Singapore's best bank for SMEs 2017: OCBC
True to its roots in seeding small businesses for Singapore’s diaspora communities, OCBC continues to go after emerging businesses on the island. Its Business Growth Account and Business Entrepreneur Account are its flagship products for start-ups and growing SMEs.
For start-ups, OCBC’s Business First Loan allows new companies to access funding and build a credit profile as soon as six months after incorporation. OCBC says this ‘unusual’ product is ‘riskier’ but the one-day-approval Business First Loan has been well received, capturing the biggest share of Singapore’s micro loan market.
In line with Singaporean government initiatives to support small businesses, OCBC has launched the Working Capital Loan, a collateral-free loan of up to S$300,000, targeted at businesses with two years of operation. The banks says that within just four months of the launch, it had received over 2000 applications to disburse over S$150 million in loans.