The loan offers funding of up to $200,000.
OCBC Bank launches the OCBC Business Revolving Short Term Loan, a loan scheme uniquely tailored to cater to small and emerging businesses that have been in operation for at least two years and need cash flow financing from time to time.
With the loan offers reaching up to $200,000, SMEs seeking buffer funds can now enjoy the flexible and cost-efficient source of cash that they can fall back on. From this line of credit, business owners can draw down, repay and redraw easily, with repayment becoming flexible because of the no early repayment fee.
As a result of these distinctive features, in the 10 weeks since the loan’s full soft launch in November 2017, more than $6 million in loans have been approved.
With this, SMEs may be looking to ramp up their businesses. The loan’s extra cash injection will allow them to hire more manpower, buy more supplies or even expand overseas.
OCBC’s head of emerging business, global commercial banking Christie Chu said, “Having enough and even extra cash on hand is critical as many of these businesses go through an up-and-down cash cycle dictated by external factors such as seasonal trends and economic conditions. There might therefore be an urgent need for cash at any point in time which the OCBC Business Revolving Short Term Loan could meet so businesses can seize a great opportunity or simply ensure that there is sufficient working capital to keep operations going.”
Do you know more about this story? Contact us anonymously through this link.