Up to S$5 million per company; up to $15 million per group
6 Year Repayment Period
Interest rates from 6.75% - 8.25% per annum
The SPRING Bridging Loan for Marine & Offshore Engineering companies serves to provide financing for companies in the Marine and Offshore Engineering (M&OE) industry. The financing scheme, which was developed in cooperation with industry experts, are 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 the assist companies in the sector with working capital for daily operations and to ease cash-flow problems. The Bridging Loan scheme will only be available from December 2016 until the end of 2017.
Local companies registered and operating in Singapore with at least 30% local shareholding in the M&OE sector are eligible to apply.
Further Assistance from IE Singapore
Companies in the Marine and Offshore sector can now obtain up to S$70 million in credit facilities under the enhanced Internationalisation Finance Scheme (IFS). Under the IFS, which provides project/asset financing support, companies in the M&OE sector may access up to S$70 million per borrower group in loan quantum for their overseas expansion.
Sub-categories of Marine & Offshore Engineering include:
- Shipyards and 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