16 Nov '11, 1pm

New business loan scheme for low-income Singaporeans #singapore @SGnews

New business loan scheme for low-income Singaporeans November 16, 2011 by Terence LEE A new pilot business loan scheme for low-income individuals, started by POSBank in partnership with the Tote Board and SE Hub, will commence on 18th November, reported Channel NewsAsia . The MicroCredit Business Scheme (MCBS) will provide unsecured loans of S$5,000 (US$3,900) to S$50,000 to help Singaporeans expand their small businesses. Unsecured loans only rely on the borrower’s promise to return the money and hence does not require a collateral. Interest rates, however, are generally than traditional loans. Also, unsecured loans are usually offered to individuals with reasonable annual income, making this scheme different. Applicants to this scheme must be Singaporean, at least 18 years old, and earning less than S$30,000 per year. They must also submit a business plan and attend a co...

Full article: http://sgentrepreneurs.com/news-stop/2011/11/16/new-busin...

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