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Singapore's SMEs will have greater access to financing starting 1 June 2016 through the SME Working Capital Loan.
Administered by SPRING Singapore, the programme aims to address SMEs' cash flow concerns and growth financing needs through unsecured working capital loans. SME Working Capital Loans will be offered by 12 participating financial institutions (PFIs). SPRING Singapore will co-share 50% of loan default risks with PFIs and SMEs can apply for unsecured term loans of up to S$300,000 each. The scheme is expected to catalyse more than S$2 billion of loans for SMEs over the three-year period.
The SME Working Capital Loan was introduced during Budget 2016 as one of the measures to address near-term...