15 Nov '11, 11pm

Business loan scheme for low-income Singaporeans

Low-income Singaporeans have long struggled to obtain loans to start - or even expand - a small business such as a hawker stall or a tailor's shop. 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 per annum and above, well below the 12 per cent 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 to view the comments powered by Disqus. blog comments powered by Disqus

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

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