Coronavirus outbreak

Banks step up to help SMEs weather crisis

They are speeding up loan applications, working with industry groups, advising firms on support measures

Banks such as Standard Chartered Bank and United Overseas Bank have been helping SMEs apply for the enhanced government loans.
Banks such as Standard Chartered Bank and United Overseas Bank have been helping SMEs apply for the enhanced government loans.ST PHOTO: KELVIN CHNG

Banks in Singapore have sped up loan application processes and worked with industry groups to help tide small and medium-sized enterprises (SMEs) over as they face challenges brought on by the coronavirus outbreak.

They have also been urging customers to make full use of the measures announced in the Budget last month, especially the updates to the Enterprise Financing Scheme's Working Capital Loan.

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A version of this article appeared in the print edition of The Straits Times on March 13, 2020, with the headline 'Banks step up to help SMEs weather crisis'. Subscribe