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DBS bank was established in the year 1968. Today, it is one of the largest banks in Singapore offering financial solutions to the people of the island. In the year 1998, DBS bank merged with POSB bank with a sum of SGD 1.6 billion and acquired complete control of POSB (Post Office Savings Bank). Through this acquisition, DBS gained over 4 million customers and also gained a dominant share in the market. Before the acquisition, POSB upheld the tradition of providing banking products and financial services to the people of Singapore at low costs. Today, POSB bank carries out its functions under the DBS banner. However, DBS has promised to uphold the POSB tradition and to serve its customers in the same manner it did before the merger. DBS bank is spread across 18 markets in Asia alone with a network of more than 280 branches. Even though the headquarters of the bank is located in Singapore, the operations of the bank is spread across South East Asia, China and South Asia. The bank offers a wide range of products and services that include Deposits, savings accounts, Expatriate programs, credit and debit cards, investments, loans, insurance and many more.
There are many reasons why applying for the DBS Local Enterprise Finance Scheme can prove highly beneficial and a viable option. The most significant reason to choose this finance scheme is that it will help in improving your productivity and your working capital and at the same time help you in diversifying into new product lines by accessing funds that will upgrade and automate your factory and equipment. This scheme will help you gain much better access to funds for the purchases of your fixed assets.
If you wish to apply for the DBS Local Enterprise Finance Scheme, you can contact DBS bank via telephone. The contact number can be found on the official DBS bank Singapore website. Upon contacting the bank, DBS will assign a relationship manager to speak to you and assist you with any further queries and walk you through the application process.
The DBS Local Enterprise Finance Scheme can help cover the cost of upgrading your equipment or your factory. You can even buy a commercial property through the Housing Development Board or JTC Corporation by applying for the Local Enterprise Finance Scheme. Note that this finance scheme is administered by SPRING Singapore and is only available to SMEs that are locally owned.
The DBS Local Enterprise Finance Scheme will help you gain much better access to funds for the purchases of your fixed assets. Using this finance scheme you can improve your productivity and your working capital and at the same time this scheme can help you in diversifying into new product lines by accessing funds that will upgrade and automate your factory and equipment.
You can borrow a maximum amount of SGD 15 million using the DBS Local Enterprise Finance Scheme.
DBS offers comprehensive fixed interest rate packages for the DBS Local Enterprise Finance Scheme that suit the financial needs and requirements of every customer. If you choose a loan tenure of up to 4 years for this finance scheme, you will be charged an interest rate of 4.25% per annum. If you choose a loan tenure between 5 years and up to 7 years you will be charged an interest rate of 4.75% per annum.
The business or the company wishing to apply for the DBS Local Enterprise Finance Scheme must be incorporated in Singapore and have a minimum of 30% local shareholding. This includes Singapore Citizens (SCs) and Singapore Permanent Residents (PRs). Additionally, the workforce of the business or the company must not exceed 200 OR the group annual sales must not be more than SGD 100 million.