Uob Bridging Loan

UOB bridging loan is a type of business loan offered by UOB in affiliation with Enterprise Singapore, the corporate affairs arm of the Singapore Government.

Before we get into further details about the loan, let us first understand the purpose behind the bridging loan.

A bridging loan is a business loan offered for a short period of time and is meant to be used till the business in question acquires permanent financing or solves an existing obligation or debt situation. In short, the bridging loan is meant for use cases in which businesses are in urgent and immediate need of funds for whatsoever the reason may be. The quick inflow of funds is meant to help the business sustain during a lean phase, or provide cash flow to meet immediate expenses such as staff salaries, debt settlements, vendor payments, etc.

In Singapore, the added advantage is that the bridging loans are backed by the Singapore Government by means of risk-sharing. By accepting a risk-share of 50 to 80 percent, Enterprise Singapore ensures that banks and lenders have peace of mind in broadening their loan criteria and provide business loans to more businesses and enterprises in need of cash flow.

The Temporary Bridging Loan programme has also been expanded to include all types of businesses without any exclusions. If you go with UOB for the temporary bridging loan, then you can expect low interest rates. The repayment period is an extensive 5 years if and as required.

To be eligible to apply for the UOB bridging loan, the following criteria needs to be met:

• Business is registered as a Sole Proprietor, Partnership, or Private Limited Company.
• The business is operational for a minimum of 3 years
• The business is registered and operating in Singapore
• The business has a local shareholding of at least 30%

The friendliest interest rates are available for your picking. Get in touch with Finnacle today to apply for your UOB Bridging Loan.