{"id":116,"date":"2021-10-04T14:06:59","date_gmt":"2021-10-04T14:06:59","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/?page_id=116"},"modified":"2023-01-19T10:49:53","modified_gmt":"2023-01-19T02:49:53","slug":"temporary-bridging-loan","status":"publish","type":"page","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/sgsmeloans.com.sg\/temporary-bridging-loan\/","title":{"rendered":"Temporary Bridging Loan"},"content":{"rendered":"\t\t
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TEMPORARY BRIDGING LOAN<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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WE PROVIDE FREE CONSULTATION ON
HOW TO GET TEMPORARY BRIDGING LOAN FOR YOUR FIRM!<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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APPLY FOR TEMPORARY BRIDGING LOAN NOW! <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tSubmit Loan Enquiry<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tCall us Today<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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LET BIZSQUARE HELP YOU THROUGH THIS CRISIS<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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This pandemic has resulted in many companies struggling to obtain cashflow and funding. Therefore, Enterprise Singapore has came out with a Temporary Bridging Loan<\/a> scheme which reduces the risk of the bank and in return, the bank will charge a lower interest rate to the business owners.<\/p>

With extra support from the government, the Temporary Bridging Loan can help businesses get through the downturn.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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The Temporarary Bridging Loan Programme (TBLP) will be extended with revised parameters for another six months – from April 1 to Sept 30, 2022. They were previously extended in October 2011 last year to March 31, 2022<\/p>\n

There are 17 financial institutions (FIs) participating in this programme and the Credit criteria & interest rates are different for all banks. However, it is tough to get an approval from the banks nowadays due to the market sentiments and the strict guidelines from the banks.<\/p>\n

In Bizsquare, we provide obligation-free consultations on how you can tap on into the different types of government support to fund your firm. We have confidence to help our clients overcome all their difficulties in getting the loan approved. Most importantly, we only charge upon success which means that our interest is in line with you.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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HOW DOES THE TEMPORARY BRIDGING LOAN\n(TBL) WORK?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The Temporary Bridging Loan Programme allows eligible businesses to borrow up to SGD$3 million, with a repayment period of up to 5 years. Under the scheme, interest rates charged by Participating Financial Institutions (\u201cPFIs\u201d) are capped at a maximum interest rate of 5% per annum. Depending on your company\u2019s credit history and financial performance, you may be able to enjoy an interest rate of as low as 3% per annum.<\/p>\n

The TBLP is known as a government-assisted loan programme because the government will take on 70% of the risk-share on new loans. In the event of a default, the PFIs can make a claim against Enterprise Singapore for the unrecovered amount in proportion to the risk-share undertaken by the government.<\/p>\n

For example, if a business takes a loan of SGD$500,000 and defaults on payments, the PFIs will first follow their  usual commercial recovery procedure. Assuming that the PFI is only able to recover SGD$400,000 under its usual commercial recovery procedure, the PFI will then make a claim of SGD$70,000 (equivalent to 70% of SGD$100,000) from Enterprise Singapore.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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REASONS COMPANIES MIGHT CONSIDER TAKING\nUP THE TEMPORARY BRIDGING LOAN (TBL)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The Temporary Bridging Loan Programme<\/b><\/a> provides low-cost working capital loans for businesses during this Pandemic Period. While long-term profits are important to build a sustainable business, it\u2019s short-term cash flow that will determine if a company survives.<\/p>\n

Temporary Bridging Loan can be used for different business purposes during this period. Expenses could <\/span>include paying salaries to your workers to retain and support them during this challenging period, or other <\/span>short-term expenses for the company to continue operating. This includes rental, marketing costs and raw <\/span>materials that are needed for your products.<\/span><\/p>\n

One of the good things about TBL is that you can pay-off your outstanding loan anytime with no penalty. This gives business owners the flexibility to use the loan for both short-term and long-term purposes.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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CRITERIA TO APPLY FOR TEMPORARY BRIDGING LOAN<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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As a government-assisted loan, only Singapore companies which fulfil the following requirements are eligible to apply for this loan:<\/p>

1. At least 30% of shares held by Singaporeans or Permanent Residents; and
2. Registered and physically present in Singapore.
3. Besides meeting the eligibility criteria prescribed by the Singapore government, eligible businesses will also be subject to the standard\u00a0 credit assessment criteria set in place by the banks that are disbursing these loans.<\/p>

While no collateral is required, banks will require a 100% Personal Guarantee for the loan. This means that if\u00a0the business fails to repay the loan, the person who guarantees the loan (usually the founder or a director <\/span>of the company) is liable to pay the outstanding amount.\u00a0<\/span><\/p>

Interested enterprises can apply through Bizsquare.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tClick HERE to submit your loan enquiry now!<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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TEMPORARY BRIDGING LOAN<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The Temporary Bridging Loan Programme (TBLP) provides access to working capital for business needs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\"SME<\/figure>

BENEFIT #01<\/h3>

No collateral<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\"SME<\/figure>

BENEFIT #02<\/h3>

Tenure up to 5 years<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\"SME<\/figure>

BENEFIT #03<\/h3>

Maximum loan quantum up to\nS$ 3 million<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\"SME<\/figure>

BENEFIT #04<\/h3>

Interest rate start from 2.5%\np.a. onwards<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tRisk Share<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

Risk share is at 70%; The borrower is responsible to repay 100% of the loan amount. When defaults occur, the Participating Financial Institutions (PFIs) are obligated to follow their standard commercial recovery procedure, including the realisation of security, before they can make a claim against Enterprise Singapore for the unrecovered amount in proportion to the risk-share<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tEligibility<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t
  1. Must be Singapore registered SME company and at least 1 year in business<\/li>
  2. Annual turnover $100k and more<\/li>
  3. Group employment size of not more than 200 employees<\/li>
  4. Minimum 30% shareholding by Singaporean or Singapore PR<\/li><\/ol><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t
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    \n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tHow to apply for Temporary Bridging Loan<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t
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    1. Call<\/a>\u00a0and meet our consultants for professional advice.<\/li>\n \t
    2. Bring the follow supporting documents for the meeting:<\/li>\n<\/ol>\n