Extended Credit Support Scheme

With the economic impact of Covid-19 expected to last longer, we recognize it can be challenging and worrying for you. Together with the industry, we are extending our support to SIF SME customers via the Extended Credit Support Scheme (ESS).

For SMEs

ESS – Standardised (ESS-S)

  • From 24 June 2021 onwards, SMEs in Tier1 and Tier 2 Sectors* may apply# to SIF to defer 80% of the principal repayment of SIF SME’s secured loans and loans under Enterprise Singapore^ till 30 September 2021.
    Note that you are required to continue to pay the monthly instalments of the remaining 20% principal and full interest on the loan. Late fees and charges apply.
  • SMEs who find that the ESS-S is not suitable for their cashflow needs should first engage their respective bank or finance company to explore bilateral restructuring solutions.

*Tier 1 and 2 Sectors refer to the following industries:
Aviation and aerospace, tourism, hospitality, conventions and exhibitions, built environment, licensed food shops and food stalls (including hawker stalls), qualifying retail outlets, arts and entertainment, land transport, and marine and offshore.

#Eligible for borrowers who do not have any overdue payments on loan(s) under moratorium, and are not more than 30 days past due on all other loan repayments as at implementation date of the relief for the borrower.

^Loans granted under Enterprise Singapore’s Enhanced Working Capital Loan Scheme and Temporary Bridging Loan Programme.

ESS – Customised (ESS-C)

  • For SME borrowers with credit facilities with more than one lender and need their lenders to work together, may apply for the ESS-C, which facilitates multi-lender restructuring and is available for any multi-banked SME for whom Credit Counselling Singapore’s scheme for Sole Proprietors and Partnerships Scheme (SPP Scheme) and the Ministry of Law’s Simplified Insolvency Programme for qualified micro and small companies are not suitable.
  • The application period is extended until 31 December 2021. Interested SMEs may approach any one of their lenders* to assess whether they can benefit from ESS-C.
  • Subject to SIF’s assessment.

*Refer to the Association of Banks in Singapore’s website for the current list of participating banks and finance companies.

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