Two Singapore government agencies have joined forces to back SGD 380 million in loans made by banks to the marine and offshore engineering (MO&E) industry. Standards, Productivity and Innovation Board [Spring] Singapore has approved the loan applications. IE Enterprise gave backing under its Internationalisation Finance Scheme (IFS), while Spring Singapore did so under its own bridging loan (BL) scheme. In both cases, the agencies will share the default risk on the loans with the lender. Over 70 applications have been approved for loans under the two schemes since November 2016 and over 100 companies are interested in further loans. Under Spring Singapore’s BL scheme, an M&OE group can borrow up to SGD 15 million to meet its working capital needs, while a company can access up to SGD 70 million in credit under IE Singapore’s IFS.
