Singapore: DBS (SME Banking) Initiatives

Singapore Apr 09, 2020

IMPORTANT - Note from Editor:
The following is a compilation of initiatives by DBS Bank, Singapore. All information below is directly retrieved from the DBS website, with certain sections summarised by the Reapra team for brevity. To view the complete description of each measure, please refer to their respective links.

To ensure relevance for our readers, we are only providing measures relating to support for businesses. For the full listing of measures, please head over to the DBS website.

Key source: DBS website


Contents
• Loans
• Digitalisation
• Import Facilities
• Loan Applications
• Partners' Relief & Measures
• Rebates
• Upskilling


Loans

  1. Digital Business Loan, supported by Resilience Budget 2020
    Access up to S$200,000 as part of the new relief assistance with the Digital Business Loan, supported by the Resilience Budget 2020. Ease your cash flow pressures with low interest rates, a fuss free online application process with no submission of financials* and waiver of your processing fee.

    *Additional supporting documents may be required on a case-by-case basis.
  2. Enhanced SME Working Capital Loan
    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.
  3. Principal Moratorium on Secured Term Loans
    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.
  4. Temporary Bridging Loan
    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.

Digitalisation

  1. F&B Digital Relief Package
    DBS SME customers can now create new online revenue streams through building an online presence using an e-commerce site or digital marketing.

    Oddle
    Asia’s leading cloud-base management systemOddle can help you build online menus with integrated payment gateways and delivery services in just three days. Sign up using the form to enjoy preferential rates exclusive to DBS SME customers and new Oddle users. Subject to Oddle's approval and terms and conditions.

    FirstCom – Singapore’s leading digital agency
    With FirstCom’s PSG-approved e-commerce solution, you can have an e-shopfront in under five business days. Sign up using the form to enjoy an exclusive digital marketing package at S$3,000, with S$1,000 free media budget on Facebook or Instagram.

Import Facilities

  1. 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.

Loan Applications

  1. 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.

Partners' Relief & Measures

  1. Manulife: Additional $1million protection coverage
    To protect against business disruption, coverage for our existing customers will be enhanced. The enhancements will cover the following.

    - One-time immediate cash benefit of S$1,500 for customers who are diagnosed with COVID-19 in Singapore
    - Additional cash benefit of S$2,000 would be payable if the customer with a confirmed diagnosis of COVID-19 is hospitalised for 5 days or more
    - An additional lump sum of S$30,000 will be paid on top of the death benefit from customer’s existing policy, in the unfortunate event that death occurs as a result of COVID-19
  2. Exclusive COVID-19 cover by Chubb
    First-in-market COVID-19 protection to help our customers and their employees tide through this period.

    Work Injury Compensation Insurance with COVID-19 extension:
    - Receive complimentary protection against business disruptions on existing and new Work Injury Compensation purchase for your employees
    - This is an automatic policy extension for existing customers, and no action is required from you

Rebates

  1. Export Trade Fee Rebates
    From now till 30 June 2020, DBS customers can enjoy: a S$10 courier fee rebate when you submit export documents (Outward Bill Collection (DA/DP)  and/or LC Negotiation / Discounting) to us an additional S$30 Letter of Credit (LC) advising fee rebate when you submit documents for LC Negotiation / Discounting. Rebates are automatically applied upon submission of eligible documents; there is no further action required on your part.
  2. 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.

Upskilling

  1. Upskilling business capabilities – Online SME Academy
    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!

Updated 9 April 2020
Cover Image: Nicky Loh/Bloomberg

Reapra

Reapra is a venture builder and investment group based in Singapore. Through research and practice, we nurture entrepreneurs into industry leaders, and contribute towards the betterment of society.

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