Working Capital Loan is a loan used by companies to cover day-to-day operational expenses.
To support viable SMEs that may have cash flow concerns or wish to continue growing their business, the Government will introduce a new SME Working Capital Loan scheme, for loans of up to $300,000 per SME. Under this scheme, the Government will co-share 50% of the default risk of these loans with participating financial institutions, to encourage lending to SMEs. This will help SME pay a lower amount of interest.
The SME Working Capital Loan will be available for three years, starting from 2016.
Suitable for companies that are at least 2 years old, enjoy cashflow certainty with a government-assisted working capital loan of up to S$300,000*.
To help SMEs access working capital loans, SPRING Singapore shares the risk of loan defaults with Participating Financial Institutions in the event of company insolvency.
– Bank Statement
– Financial statements
– Personal income tax assessment of owners and directors