The 2014 SME Development Survey by DP Information showed that SMEs have started to embrace the need to restructure their businesses, with just over half saying their main strategy going forward is to rethink their business models. They can tap on government grants, which are designed to defray costs associated with skills upgrading, innovation and productivity related projects, product development, or overseas expansion. However, such reimbursements usually only kick in when a project is completed.
The DBS business capabilities loan, acting as bridging finance, can be used to cover project expenses incurred before the SME gets reimbursed. This eliminates the strain on SMEs’ working capital and cash flows, making it easier for them to take the leap in building new capabilities.
Joyce Tee, Regional Head of SME Banking, DBS Bank said: “We are committed to constantly innovating and helping all our SME customers grow. With the economic outlook getting tougher, we hope that the new DBS capabilities loan will be a cost-effective way to help alleviate the strain on SMEs’ cash flows, thereby encouraging them to embrace innovation and grow new sources of revenue. We are pleased to be able to lend a supporting hand, to help SMEs leverage the wide variety of government grant schemes available.”
From 15 March to 30 June 2016, the bank will also waive the SGD1,000 processing fee for all applications. For more information or to apply for the loan online, visit http://go.dbs.com/bizcaploan.
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About DBSDBS - Living, Breathing AsiaDBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific. DBS has been recognised for its leadership in the region, having been named “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Bank in Asia-Pacific” by Global Finance. The bank has also been named “Safest Bank in Asia” by Global Finance for seven consecutive years from 2009 to 2015.
DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. These market insights and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 22,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
