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CIMB COVID-19 SCHEMES

CIMB COVID-19 Schemes

A suite of relief assistance for businesses impacted by the COVID-19 outbreak. You will be able to access working capital to bridge short-term cashflow gaps in your daily operations.

CIMB C-19

CIMB C-19 is for all businesses that require working capital financing support.

CIMB C-19 Features

Loan Amount

To 31 March 2021: S$5 Million / Borrower Group*

From 1 April 2021 to 30 September 2021: S$3 Million / Borrower Group*

Loan Tenure

Up to 5 years

Interest Rate

Competitive rate

Eligibility

  • Be a business entity that is registered and physically present in Singapore
  • At least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership

* Borrower Group consists of the following:

   a) Borrower; and

   b) Corporate shareholders that hold more than 50% of the total shareholding of the applicant company, and any subsequent corporate       

       parents (all levels up), and subsidiaries all levels down. (Annual sales turnover and employment size is computed on a group basis.)

How To Apply

 

Step 1: Download the following forms

 

 

Step 2: Submit form to sg.commercialbanking@cimb.com

 

 

OR

 

Terms and Conditions

More Information

CIMB C-19 (Temporary Bridging Loan)

Temporary Bridging Loan Programme (TBLP) was introduced in response to the COVID-19 outbreak, to help enterprises manage their immediate cash flow needs.

 

As announced on 12 Oct 2020, TBLP will be extended from 1 Apr 2021 to 30 Sep 2021. Under this extension, the Government’s risk-share on the loan will be lowered to 70% (90% currently) with the maximum loan quantum lowered to S$3 million (S$5 million currently). This is to calibrate the support for businesses as the economy gradually recovers.

 

Find out more about TBLP here 

CIMB BizAssist (Working Capital Loan)

 

SME Working Capital Loan (SME WCL) is an Enterprise Singapore initiative to help local small businesses gain unsecured working capital financing under the Enterprise Financing Scheme (EFS). SMEs that require help beyond the TBLP can also tap on SME WCL.

 

Find out more about EFS here.

CIMB BizAssist

We offer one of the most attractive packages in the market for small and medium enterprises across all industries, to address their working capital needs.

CIMB BizAssist Features

Loan Amount

Up to S$1,000,000 / Borrower

Loan Tenure

Up to 5 years

Interest Rate

Competitive Rate

Eligibility

  • Be a business entity that is registered and physically present in Singapore
  • At least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership
  • Maximum Borrower Group* revenue cap of S$500 million for all enterprises
  • For "SME Working Capital", the SME definition refers to Group revenue of up to S$100 million or maximum employment of 200 employees

* Borrower Group consists of the following:

   a) Borrower; and

   b) Corporate shareholders that hold more than 50% of the total shareholding of the applicant company, and any subsequent corporate       

       parents (all levels up), and subsidiaries all levels down. (Annual sales turnover and employment size is computed on a group basis.)

How To Apply

 

Step 1: Download the following forms

 

 

Step 2: Submit form to sg.commercialbanking@cimb.com

 

 

OR

 

Terms & Conditions

More Information

CIMB C-19 (Temporary Bridging Loan)

The Temporary Bridging Loan Programme (TBLP) provides access to working capital for business needs.

 

As announced at Supplementary Budget 2020, eligible enterprises may borrow up to $5 million under the TBLP, with the interest rate capped at 5% p.a., from the bank. The Government will provide 90% risk-share on these loans.

 

Eligible enterprises under the TBLP may also apply for up to 1 year deferral of principal repayment to help manage their debt, subject to assessment by the bank. 

 

The TBLP started in March 2020, and is available until 31 March 2021. 

CIMB BizAssist (Working Capital Loan)

What is the objective of the CIMB BizAssist? 

 

  • CIMB BizAssist is available to SMEs across all industries to help them address their working capital needs during this period of uncertainty. The maximum loan quantum will be raised from S$600,000 to S$1mil. 

 

Who is eligible for CIMB BizAssist?

 

  • Available to SMEs across all industries. SMEs must fulfil the eligibility criteria;

i. Business entity that is registered and physically present in Singapore;

ii. Have at least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership;

iii. SME Criteria; i.e. enterprise with a Group revenue below S$100mil or Group Employment size below 200

 

Can enterprises apply for CIMB C-19 and CIMB BizAssist at the same time?

 

  • Enterprises can apply for both CIMB C-19 and CIMB BizAssist if they meet the criteria for each scheme, subject to assessment by the bank.

 

Find out more about EFS here.

Extended Support Scheme - Standardised (ESS-S)

From 2 November 2020, CIMB customers can apply to defer up to 80% of principal loan repayments from 1 January 2021 - 30 June 2021 via the Extended Support Scheme - Standardised.

Extended Support Scheme - Standardised Features
Applicable Facilities
  • Fully secured loan
  • Enterprise Singapore's Temporary Bridging Loan
  • Enterprise Singapore's Enhanced Working Capital Loan
Loan Repayment
  • Borrowers in Tier 1 and 2 Sectors* can choose to defer up to 80% of principal** from 1 January 2021 to 30 June 2021.
  • Borrowers in Tier 3 Sectors* can choose to defer up to 80% of principal** from 1 January 2021 to 31 March 2021. 
Eligibility

Available to existing CIMB SME customers including sole proprietors and partnerships that by the implementation date of the ESS have:

  • No overdue interest payments on loans under moratorium; and
  • No more than 30 days past due on all other loan repayments

*The determination of the borrower’s Tier should be established via the Job Support Scheme (“JSS”) notice(s) or other documentation from IRAS, where available. If you are not receiving wage support through JSS, the bank has the discretion to decide the industry and match to the respective Tiers. For details of JSS tiers, please refer to https://go.gov.sg/jss.

