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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Government Education Search Search: Govt gives S$2.3b in loans through enhanced business financing schemes Channel NewsAsia - Saturday, November 22 SINGAPORE: The government is giving an additional S$2.3 billion in loans to help local companies gain access to credit during the current economic slowdown. Some 124,000 local firms are expected to benefit from various enhanced schemes when they take effect on December 1. Benny Phua is in a business that makes machines for the textile industry. He has many international clients. He believes one of the enhancements, the Loan Insurance Scheme (LIS) will be handy for his company if the economy gets worse. All companies can now apply for the scheme. Previously, only smaller companies could qualify only if their group turnover was below a certain amount, which varied between listed and non—listed companies. Benny Phua, managing director of United Texmac and president of Textile &Fashion Federation, said: “It’ll being confidence to the market, especially for us in the textile industry. The LIS will help us to better support our cash flow. Right now, the company has not experienced any bad debts yet. But it’s expecting its revenue to drop by about 10 per cent next year. The company added that the latest government financing schemes are timely lifelines which will help small and medium—sized enterprises like them tread along during this difficult period. Among other measures announced is a new Bridging Loan Programme that gives companies credit of up to S$500,000 for working capital. Small and medium—sized companies will continue to get loans under the Local Enterprise Financing scheme and the government will increase its loan default risk sharing from 50 to 80 per cent. This is to ensure the financial institutions continue to lend to the small businesses. Small businesses with fewer than 10 employees can now borrow up to S$100,000, double the amount before. For start—ups, the government is raising the investment cap from the current S$300,000 to S$1 million under the Start—up Enterprise Development Scheme. It will also temporarily increase the co—match ratio from the existing 1:1 ratio to 2:1 instead. This means that start—ups will receive S$2 from the government for every one dollar an investor puts into the new firm. And for companies expanding overseas, the government will widen the Internationalisation Finance Scheme. Under the scheme, companies can, for example, now get financing to fund the expenses of secured projects overseas. A listed trading company can now get S$200 million financing. But that will be raised to S$300 million to increase the number of companies that qualify for the scheme. Senior Minister of State for Trade and Industry, S Iswaran said: "Our experience with the schemes has been quite good. The loan default rates have been quite low and in fact the actual loan loss that’s been taken is in fact less than one per cent. "So I think we’re fairly confident that going forward in a tougher economic environment, you might expect the default rates to rise but again our reference point is in the last downturn and what we’ve seen in that gives us a lot of confidence that this will be done in a very disciplined way." Some firms though were hoping for more measures to generate immediate cash flow. But the government said it’s best to take a measured approach now. — CNA/vm Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Singapore Employers and workers welcome the SPUR schemeChannel NewsAsia - 1 hour 59 minutes ago Singapore's Temasek cuts pay to combat slowdownReuters - 2 hours 6 minutes ago SAF FC wins RHB S’pore Cup against Woodlands Wellington in extra timeChannel NewsAsia - 2 hours 8 minutes ago Old Woodlands Checkpoint to get S$2.5m makeover aimed at easing congestionChannel NewsAsia - 2 hours 16 minutes ago SCCCI welcomes govt’s enhanced measures to help SMEs and workersChannel NewsAsia - Saturday, November 22 Enlarge Photo Govt gives S$2.3b in loans through enhanced business financing schemes Most Popular – Singapore Viewed Wall Street plunges again as panic spreads Is superfood omega-3 keeping its promise? Oil prices slump under $50 per barrel World stocks dive as panic spreads Obama girls visit their future White House home View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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