Hong Leong Finance rolls out business loan campaign

This is said to help SMEs with cash flow issues.

Hong Leong Finance (HLF) has launched its business loans campaign to reach out to more small and medium enterprises (SME), provide solutions to manage cash flow, and mitigate the overall impact from the pandemic, according to an announcement.

SMEs with affected cash flow can apply for the Enhanced Enterprise Singapore Financing Scheme – SME Working Capital Loan (EFS-WCL) and the Temporary Bridging Loan Programme (TBLP). These are collateral-free loans and are said to be supported by the Monetary Authority of Singapore’s (MAS) SGD Facility. They will also waive processing fees during this period.

The finance company also added other targeted business loans, including the EFS Trade Loan to finance general trading requirements, as well as the Enhanced SME Property Loan for all commercial and light industrial properties. The SME Capability Ready Programme (SME CARE) is also available to assist SMEs in their cash flow.

Further, HLF has made available loan payment deferment up to 31 December for businesses and retail customers.

The company said that they are actively reaching out to small businesses, with their staff providing financial guidance and assisting business owners in filling out application forms for loan assistance.

HLF President Ang Tang Chor notes that the finance company has seen a strong demand for business loans since the pandemic and that many businesses find enhanced loan programmes 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 added.