Two schemes launched for SMEs that owe debts to multiple lenders

Singapore

SMALL and medium-sized enterprises (SMEs) in financial distress because of the Covid-19 pandemic can now apply for two schemes to restructure their credit facilities and debts owed to multiple lenders.

The Sole Proprietors and Partnerships (SPP) Scheme and Extended Support Scheme - Customised (ESS-C) launched on Sunday are part of a package of extended relief measures announced on Oct 5 by the Monetary Authority of Singapore (MAS), the Association of Banks in Singapore (ABS) and the Finance Houses Association of Singapore.