Relief measures and digital solutions for SMEs

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    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

  • SMEs facing cash flow difficulties may apply for an extension of relief measures under the Extended Support Scheme, which aims to help SMEs transition gradually to full loan repayments by 2021.
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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 SME loans:

Defer principal payment on SME loans:

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

  • Defer 80 per cent of principal payment up until 30 September 2021.*
  • Applicable for all fully secured term loans and loans granted under Enterprise Singapore’s Temporary Bridging Loan Programme and Enhanced Enterprise Financing Scheme – SME Working Capital Loan.

* Borrowers in Tier 1 and 2 Sectors that are already participating in the ESS-S can choose to further defer 80 per cent of principal up until 30 September 2021. Borrowers in Tier 1 and 2 Sectors that are not currently under the ESS-S can choose to defer 80 per cent of principal from 1 July 2021 until 30 September 2021.

Borrowers are to pay instalments comprising the remaining 20 per cent principal and the interest on the loan.

Depending on the circumstances, “principal” could refer to the principal amount that would otherwise have been payable during the corresponding relief period, or the principal amount of the payment just prior to the relief period.

For determination of borrower’s JSS tiers, please refer to ESS-S, Q2 in the FAQ section.

 

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 1800 226 6121 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

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

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

The ESS-S is an opt-in scheme for eligible 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 July 2021 until 30 September 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 and 2 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.

    For details of JSS 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 borrowers including sole proprietors and partnerships that by the implementation date of the ESS-S have:

  • No more than 30 days past due on all loan repayments; and
  • No overdue repayment on loans under moratorium

 

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

The ESS-S is applicable to these credit facilities:

  • Fully secured term loans and hire purchase loans,
  • Loans under Enterprise Singapore Temporary Bridging Loan Programme and Enhanced Enterprise Financing Scheme – SME 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?

Depending on the circumstances, “principal” could refer to the principal amount that would otherwise have been payable during the corresponding relief period, or the principal amount of the payment just prior to the relief period.

Example 1: Borrower A who is currently not under ESS-S is 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.

Example 2: Borrower B who is currently under ESS-S is paying a monthly instalment of S$4,000 comprising of: (i) 20 per cent of the principal amount at S$1,500 and (ii) interest amount of S$2,500. Borrower will continue to pay the same monthly instalment of S$4,000 for the next 3 months up to September 2021.

 

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 from now until 30 September 2021.

 

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

You may contact your Relationship Manager, or call us at 1800 226 6121 for more information.

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

 

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 one 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 from now until 31 December 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 1800 226 6121 for more information, or leave your contact details here for us to call you back.

 

Financing Assistance

Temporary Bridging Loan

Temporary Bridging Loan

Overcome immediate financial challenges with the Temporary Bridging Loan Programme.

  • Access financing of up to S$3 million
  • Enjoy preferential low interest rates
  • Flexible repayment period of up to 5 years

 

 

Loan Insurance Scheme / Enterprise Financing Scheme Trade facility

Enterprise Financing Scheme Trade facility (EFS Trade)

Get additional credit support for your trade facilities under EFS Trade.

  • Access financing of up to S$10 million

 

 

 

 

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$3 million.

 

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. How do I apply for the Temporary Bridging Loan?

To apply, please contact your Relationship Manager, or call us at 1800 226 6121 for more information.

Alternatively, please submit your online application here.

Go Digital

Digital solutions can help businesses 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 Enterpryze

UOB BizSmart featuring Enterpryze, is a business management solution that helps SMEs seamlessly manage multiple core processes such as sales, invoicing and accounting. 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 e-invoices
via InvoiceNow to customers

Collect payments faster
with PayNow QR

 

Adopt Enterpryze Accounting package with another solution at no cost for the first 6 months under the Start Digital Pack. T&Cs apply.

 

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 adopt HReasily with another solution at no cost for the first 6 months under the Start Digital Pack. T&Cs apply.

 

Build your virtual store with Shopmatic

UOB BizSmart featuring 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 adopt Shopmatic with another solution at no cost for the first 6 months under the Start Digital Pack. T&Cs apply.

 

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 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.

 

Apply online now, contact your Relationship Manager or call 1800 226 6121 for assistance

Apply now