SINGAPORE (June 25): Hong Leong Finance (HLF) on Tuesday launched its Business Loans Campaign. The campaign aims to reach out to more small-medium enterprises (SMEs) to enable them with solutions to manage cash flow and mitigate the overall impact from the Covid-19 crisis.
Now, SMEs with affected cash flow can apply for the affordable Enhanced Enterprise Singapore Financing Scheme (EFS) – SME Working Capital Loan (WCL) and the Temporary Bridging Loan Programme (TBLP).
The loans are supported by the Monetary Authority of Singapore (MAS)’s SGD Facility, which was set up in April.
See: MAS launches new facility to lower cost of loans to SMEs under the ESG Loan Schemes
Customers can also enjoy a waiver of processing fees during this period.
Other business loans include the EFS Trade Loan, the Enhanced SME Property Loan, and the SME Capability Ready Programme (SME CARE).
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The EFS Trade Loan will help to finance general trading requirements such as inventory financing, pre-delivery working capital, factoring and accounts receivables.
The Enhanced SME Property Loan targets commercial and light industrial properties where businesses can borrow up to 100% of the property value.
SME CARE helps SMEs with their cash flow while waiting out government grant reimbursement for development towards business upgrade.
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To support local businesses and retail customers with their cash flow needs, Hong Leong Finance has allowed loan payments for commercial property. to be deferred up to December 31. Retail customers will also get to enjoy this benefit for its businesses and residential property.
“Our experience in serving the SMEs for nearly 60 years has enabled us to understand what their needs are today, especially in an increasingly challenging economic environment,” says Ang Tang Chor, president of Hong Leong Finance.
“By participating in enhanced loan programmes such as the Temporary Bridging Loan Programme and SME Working Capital Loan, many businesses are finding it useful and relevant to their cash flow needs. 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,” he adds.
The bank will reopen six branches and two SME centres from June 29. This brings the total number of opened branches and centres to 21.
The reopened branches include Bukit Batok Central Branch, City Square Mall Branch and SME Centre, Hong Lim Branch and SME Centre, and Marine Parade Branch. They were selected for their higher customer footfall, and in line with customers’ preferences.
Nineteen of its branches and SME centres will remain closed till further notice.
Shares in Hong Leong Finance closed 1 cent lower, or 0.4% down, at $2.48.
