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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

From 1 April 2021 to 30 September 2021:

Up to S$3 Million / Borrower

Up to S$20 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:

  1. Applicant Company; and
  2. Corporate shareholders holding more than 50% shareholdings at all levels up; and
  3. Subsidiaries where the Applicant Company holds more than 50% shareholdings and any subsequent subsidiaries at all levels down; and
  4. Subsidiaries where the Applicant's Ultimate Parent Company holds more than 50% and their subsidiaries at all level down.

 

Service Guarantee Pledge

At CIMB, we are committed to provide our best level of service. For businesses, we understand that funding is essential and it is our pledge to provide an application status within 3 working days^ for CIMB C-19 (Temporary Bridging Loan).  If we do not meet our CIMB Service Guarantee pledge, we will be donating S$50 to a charity selected as the beneficiary. 

 

Step 1: Apply

Fill up the CIMB C-19 Application Form here.

Step 2: Submit

Submit the loan application with the required documents to sg.commercialbanking.com

Step 3: Approval

Receive your loan application status within 3 working days^.

^For applications that do not meet CIMB's Service Guarantee pledge, we will be donating S$50 to a selected charity as the beneficiary. 

 

Donation Beneficiary

As a #BankWithAHeart, we like to pay it forward. For each application where our service falls short, we will be donating S$50 to the selected beneficiary, SPD. SPD is a local charity set up to help people with disabilities of all ages to maximise their potential and integrate them into mainstream society. For more information on SPD, visit https://www.spd.org.sg/

How To Apply

Step 1: Download the following forms

 

 

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

 

 

OR

 

Terms & Conditions

 

  1. All forms and supporting documents required must be duly completed and submitted (as required by bank).
  2. All loans are subject to product’s terms and conditions and satisfactory credit assessment.
  3. Beneficiary will be determined by the Bank.
  4. Upon receipt of all completed forms and supporting documents, you will be notified via SMS. Service pledge will start the next working day.

 

“Working days” is defined as Mondays to Fridays, 9am to 5pm (Singapore date and time, excluding Singapore, Malaysia and bank public holidays).

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$300,000 / Borrower

Up to S$5 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
  • 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:

  1. Applicant Company; and
  2. Corporate shareholders holding more than 50% shareholdings at all levels up; and
  3. Subsidiaries where the Applicant Company holds more than 50% shareholdings and subsequent subsidiaries at all levels down; and
  4. Subsidiaries where the Applicant's Ultimate Parent Company holds more than 50% shareholdings and its subsidiaries at all level down. 

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)

 

Eligible CIMB SME customers in Tier 1 and 2 sectors can apply to defer up to 80% of principal loan repayments from 30 June 2021 to 30 September 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* that are already participating or  not currently in the ESS-S can choose to further defer 80% of principal** from 1 July 2021 to 30 September 2021.
Eligibility

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

  • No more than 30 days past due for all loan repayments; and
  • No overdue repayments on existing loans which have been granted principal moratoriums

*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

From 1 April 2021 to 30 September 2021:

Up to S$3 Million / Customer

Up to S$20 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:

 

  1.    Applicant Company; and
  2.    Corporate shareholders holding more than 50% shareholding at all levels up; and
  3.    Subsidiaries where the Applicant Company holds more than 50% shareholding and any subsequent subsidiaries all levels down; and
  4.    Subsidiaries where the Applicant's Ultimate Parent Company holds more than 50% shareholdings and their subsidiaries at all levels down.

 

CIMB BizAssist-i (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$300,000 / Customer

Up to S$5 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
  • 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:

 

  1.    Applicant company; and
  2.    Corporate shareholders holding more than 50% shareholding at all levels up; and
  3.    Subsidiaries where the Applicant Company holds more than 50% shareholding and any subsequent subsidiaries all levels down; and
  4.    Subsidiaries where the Applicant's Ultimate Parent Company holds more than 50% shareholdings and their subsidiaries at all levels down.
 

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

Eligible CIMB SME customers in Tier 1 and 2 sectors can apply to defer up to 80% of principal financing payments from 30 June 2021 to 30 September 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* that are already participating or  not currently in the ESS-S can choose to further defer 80% of principal** from 1 July 2021 to 30 September 2021.
Eligibility

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

  • No more than 30 days past due for all loan repayments; and
  • No overdue repayments on existing loans which have been granted principal moratoriums

*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.

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.