A Pioneering Partnership
In a pioneering partnership, TTFB and the Home Finance Company Pte Ltd (trading as HFC Bank), signed a Memorandum of Understanding (MOU), that sees the establishment of a Loan Guarantee Scheme (LGS), that hopes to enhance entrepreneurial drive of existing or potential local resource owners’ businesses post COVID 19. The MOU between HFC and TTFB, is founded on a revolutionary pilot project, as it aims to financially assist Small Medium Enterprises (SMEs).
Under the new TTFB LGS, HFC will fund loans to SMEs, based on a set criterion including, SMEs to be 100% locally owned and be operating successfully for at least 12 months.
SMEs identified and selected were evaluated initially through the TTFB Entrepreneurship Framework and then will have to successfully undergo a thorough approval process by the TTFB Board.
TTFB advertised an Expression of Interest (EOI), as an initial first step to spearhead this business framework. Businesses identified for this pilot responded to the EOI and following a rigorous evaluation process were successfully selected.