BRIDGING LOAN FOR MARINE & OFFSHORE ENGINEERING COMPANIES

Get the Best Marine and Offshore Engineering Loan

Maximum Loan Amount

Up to S$5 million per company;
Up to S$10 million per group

Repayment Period

Up to 7 years

Interest rate

6.75 – 8.75% per annum

A “group” refers to the Applicant Company, corporate shareholders that own more than 50% of total shareholding (all levels up), and subsidiaries where the Applicant Company holds more than 50% of the total shareholding (all levels down).

What is Bridging Loan for Marine and Offshore Engineering Companies?

The Bridging Loan for Marine & Offshore Engineering Companies by Enterprise Singapore (previously known as SPRING) serves to provide working capital for companies in the Marine and Offshore Engineering (M&OE) industry.

The financing scheme, which was developed in cooperation with industry experts, is aimed at stabilizing the M&OE sector as it endures the continued rout in oil prices amidst a major slowdown in the global economy.

The goal of the bridging loan is to assist companies in the sector with working capital for daily operations so as to ease cash flow problems. The government assisted financing scheme was made available from December 2016.

Eligibility

Your company must meet the following criteria:

  • Registered and operating in Singapore
  • At least 30% local shareholding

Other Company Types That Qualify

If the nature of your business is related to the Marine and Offshore Engineering industry, but you are unsure if your company is eligible, here is a list that will guide you.

Should your company fall into any of the following sub-categories of Marine and Offshore Engineering, you may qualify:

  • Shipyards
  • Contractors to shipyards
  • Offshore services providers
  • Exploration & Production (E&P) companies
  • Oil and gas (O&G) equipment and services companies
  • Suppliers to O&G equipment and services companies

Other Financing Options

Due to the potential scale of business operations in the Marine and Offshore Engineering sector, Enterprise Singapore launched the Internationalisation Finance Scheme (IFS) to help companies in the industry to gain greater access to additional funds, tide over the slowdown in the sector, and to gear for overseas expansions.

With the IFS, you may be able to access further financing of up to S$70 million in additional funds and credit facilities through the following:

  • Asset-based financing
  • Structured loans
  • Banker’s guarantee
  • Merger and Acquisition financing