.OCBCBank to disburse S$1b in government-assisted SME loans to small businesses by June 30
OCBC on Monday said it expects the amount of government-assisted loans it lends out to small businesses to hit S$1 billion by June 30, fully utilising the support given by the Monetary Authority of Singapore under its low-cost Singapore-dollar facility.
Its expected loan amount of S$1 billion will exceed the total government-assisted loans disbursed to the same customer segment during the 2008-2009 global financial crisis. Cost savings from MAS' facility will be completely passed on to customers, by bringing the interest rate of the government-assisted temporary bridging loan to 2-3 per cent, said the bank in a statement.
OCBC's rates stood at around 6 per cent at the start of the year. Further cost savings will be derived from the waiver of the bank’s loan processing fees. With a loan approval period of two days and disbursement of funds within a week, the bank said it seeks to quickly address the pressing cash flow needs of small businesses affected by the novel coronavirus outbreak.
OCBC said it registered a spike in the volume of applications for relief measures in the last two months by more than 10 times, as the financial strain arising from the current"circuit breaker" period added to an already challenging situation. The manufacturing, construction, trading and distribution, and services businesses are increasingly turning to the bank for support, it added.
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