Hong Leong Finance ramps up help to SMEs with targeted business loans

Hong Leong Finance will continue to offer solutions from revolving credit lines to accounts receivable funding and supplier invoice financing to affected firms. ST PHOTO: TIMOTHY DAVID

SINGAPORE - Hong Leong Finance (HLF) has started an outreach campaign to help small and medium-sized enterprises (SMEs) manage cash flow and soften the impact of the coronavirus crisis.

The company said on Tuesday (June 23) that it will continue to offer solutions from revolving credit lines to accounts receivable funding and supplier invoice financing to affected firms.

It also provides assistance in meeting project delivery and trade-specific requirements, as well as loan payment deferments until the end of the year for commercial property.

The aim is to offer quick help to businesses and retail customers with cash flow needs, HLF said, noting that many small firms are not familiar with the loan programmes on offer.

"HLF has been actively reaching out to the small businesses near its SME Centres such as local 'mom-and-pop' shops. Its staff provide financial guidance and help business owners overcome language barriers by assisting them in filling out application forms for loan assistance," it added.

SMEs can also apply for collateral-free loans supported by the Monetary Authority of Singapore, with processing fees waived during this period.

The SME Capability Ready Programme is available as well to assist firms with cash flow while they wait for government grants to help them upgrade their businesses.

HLF president Ang Tang Chor said: "Our experience in serving the SMEs for nearly 60 years has enabled us to understand what their needs are today, especially in an increasingly challenging economic environment.

"We have seen a strong demand for our business loans since the pandemic outbreak... many businesses are finding it useful and relevant to their cash flow needs".

Mr Ang added that the situation remains challenging even as businesses move into phase two of the country's reopening: "Many are struggling to get back on their feet. We will continue to help where we can in this unprecedented time."

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