Hong Leong provides loans to help SMEs manage cash flow

Singapore

HONG Leong Finance said on Tuesday that it has launched its Business Loans Campaign to provide more small and medium-sized enterprises (SMEs) with targeted cash flow-management solutions to cushion the impact of the Covid-19 pandemic.

The finance company said that SMEs with cash flow issues can apply for the Enterprise Financing Scheme- SME Working Capital Loan (EFS-WCL) and the Temporary Bridging Loan Programme.

These are collateral-free loans supported by the Monetary Authority of Singapore's SGD Facility. Customers can also enjoy a waiver of processing fees during this period.

Other business loans that provide targeted relief include the EFS Trade Loan to finance general trading requirements such as inventory financing, pre-delivery working capital, factoring and accounts receivables, The Enhanced SME Property Loan is available for all commercial and light industrial properties, under which businesses can borrow up to 100 per cent of the property value.

There is also the SME Capability Ready Programme, which will assist SMEs in their cash flow as they await government grant reimbursement for development towards business upgrades.

To support local businesses and retail customers with their cash flow needs quickly, the company has also made available loan payment deferment relief up to Dec 31, 2020 for commercial property and hire purchase for businesses and residential property for retail customers.

Said Hong Leong president Ang Tang Chor: "Even as we move into Phase 2 of Singapore's re-opening, the situation remains tough. Many are struggling to get back on their feet. We will continue to help where we can in this unprecedented time."