Sole Proprietorships and Partnerships (SPP) Scheme
Credit Counselling Singapore (CCS) has launched the Sole Proprietors and Partnerships (SPP) Scheme to help eligible businesses facing financial distress but are likely to recover given time.
With the support of The Association of Banks in Singapore (ABS), the Monetary Authority of Singapore (MAS), Enterprise Singapore (ESG) and the Participating Financial Institutions (PFIs) under the ESG loan schemes, the SPP Scheme targets sole proprietors and partnerships to help them restructure their business debts.
Under the SPP Scheme, individuals operating as Sole Proprietors or Partnerships may seek the assistance of CCS in restructuring their unsecured business debts owed to the participating banks and financial institutions.
The Scheme allows for lower monthly instalment payment for unsecured business borrowings by extending the loan repayment period to up to a maximum of 8 years, with an interest rate capped at 7% p.a..
To be eligible for the SPP Scheme, the following criteria apply:
1. Businesses must be operating as sole proprietors or partnerships (excludes Limited Liability Partnerships and Sole Proprietorships/Partnerships that are owned by private limited companies).
2. The firm’s total unsecured debt does not exceed S$1 million.
3. The firm owes unsecured debts to two or more lenders.
4. The firm’s unsecured debts are owed to the participating lenders.
For further enquiries, you may email or contact our SPP Team at 6929 1928(from Mondays to Fridays 9 am – 6 pm, except public holidays).
You may also contact us using the message form below.