15 Nov '11, 4pm

Low-income earners to get help with business loans

SINGAPORE: POSB is partnering with the Tote Board and SE Hub on a pilot programme to provide business loans to low-income individuals. MicroCredit Business Scheme (MCBS) is expected to help Singaporeans start up and expand their small businesses through unsecured loans of S$5,000 to S$50,000, a news release said. To be eligible for the loans, applicants must be Singaporeans who are at least 18 years old and earning less than S$30,000 per year. Tote Board will provide a seed funding of S$5 million to kick off the programme. The collected loan repayments will be funnelled back into the scheme to fund new loans. A Loan Management Committee with representatives from POSB, Tote Board, SE Hub and other private or public sectors will oversee the MCBS. This committee will decide on the loan quantum, the loan disbursement and tenure, and evaluation of applicants. POSB managing dire...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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