DBS announced on 13 February that it will introduce a range of liquidity relief measures and other initiatives to help businesses, retail customers and communities impacted by the COVID-19 situation.
Liquidity relief package for SMEs
In early February, DBS conducted a dipstick poll of about 100 SME clients to ascertain their top financial concerns and challenges at this time. The poll revealed that SMEs’ top concern during this period was ensuring consistent cashflow for ongoing operating costs. To address these concerns, DBS will provide liquidity relief packages to address their most urgent cashflow needs.
In particular, the bank will provide a six-month principal repayment moratorium for SME property loans. It will also offer an extension of import facilities of up to 60 days to act as immediate cashflow support for businesses coping with disruptions from the COVID-19 situation. These initiatives will be available upon application to customers with good repayment histories.
Support to Singapore society and healthcare community
The bank is also working with partners to provide Singaporeans with subsidized or complimentary services. These include supplementary lessons for primary and secondary school students, as well as encouraging use of bank debit and credit cards for street hail fares which will assist in contact tracing.
To show solidarity and support to healthcare workers and the broader frontline community, the bank will also work with community partners to provide them with tokens of appreciation, such as care packages and F&B treats.
Said DBS Singapore Country Head Shee Tse Koon: “In these difficult times, we feel it is incumbent upon us as Singapore’s largest bank to lend a helping hand to our clients and the public-at-large. We hope the liquidity measures will go some way in easing the financial pressure that some individuals and SMEs may face.
“Overall, we hope that these small gestures will go a long way in encouraging the community to press on,” he concluded.