Government Assisted Financing Scheme
Enterprise Singapore SME Loans
Enterprise Singapore and SPRING came together to form a single entity called Enterprise Singapore.
Enterprise Singapore functions as the arm of the government that champions business and enterprise development in Singapore.
Enterprise Singapore works with companies to build on operational capabilities, fresh innovations and also facilitates networks into overseas markets.
Its objective is to see the growth of Singapore as a globalized hub for international trading and innovative startups.
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In 2016, SPRING launched a suite of SME loan financing schemes fronted by the SME Working Capital Loan program. Through these programs, SPRING expects to create upwards of $2 billion in business financing over 3 years.
Under the scheme, Singapore-registered companies may apply for unsecured term loans with the participating banks and financial institutions. SPRING Singapore acts as part-guarantor to the loans, making the business loans more accessible and ensuring that the loan rates are affordable for SMEs.
Due to the relatively small size of operations, SMEs often face difficulty in obtaining loans. Even if they able to, the approved amounts are often insufficient. SPRING aims to mitigate the problem by co-sharing a significant portion of the default-risk. In this way, the credit risk is floored for the participating lender, allowing them to issue the loan and at an attractive rate.
Since the merger, Enterprise Singapore hopes that the various SME loan schemes will relieve short-term financing pressure, allowing businesses to grow and take advantage of new opportunities. The loan programs are especially important in light of the recent economic slump. Easier access to business financing would provide much-needed support for SMEs.
Follow the links below for more details on various Enterprise Singapore SME Loans: