Other financial support measures for SMEs
Secured Term Loans (Extended Support Scheme – Standardised)
This scheme provides our SME clients an option to defer 80% of principal payments on their secured term loans. The deferment period would depend on the tier[3] categorisation of the sector / industry in which the client operates per the “Job Support Scheme (JSS)”.
- SMEs under Tier 1 or Tier 2 sectors[3] can choose to defer 80% of principal payments from 1 January 2021 up to 30 June 2021
- SMEs under Tier 3A or Tier 3B sectors[3] can choose to defer 80% of principal payments from 1 January 2021 up to 31 March 2021
Eligibility
- Sales turnover of up to SGD 100 million or
- Employment size of up to 200 workers
- Opt-in basis for borrowers with loan repayments that are fully secured and no more than 30 days past due
Customised Restructuring Scheme (Extended Support Scheme – Customised)
This scheme aims to facilitate restructuring of unsecured or secured credit facilities for SME clients with more than one lender, who have exhausted all efforts to work out arrangements bilaterally with their lenders and will benefit from a coordinated restructuring approach among their lenders. Interested clients would need to be recommended by one of its participating lenders to enter into the scheme.
Eligibility
- Sales turnover of up to SGD 100 million or
- Employment size of up to 200 workers
- Opt-in basis for borrowers with secured or unsecured credit facilities for whom the following
schemes are not suitable:
- Extended Support Scheme – Standardised
- Credit Counselling Singapore’s scheme for Sole Proprietors and Partnerships (“SPP
Scheme”)
- Ministry of Law’s Simplified Insolvency Programme for qualified micro and small
companies (“SIP”)
[1] The availability of these financing measures is subject to HSBC’s credit and internal approvals, and fulfilment of relevant eligibility criteria.
[2] All loans extended under Enterprise Singapore's financing schemes are subject to Enterprise Singapore's qualifying criteria and approvals, and HSBC's credit and internal approvals.
[3] Determination of tier would be established via Job Support Scheme (JSS) notice or any other documentation received from IRAS. Where JSS is not applicable, the Bank has the discretion to decide which industry tier your business belongs to and decide the deferment period accordingly. Tier 1 and Tier 2 sectors are Aviation and Aerospace, Tourism, Hospitality, Conventions and Exhibitions, Built Environment, Licensed food shops and food stalls, Qualifying retail outlets, Arts and Entertainment, Land Transport, Marine and Offshore. Tier 3A and 3B comprises of all other sectors not in Tier 1 and Tier 2.
