Temporary bridging loan programme for firms extended until Sept 2021

THE Singapore government is extending the Temporary Bridging Loan Programme for a further six months, to provide working capital support for viable businesses, Deputy Prime Minister Heng Swee Keat said in parliament on Monday.

In a Ministerial Statement, Mr Heng, who is also Finance Minister, said: "Even as we shift our approach in supporting businesses and workers as the economy recovers, we will make sure that support does not taper off too sharply."

The programme, which was announced by Mr Heng during the Solidarity Budget in April, will now go on at reduced levels until September 2021, instead of March.

At the same time, the Monetary Authority of Singapore (MAS) will extend the MAS Singapore Dollar Facility for Enterprise Singapore Loans until September 2021.

"We will adjust the support available under the Enterprise Financing Scheme to help Singapore enterprises access financing in areas such as trade and project needs," Mr Heng said, adding that more details will be announced later.

MAS is expected on Monday to announce details on the extension of payment moratoriums, at a tapered level of support.