GROW with DBS

In conjunction with SPRING Singapore - LEFS Micro Loan Scheme

Helping local businesses to GROW... is the main objective of the latest financing package launched by DBS Enterprise Banking on 1 November 2001. Called GROW with DBS, this special financing package for SMEs is launched in conjunction with the Standards, Productivity and Innovation Board (SPRING Singapore) Local Enterprise Finance Scheme - Micro Loan programme with the sole purpose of providing the smaller local businesses better access to funds to meet their business needs.

The loan will be structured as a term loan and we can consider term loans without collateral.

Customer Eligibility

To qualify for GROW with DBS, your company must meet the following criteria:

• Company has at least 30% local shareholding
• Company's group fixed assets (at net book value) must not exceed $15 million
• Not more than 10 staff^*

Local businesses involved in all industries and sectors are eligible for the loans under GROW with DBS.

Terms of Loan

E.g. Monthly installment for a $30,000 loan over four years is $708 and monthly installment for a $50,000 loan over four years is $1180.

Use of loan

• Purchase new equipment
• Working capital
• Expand business
• Renovation expenses
• Any other uses deemed satisfactory by DBS/SPRING Singapore

What are the documents required?

• Application form (comprising two forms: (1) SPRING Singapore-LEFS GROW form; (2) DBS GROW form
• Photocopy of NRIC (front and back) of guarantor(s)
• Income Tax Notice of Assessment for the last 2 years of sole proprietor / key partners / directors
• Bank Statements for the last 3 months (if operating account is not maintained with DBS)
• Financial Statements (audited where applicable) for the last 2 years (latest financial statements should be less than 18 months old)
• Original/Certified True Copy of Updated Memorandum and Articles of Association by any one director (only applicable for Pte Ltd Companies which do not maintain any borrowing account with DBS)
• Business Plan for business with less than 2 years in operation
• For Professional Practices NOT registered with ACRA:
  
  (I) A copy of a confirmation from the relevant authority on the constitution of the firm and the name(s) of the sole proprietor/ partners.

1. FOR LAWYERS; by way of a confirmation letter from the Law Society
   • Original is to be sighted by branch /sales staff
   • Date of letter should not be more than one month to date of application

2. FOR MEDICAL PRACTITIONERS; by way a clinic licence from MOH
   • Original is to be sighted by branch / sales staff
   • Date of application must be within validity date of clinic licence

3. FOR ACCOUNTANTS; by way of an online print-out from Bizfile website
   • URL http://www.acra.gov.sg/information/instantinfo.html
   • Date of print-out should not be more than one month to date of application

(II) Original Letter stating equity partners & authorized signatures (for partnership only).

• SPRING Singapore-Application Form
• Other supporting financial information of relevance to this application

What do we typically require of the applicant?

• Positive networth (typically comprising paid-up capital and accumulated profit/loss) for Pte Ltd Co.
• Ability to service monthly instalments.
• Satisfactory conduct of operating bank account.
• No adverse status for applicant and promoters.
• For new business, additional factors include:
  
  1. preferably six months in operation;
  2. funds invested in the company should be more than the loan amount requested; and
  3. experience/net worth of promoters and viability of business. We may call for a face-to-face meeting where necessary.

The Bank has the right to approve or reject any application without assigning any reason.

For application form

1. Click here to download.
2. Call our Relationship Officers at 1800 222 2200.
3. Email us at smebanking@dbs.com.

For submission of your application form, simply mail it to DBS Bank Ltd, Robinson Road Branch P.O. Box 228, Singapore 900482.

Frequently Asked Questions