​The Association of Banks in Singapore Launches SME Debt Restructuring Programme

​The Association of Banks in Singapore (ABS), which is playing an active role in promoting and representing the interests of the banking community in Singapore, announced that it has launched the first industry programme Extended Support Scheme—Customised (ESS-C) to help small- and medium-sized enterprises (SMEs) restructure their credit facilities across multiple banks and finance companies.

The ESS-C provides SMEs with a coordinated approach to the restructuring of an SME’s existing credit facilities across multiple banks and finance companies, including loans under Enterprise Singapore’s Temporary Bridging Loan Programme and Enhanced Working Capital Loan Scheme.

To apply for the ESS-C, SMEs may approach any of their lending banks and finance companies to recommend them to the programme. The current list of banks and finance companies that will offer the ESS-C are:

• Bank of China Limited;

• CIMB Bank Berhad;

• Citibank N.A. and Citibank Singapore Limited;

• DBS Bank Ltd;

• HL Bank;

• Hong Leong Finance Limited;

• The Hongkong and Shanghai Banking Corporation Limited;

• Indian Overseas Bank;

• Industrial and Commercial Bank of China Limited;

• Malayan Banking Berhad and Maybank Singapore Limited;

• Oversea-Chinese Banking Corporation Limited;

• RHB Bank Berhad;

• Sing Investments & Finance Limited;

• Singapura Finance Ltd;

• Standard Chartered Bank (Singapore) Limited; and

• United Overseas Bank Limited.

The industry effort was led by UOB, together with the other major banks, and the Monetary Authority of Singapore (MAS). SMEs will be able to apply for the ESS-C from 2 November 2020 to 30 June 2021.