Relief measures and digital solutions for SMEs

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    Seeing you and your business through to better times

    The COVID-19 pandemic has deeply impacted lives and livelihoods. While many uncertainties remain, we want you to know that we are committed to supporting you through this challenging period.

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Latest advisory

  • In light of the stricter COVID-19 circuit breaker measures, we encourage you to use our digital services wherever possible. Our self-service banking machines (with cash/cheque deposit functions) and our shared ATM network with OCBC remain fully operational and accessible.
  • We are taking deliberate and gradual steps to reopen our branches. We encourage customers to only visit our branches for essential banking services that cannot be done through our digital services. Find out more.
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In partnership with MAS and our partners, we are rolling out these support measures and initiatives to help you navigate this difficult period, so you can focus on doing what's best for your business and employees.

 

Relief Measures

Defer principal payment on secured SME term loans

Defer principal payment on secured SME term loans

Applies to all fully secured term loans.

  • Choose to defer your principal and pay only interest up till 31 December 2020.
  • Extend your loan tenure by the corresponding deferment period.

 

Example of how it works

 

Enjoy lower interest rates and higher subsidies on SME loans

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

 

Apply for flexible premium instalment plans

Apply for flexible premium instalment plans

Applies to General Insurance Policies such as general liabilities, vehicle, trade credit, property and more.

  • Opt for a Premium Instalment Plan to alleviate large one-time premium payment while ensuring coverage.

 

 

 

Defer principal payment on your hire purchase loan

Defer principal payment on your hire purchase loan

Applicable on an opt-in basis, for fixed assets for commercial use only*.

  • Choose to defer your principal payment, with or without extending the loan maturity date.
  • Extension of maturity date to be within the COE expiry period for commercial vehicles.

*Examples include goods vans, excursion buses, private hire cars, taxis, forklifts, etc, and plant, machinery and fixed assets. Relief excludes goods purchased for personal purposes, vehicle rental agreements, inability to pay instalments unrelated to COVID-19 and unpaid instalments before 1 February 2020, or goods repossessed before 20 April 2020.

 

FAQs

1. What is the MAS COVID-19 Relief Programme for Secured Loan?

MAS COVID-19 Relief Programme for Secured Loan entails the following:

  • Interest-only payment on the outstanding principal up to a maximum of 9 months or ending 31 Dec 2020, whichever is earlier, AND
  • Option to extend the loan tenor by up to the corresponding Interest-only payment period, OR
  • Re-amortised the remaining outstanding principal after the Interest-only payment period, over the remaining loan tenor.

For example:

Option 1: Interest-only payment till 31 Dec 2020 with Tenor extension

  • Borrower's application for Relief Programme for Secured Loan approved starting from 6 April 2020 to 31 Dec 2020 (Period: 9 months).
  • Loan maturity will be extended for 9 months and outstanding loan will be re-amortised after the interest-only period over the extended loan tenor.

Option 2: Interest servicing till 31 Dec 2020 without Tenor extension

  • Borrower's application for Relief Programme for Secured Loan approved starting from 6 April 2020 to 31 Dec 2020 (Period: 9 months).
  • No change in loan maturity.
  • Outstanding loan amount will be re-amortised after the interest-only period, over the remaining loan tenor (and your revised monthly P+I instalment after the interest-only period will likely be higher than your current monthly instalment)

 

2. Who's eligible for this Relief Programme for Secured Loan?

The MAS COVID-19 Relief Programme is applicable to all our existing SME customers who have:

  • Fully secured Term Loan(s)
  • No more than 90 days past due as at 6 Apr 2020

 

3. What specific impact(s) from COVID-19 do I have to demonstrate to be eligible for this Relief Programme for Secured Loan?

There is no requirement for you to demonstrate any specific impact from the COVID-19 pandemic.

 

4. What happens if the loan is no longer "fully secured" during the interest-only payment period due to decline in collateral value?

The relief should apply throughout the deferment period so long as the loan was “fully secured” at the point of application for the relief.

 

5. When can I start applying for the Relief Programme for Secured Loan?

You can submit your application from 6 Apr 2020 onwards.

 

6. What happens if my loan matures prior to 31 Dec 2020? Will the tenor extension option still apply? And how would it apply?

If your loan matures before 31 Dec 2020, you can still enjoy the relief period up to 31 Dec 2020 and you may extend the loan tenure up to the corresponding relief period (from the original maturity date).

Or you can also choose for the relief period to be up to the original maturity date and you can repay the full principal outstanding at that time or extend the loan up to the corresponding relief period.

For example: If you opt into the relief program on 1 Jul 2020, and your original loan tenure ends/matures on 1 Sep 2020:

  • You can enjoy the relief program from 1 Jul 2020 until 31 Dec 2020 (6 months) and you may choose to extend the loan tenure by 6 months, i.e. from 1 Sep 2020 until end Feb 2021, or
  • You can enjoy the relief program for 2 months from 1 Jul 2020 to end August 2020 and you may choose to pay up the full principal outstanding on the maturity date 1 Sep 2020 or extend the loan tenure by 2 months from 1 Sep 2020.

 

7. How do I apply for the Relief Programme for Secured Loan?

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

Alternatively, please submit your online application here.

Financing Assistance

Enhanced SME Working Capital Loan

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

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

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

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.

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 working from home becomes the new norm during this circuit breaker period, it is vital for businesses to move operations online where possible to ensure business continuity. Explore the digital and cashless solutions below, which will be able to work seamlessly with your business accounts.

Run your business from home – 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

 

UOB customers can defray up to 70% of the setup cost under the SMEs Go Digital Programme. Plus, receive $200 from IMDA e-Invoicing Registration Grant by registering to join the Peppol Network by 31 December 2020

 

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

 

 

Manage payments and collections easily with FAST/PayNow FAST and BIBPlus

 

 

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 BIBPlus 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

 

 

Business Internet Banking Plus (BIBPlus)


Manage payments and collections in a timely manner while minimising your trips to the bank branch. Trade products that you can access securely online include Documentary Trade (i.e. Letter of Credit, Collection and Guarantee) and Open Account Trade (i.e. Export and Import Invoice Financing). Enjoy full visibility of your account information and the status of transactions with BIBPlus.

 

Apply online now, contact your Relationship Manager or call 6439 5050 for assistance

Apply now