** Depending on the circumstances, “principal” could refer to the principal amount that would otherwise have been payable during the corresponding relief period, or the principal amount of the payment just prior to the relief period.

How To Apply

Shariah-compliant Alternatives

All corporates and SMEs can now apply for the CIMB C-19-i financing amount of up to S$5 million with:

 

  1. CIMB C-19-i (TBF) and
  2. CIMB BizAssist-i (EWCF)
  3. Extended Support Scheme (Standardised)-i

CIMB C-19-i (Temporary Bridging Financing)

CIMB C-19-i is a Shariah-compliant alternative for all businesses that require working capital financing support.

CIMB C-19-i Features

Max Financing Quantum

To 31 March 2021: S$5 Million / Customer Group*

From 1 April 2021 to 30 September 2021: S$3 Million / Customer Group*

Max Financing Tenure

Up to 5 years

Financing Profit Rate

Competitive rate

Eligibility

  • Be a business entity that is registered and physically present in Singapore
  • At least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership

* Customer Group consists of the following:

   a) Customer; and

   b) Corporate shareholders that hold more than 50% of the total shareholding of the applicant company, and any subsequent corporate       

       parents (all levels up), and subsidiaries all levels down. (Annual sales turnover and employment size is computed on a group basis.)

CIMB BizAssist-i (Enhanced Working Capital Financing)

CIMB is offering one of the most attractive packages in the market, including Islamic solutions, for small and medium enterprises (SMEs) across all industries to address their working capital needs.

CIMB C-19-i Features

Max Financing Quantum

Up to S$1,000,000 / Customer

Max Financing Tenure

Up to 5 years

Financing Profit Rate

Competitive rate

Eligibility

  • Be a business entity that is registered and physically present in Singapore
  • At least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership
  • Maximum Customer Group* revenue cap of S$500 million for all enterprises
  • For "SME Working Capital", the SME definition refers to Group revenue of up to S$100 million or maximum employment of 200 employees

* Customer Group consists of the following:

   a) Customer; and

   b) Corporate shareholders that hold more than 50% of the total shareholding of the applicant company, and any subsequent corporate       

       parents (all levels up), and subsidiaries all levels down. (Annual sales turnover and employment size is computed on a group basis.)

Extended Support Scheme (Standardised)-i (ESS(S)-i)

From 2 November 2020, CIMB customers can apply to defer up to 80% of principal financing payments from 1 January 2021 - 30 June 2021 via the Extended Support Scheme (Standardised)-i.

Extended Support Scheme (Standardised)-i Features
Applicable Facilities
  • Fully secured financing
  • Enterprise Singapore's Temporary Bridging Financing
  • Enterprise Singapore's Enhanced Working Capital Financing
Financing Payment
  • Customers in Tier 1 and 2 Sectors* can choose to defer up to 80% of principal** from 1 January 2021 to 30 June 2021.
  • Customers in Tier 3 Sectors* can choose to defer up to 80% of principal** from 1 January 2021 to 31 March 2021. 
Eligibility

Available to existing CIMB SME customers including sole proprietors and partnerships that by the implementation date of the ESS(S)-i have:

  • No overdue profit payments on finances under moratorium; and
  • No more than 30 days past due on all other finances payments

*The determination of the customer's Tier should be established via the Job Support Scheme (“JSS”) notice(s) or other documentation from IRAS, where available. If you are not receiving wage support through JSS, the bank has the discretion to decide the industry and match to the respective Tiers. For details of JSS tiers, please refer to https://go.gov.sg/jss.

** Depending on the circumstances, “principal” could refer to the principal amount that would otherwise have been payable during the corresponding relief period, or the principal amount of the payment just prior to the relief period.

How To Apply

 

Step 1: Download the following forms

 

 

Step 2: Submit form to sg.commercialbanking@cimb.com

 

 

OR

 

Terms & Conditions

More Information

CIMB C-19-i (Temporary Bridging Financing)

Temporary Bridging Financing Programme (TBFP) was introduced in response to the COVID-19 outbreak, to help enterprises manage their immediate cash flow needs.

 

As announced on 12 Oct 2020, TBFP will be extended from 1 Apr 2021 to 30 Sep 2021. Under this extension, the Government’s risk-share on the financing will be lowered to 70% (90% currently) with the maximum financing quantum lowered to S$3 million (S$5 million currently). This is to calibrate the support for businesses as the economy gradually recovers.

 

Find out more about TBFP here

CIMB BizAssist-i (Working Capital Financing)

SME Working Capital Financing (SME WCF) is an Enterprise Singapore initiative to help local small businesses gain unsecured working capital financing under the Enterprise Financing Scheme (EFS). SMEs that require help beyond the TBFP can also tap on SME WCF.

 

Find out more about EFS here.