A collaboration between POSB (of DBS), Social Enterprise Hub Ltd (SE Hub Ltd) and Tote Board: the MicroCredit Business Scheme (“MCBS”) was designed to provide business loan to low income individuals. Aligned with the organisations’ common aspiration to improve lives within the community, the scheme is expected to help Singaporeans become more self-reliant by starting up or expanding their micro-businesses.
As a result, a different set of criteria is applied: Singaporeans who were previously unable to obtain a loan through other mainstream channels can now get an unsecured loan of $3,000 to $50,000 through the MCBS. The applicant has to be a Singapore citizen, at least 18 years old and earn less than $30,000 per annum to be eligible for the loan.
Interested applicants can obtain the Application Form from any POSB branch and the MCBS Programme Office at Singapore Polytechnic or download it from the MCBS website at http://www.mcbs.com.sg.