DBS rolls out lending initiative, rebates for Singapore SMEs facing headwinds

Singapore's largest lender DBS is extending more support to small and medium-sized enterprises (SMEs) in the Republic, as they brace against economic headwinds.

More local businesses are expecting a drop in their revenue and profit margin as the economy slows, with trade tensions being a top concern among them, as seen from a survey by the Singapore Chinese Chamber of Commerce and Industry in August.

"More recently with the ongoing issues arising from the US-China trade war, our SME customers are facing overall weaker market sentiments and as a result, the lack of consumer confidence has negatively impacted sales revenues and trade flows," said Joyce Tee, the bank's managing director and group head of SME banking, in emailed replies to The Business Times.

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