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01-06-2016, 11:50 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
So its seems that the PAP want to encourage SMEs by providing unsecured working capital loans. To be eligible, the SME must be registered and operating in SIngapore. But only 30% of the shareholders of these SMEs need to be singaporeans. WTF? That means if 3 people set up a or own a company, only one need to be a sinkie to qualify. So, we are just providing loans to foreigners. And what control is there for these SMEs to repatriate the loan money to their home countries to do other business there? What kind of fucked PAP logic is this? Why not stipulate that the company be MAJORITY OWNED by Singaporeans? Or even better, 100% owned. The govt., ie sinkie taxpayers are on the hook for 50% of the risk for these unsecured loans. Once they start defaulting, good luck to collecting on them, as they are in effect not collateralized. So, if a SME 70% owned by pinoys applies for and gets a $300,000 loan under this program, wires all of it to its subsidiary in manila owned by a brother in law, and stops making payments on the loan, who is on the hook? Sinkie partner run road? Pinoy owners will all be in manila by then, go and catch them there? PAP is really fucking retarded. Any bankers here will tell you this is a retarded way of doing business. Why doesn't Ravi step in and put an end to this shit? I can tell you that before even one dollar of loan money is made, most of the applications will be from SMEs that are not majority owned by Sinkies.
SPRING Singapore launches S$2b loan programme for SMEs
Starting from Wednesday (Jun 1), small and medium enterprises in Singapore will be able to apply for unsecured term loans of up to S$300,000 each.
SINGAPORE: Enterprise agency SPRING Singapore will provide additional unsecured working capital loans for small and medium enterprises (SMEs) starting from Wednesday (Jun 1), with a new S$2 billion SME Working Capital Loan programme.
In a press release, SPRING said the loans will be offered by 12 participating financial institutions, which will co-share 50 per cent of the loan default risks with SPRING. SMEs will be able to apply for unsecured term loans of up to S$300,000 each, and the scheme is expected to catalyse more than S$2 billion of loans for SMEs over a three-year period.
To be eligible for the loan programme, SMEs must be registered and operating in Singapore, have a minimum of 30 per cent local shareholding, and group annual sales turnover of not more than S$100 million or group employment size of not more than 200 employees, SPRING said.
The SME Working Capital Loan was first announced in this year's Budget speech by Finance Minister Heng Swee Keat, as one of the measures to address challenges in Singapore's economy.
According to the Singapore Business Federation National Business Survey conducted at the end of 2015, 56 per cent of SMEs expect more expensive bank loans to be the top financing issue this year.The survey also found that about three in five companies have plans to increase their investments for business expansions this year, in areas such as employee training and development.
The loan provides an additional financing channel to support viable SMEs with larger working capital needs, and which may have cash flow concerns or wish to continue growing their business in the slowing economy, SPRING said in the release.
SPRING Singapore assistant chief executive Chew Mok Lee said the objective of the programme was to help viable SMEs continue meeting their cash flow needs and "stay the course in their upgrading journey".
“We will continue to monitor SMEs’ financing needs vis-à-vis economic conditions, and adjust our schemes to address situational changes," she added.
SMEs interested in the loan programme can visit SPRING's website for more information.
Click here to view the whole thread at www.sammyboy.com (http://singsupplies.com/showthread.php?230540-Traitor-PAP-set-aside-2-billion-in-loans-for-foreign-SMEs-doing-business-in-S-pore&goto=newpost).
So its seems that the PAP want to encourage SMEs by providing unsecured working capital loans. To be eligible, the SME must be registered and operating in SIngapore. But only 30% of the shareholders of these SMEs need to be singaporeans. WTF? That means if 3 people set up a or own a company, only one need to be a sinkie to qualify. So, we are just providing loans to foreigners. And what control is there for these SMEs to repatriate the loan money to their home countries to do other business there? What kind of fucked PAP logic is this? Why not stipulate that the company be MAJORITY OWNED by Singaporeans? Or even better, 100% owned. The govt., ie sinkie taxpayers are on the hook for 50% of the risk for these unsecured loans. Once they start defaulting, good luck to collecting on them, as they are in effect not collateralized. So, if a SME 70% owned by pinoys applies for and gets a $300,000 loan under this program, wires all of it to its subsidiary in manila owned by a brother in law, and stops making payments on the loan, who is on the hook? Sinkie partner run road? Pinoy owners will all be in manila by then, go and catch them there? PAP is really fucking retarded. Any bankers here will tell you this is a retarded way of doing business. Why doesn't Ravi step in and put an end to this shit? I can tell you that before even one dollar of loan money is made, most of the applications will be from SMEs that are not majority owned by Sinkies.
SPRING Singapore launches S$2b loan programme for SMEs
Starting from Wednesday (Jun 1), small and medium enterprises in Singapore will be able to apply for unsecured term loans of up to S$300,000 each.
SINGAPORE: Enterprise agency SPRING Singapore will provide additional unsecured working capital loans for small and medium enterprises (SMEs) starting from Wednesday (Jun 1), with a new S$2 billion SME Working Capital Loan programme.
In a press release, SPRING said the loans will be offered by 12 participating financial institutions, which will co-share 50 per cent of the loan default risks with SPRING. SMEs will be able to apply for unsecured term loans of up to S$300,000 each, and the scheme is expected to catalyse more than S$2 billion of loans for SMEs over a three-year period.
To be eligible for the loan programme, SMEs must be registered and operating in Singapore, have a minimum of 30 per cent local shareholding, and group annual sales turnover of not more than S$100 million or group employment size of not more than 200 employees, SPRING said.
The SME Working Capital Loan was first announced in this year's Budget speech by Finance Minister Heng Swee Keat, as one of the measures to address challenges in Singapore's economy.
According to the Singapore Business Federation National Business Survey conducted at the end of 2015, 56 per cent of SMEs expect more expensive bank loans to be the top financing issue this year.The survey also found that about three in five companies have plans to increase their investments for business expansions this year, in areas such as employee training and development.
The loan provides an additional financing channel to support viable SMEs with larger working capital needs, and which may have cash flow concerns or wish to continue growing their business in the slowing economy, SPRING said in the release.
SPRING Singapore assistant chief executive Chew Mok Lee said the objective of the programme was to help viable SMEs continue meeting their cash flow needs and "stay the course in their upgrading journey".
“We will continue to monitor SMEs’ financing needs vis-à-vis economic conditions, and adjust our schemes to address situational changes," she added.
SMEs interested in the loan programme can visit SPRING's website for more information.
Click here to view the whole thread at www.sammyboy.com (http://singsupplies.com/showthread.php?230540-Traitor-PAP-set-aside-2-billion-in-loans-for-foreign-SMEs-doing-business-in-S-pore&goto=newpost).