OCBC Bank, Singapore’s second-biggest lender, has unveiled a first-of-its-kind collateral-free loan that provides startups as young as six months old with expedited access of up to S$100,000 ($79,800), the Business Times reported.
The loan plan comes even as venture capital appears to remain the preferred mode of funding among entrepreneurs in Singapore.
The OCBC Business First Loan lets startups borrow funds in as quickly as a day, and requires them to complete only a one-page form and submit their latest notice of assessment from the tax department and bank statement.
NOTE: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 1.2524 Singapore Dollars) (Compiled by Singapore Bureau; Editing by Prateek Chatterjee)