Other Debt Restructuring Options
Extended Support Scheme – Customised
The Extended Support Scheme – Customised (ESS-C) is part of support measures to help Small and Medium-sized Enterprises (SMEs) facing cashflow difficulties transition gradually to full loan repayments.
SME borrowers who are not suitable for the Extended Support Scheme – Standardised (ESS-S), can consider the ESS-C to facilitate the restructuring of SME loans across multiple financial institutions.
For SMEs with borrowings from more than one lender, the ESS-C programme provides an opportunity to bring various lenders together to explore a suitable, holistic debt restructuring solution. This helps the SME to avoid seeking multiple restructuring solutions with individual lenders.
Liist of Financial Institutions participating in the ESS-C programme. Bank of China, CIMB Bank, Citibank, DBS Bank, HL Bank, Hong Leong Finance, HSBC Bank, Indian Overseas Bank, Industrial & Commercial Bank of China, Maybank, OCBC Bank, RHB Bank, Sing Investments & Finance, Singapura Finance, Standard Chartered Bank and United Overseas Bank.
SMEs with more than one lender may approach any of their lenders to assess if they would benefit from a multi-lender restructuring programme.
Eligibility Criteria. For SMEs with multiple creditors that do not qualify for other restructuring programmes, such as the Simplified Insolvency Programme SIP), and Sole Proprietors & Partnerships Scheme (SPP Scheme).
Application window. The application window has been extended from 30 June 2021 to 31 December 2021.