The current Covid times are forcing many companies to face the financial crunch and shortage of funds. To overcome these unstable situations and keep the businesses going, they can make use of the Temporary Bridging Loans.
What is Temporary Bridging Loan (TBL)?
As the name suggests Temporary Bridging Loans are the loans that help to bridge the gap between your financial requirements. This is a type of business loan which can be used to arrange the working capital for companies, while they are waiting for other financing to come in. A bridging loan is usually a short term financing option to help during urgent needs.
Funds from a bridging loan can be used for immediate and regular expenses such as paying the vendors or suppliers, or it can be used towards operational costs.
Temporary Bridging Loan Programme (TBLP) by Enterprise Singapore
TBLP is a government assisted financing scheme that was introduced by Enterprise Singapore in Apr 2020 in response to the COVID-19 outbreak and the economic slowdown which caused a lot of business loss to many companies. This helped SMEs to manage their immediate cash flow needs.
According to The Business Times report (Fri, Feb 05, 2021), In the year 2020 itself, "Enterprise Singapore worked with financial institutions to approve about 32,000 loans worth S$18 billion for 21,000 enterprises, amid the Covid-19 pandemic. "
Quick Facts about TBLP :
How can TBL help your Business
It can help to solve the immediate Cash Flow urgent needs during the difficult period:
How to Apply for TBL with Bluecell
Bluecell is an Online platform for providing loans to SMEs. We can help your company secure TBL financing fast due to our familiarity with the process. We have multiple lending partners who can be reached with just one application hence reducing the processing time substantially. The temporary bridging loans are easy to apply via online applications and often come with fast approvals.
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