CIMB Singapore announces new measures for coronavirus-hit firms

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.