Are you aware of the concept of a temporary bridging loan? Not sure what is it all about? Well, as the pandemic situation has taken over the world, many businesses are facing severe economic crises. There are a lot of small businesses that got damaged beyond repair because of these crucial situations. The overall Singapore economy has experienced a lot of trouble. The people have also been through a lot of uncertain times during the situation.
It has become really difficult for organizations to meet all their potential obligations and maintain cash flows. All those companies can avail of the temporary bridging loan options and give them the desired financial security. If you are not aware of the concept of a temporary bridging loan, then you may continue reading as we are going to provide you with all the details regarding the loan option.
What Is a Temporary Bridging Loan?
A temporary bridging loan is basically a government-assisted financial scheme meant for businesses in Singapore. The scheme is available for all business sectors and anyone who fulfills the eligibility criteria will be able to make use of the loan in order to maintain cash flow and fulfill their business requirements. The loan system is specifically meant to deal with the current economic situation in Singapore. You can also go for Singapore Government Grants for your loan.
What Is The Eligibility Of The Loan?
In order to become eligible for the loan, you have to be present in Singapore. You should also have a registered business identity with at least 30% equity in Singapore. You should also be a permanent resident of Singapore in order to avail of this loan.
What Are The Various Features Of The Loan?
You can get capital funding of up to 5 million so that you are able to fulfill the business needs. The interest rates are mostly 5% pa and now you will also get a 90% risk-share on loan. This loan is really beneficial for all those businesses who are struggling to maintain cash flow during difficult situations.
How Can The Temporary Bridging Loan Help Businesses?
The temporary bridging loan is mainly useful for all those people who are struggling to maintain their cash flow. This loan option allows the company to manage the working capital efficiently so that they are able to form strategies for their business. Due to the pandemic, a lot of businesses have started to suffer from major financial crises. So, the government came up with a solution to help businesses to meet their challenges and overcome the situation.
And this is exactly what a temporary bridging loan is all about. To know more about temporary bridging loans, you may get in touch with us and we are going to provide you with all the details on the same. You may also get in touch with us if you want to open a digital account Singapore and we will provide you with the details.