CIMB Singapore announces new measures for coronavirus-hit enterprises

Tourism-related firms are eligible for a $1m loan with a 5% interest rate.

CIMB Bank Singapore has announced two new schemes to support businesses affected by the ongoing COVID-19 health crisis, the bank announced in a press release.

Corporates and small and medium enterprises (SMEs) within the tourism sector that are directly affected by the outbreak are eligible for a $1m loan under the CIMB C-19 scheme. The loan carries a 5% interest rate and a five-year tenure.

The bank has also launched CIMB BizAssist for SMEs’ working capital needs. The maximum loan quota has been doubled to $600,000 from $300,000 previously.

“We also have set aside up to $1b to provide debt and cash flow relief to existing and new customers. The COVID-19 outbreak has affected our tourism and hospitality industry harshly. As a bank, we need to fulfill our social responsibility and rally with these businesses to bridge support,” said Victor Lee, CEO of CIMB Singapore.

Earlier, CIMB said that it will bump up its e-Supply Chain Financing program with a limit of up to $100m set aside for suppliers on the platform.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


ION Orchard marks 15 years as a premier retail destination
The mall is proactive in conducting surveys to identify trends and optimise its tenant mix.
ION Orchard leads charge in sustainable takeaway practices
 Shoppers will enjoy discounts when they opt for a reusable mug or food container from Muuse.