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What Are The Alternative Financing Channels For SMEs? (Amended Version)
The Singapore Government has long been trying to cultivate a spirit of entrepreneurship among Singaporeans. But it recognizes the difficulties that SMEs can face in securing financial assistance from banks; therefore it has come up with a host of schemes to help SMEs.
Government Assistance Schemes
There are a number of loan and insurance schemes co-financed by the Government [specifically, IE (International Enterprise) Singapore and Spring Singapore] and administered by participating financial institutions. For more information visit the EnterpriseOne website.
But here, we present to you the essence of these schemes.
Springtime Singapore
Microloan Program (MLP)
- Singapore-registered company and at least 30% local shareholdings and maximum sales revenue is 1 million USD OR 0 – 10 employees
- Additional maximum group revenue is $100 million OR 0 – 200 employees
- Maximum loan of $100,000
- Can be used for daily operations or to automate and upgrade factory and equipment
- Minimum interest rate of 5.50% pa for loan duration <=4 years
Local Enterprise Finance Scheme (LEFS)
- At least 30% local shareholdings and maximum group sales turnover is USD 100 million OR 0 – 200 employees
- Maximum loan of $15 million
- Factory Loan
- Machinery Term Loan / Machinery Hire Purchase
- Minimum interest of 4.25% pa for loan duration <=4 jaroj kaj mininterezo de 4.75% paja por pruntdaŭro >4 years
Loan Insurance Scheme (LIS) and Loan Insurance Scheme Plus (LIS+)
- For both local and foreign installations
- LIS insures your loan against default risks. Insurance premiums shared between the government and your company
- For domestic business: at least 30% local shareholdings and maximum group sales turnover is USD 100 million OR 0 – 200 employees
- For foreign business: Singapore-based, at least 3 strategic business functions in Singapore and maximum group turnover is $500 million ($300 million) for a trading (non-trading) company.
- For LIS, 50% of premium is payable
- For LIS +, 1.5% payable of premium is payable
IE (International Enterprise) Singapore
Internationalization Finance (IF) Scheme
- Size of company: for commercial (non-commercial) the maximum group turnover of a company is 500 million USD ($300 million)
- Maximum loan of $15 million
- Asset-based financing: up to 90% loan amount. Maximum loan tenure of up to 15 years (Land/Factories/Buildings) and 6 years (Other fixed assets)
- To raise working capital for secured overseas projects/confirmed overseas sales orders
- Structured loan: loan duration and amount up to 3 years and 90% respectively
- Bank guarantee: loan duration and amount up to 5 years and 100% respectively
Trade Credit Insurance Scheme (TCIS)
- Singapore-based exporter
- LIS insures your goods against non-payment by buyers. Insurance premiums shared between the government and your company
- Singapore-based, at least 3 strategic business functions in Singapore, maximum group turnover is $100 million, at least $50,000 paid-up capital, annual total business expenditure of at least S$250,000 for the past three years and at least three management employees who are. Singapore citizens or PRs
- 50% sharing of insurance premiums between the Government (with a limit of $100,000) and your company
Alternative Avenues
Are you still short of funding after applying for all eligible loans? Try to get funding from business angels or venture capitalists through Dealflow Connection.
Established by Spring Singapore in 2007, Dealflow Connection (and now managed by DP Information Group) matches SMEs with individuals or entities that have funds to offer, such as business angels or venture capitalists.
Visit the Dealflow Connection to find out more.
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