

Introducing a new digital banking experience for businesses that lets you customise your experience, track payments from end-to-end and allows for greater efficiency and convenience. Manage all your banking needs securely and with ease with UOB Infinity. Available as a mobile app and on desktop.

I'm new to UOB. Help my business go digital!