SPRING Singapore launches S$2 billion loan programme
Here’s a piece of good news for the Singapore Small and Medium Enterprises(SMEs). From today, SMEs will be able to apply for unsecured working capital loans in the form of term loans of up to S$300,000 each with a repayment period of up to 5 years from the 12 participating financial institutions which will be co-sharing 50 per cent of the loan default risks with SPRING Singapore. The scheme is expected to catalyse more than S$2 billion of loans over a 3-year period.
To be eligible for the loan programme,
- Company must be registered and operating in Singapore
- At least 30% local shareholding
- Group annual sales of ≤ S$100m or group employment size ≤ 200^(i.e. All levels up for corporate shareholders holding > 50% of total shareholding of the applicant company and any subsequent corporate parents, and subsidiaries all levels down)
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