15 Nov '11, 2pm

New loan scheme for low-income S'poreans starting small businesses

New loan scheme for low-income S'poreans starting small businesses

Low-income Singaporeans have long struggled to obtain loans to start - or even expand - small businesses such as hawker stalls or tailor shops. -- PHOTO: THE NEW PAPER By Jonathan Kwok Low-income Singaporeans have long struggled to obtain loans to start - or even expand - small businesses such as hawker stalls or tailor shops. Now, a new scheme is offering competitive loans of $5,000 to $50,000 in what is believed to be the widest-ranging loan scheme ever directed at this group who rarely have any collateral to offer. Under the scheme, Singaporeans aged at least 18 and earning less than $30,000 a year - even the unemployed - can apply for these loans without collateral. Interest rates will be 8 per cent and above, well below the 12 to 18 per cent charged for unsecured loans by banks, and the rates on credit card debt which can go up to 24 per cent. Please enable JavaScript...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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