UOB allots $3b relief assistance for SMEs affected by COVID-19

It hopes to help SME clients address near-term liquidity needs.

UOB is allotting $3b (US$2.16b) in relief assistance to small and medium enterprises (SMEs) to cushion the effects of the COVID-19, according to a news release.

The bank is seeking to help its SME clients address their near-term liquidity needs.

Relief measures aim to enable affected firms to have more flexibility in their cash flow management, including reworking principal payments, servicing their loan interest for up to one year, extending up to one year working capital financing of up to $5m (US$3.6m), and finance liquidity against mortgage security.

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