OCBC Expands Sustainable Financing for SMEs

Singapore-based OCBC Bank reported a significant increase in sustainable financing for SMEs, providing over S$9 billion in sustainability-linked loans (SLLs) in 2024, a 40% increase from S$7 billion in 2023. In 2024, OCBC issued more than 110 SLLs, up from 24 in 2023 and just one in 2022. To assist SMEs in adopting sustainability practices, OCBC has partnered with Enterprise Singapore to launch the OCBC SME Start-ESG Programme which covers up to 70% of the costs for sustainability assessments over three years, with evaluations costing about S$1,000 after grants. Additionally, OCBC has introduced the SME Energy Efficiency Assessment tool for SMEs, enhancing their energy performance evaluations.