Bridging Loan for Marine & Offshore Engineering companies (BL-MOE)
Published by Enterprise Singapore
on 29 Nov 2019
Singapore-based Marine & Offshore Engineering (M&OE) companies can get support to tide over the slowdown in the industry by accessing up to S$10 million in bridging loans. This will help you finance operations and bridge short-term cash flow gaps.
Enterprise Singapore shares the risk of loan defaults with Participating Financial Institutions in the event of company insolvency. This loan, available from December 2016, is one of two measures to provide one-off financial support for companies in the industry.
- Scope: Working capital (e.g. daily operations)
- Loan Quantum: Up to S$5 million per company; up to S$10 million per group*
- Repayment Period: Up to 7 years
- Interest Rate: Subject to Participating Financial Institutions’ assessments of risks involved
*A “borrower group” consists of the Applicant Company, the Applicant Company’s corporate shareholders who own >50% of total shareholding (all levels up) and the Applicant Company’s subsidiaries where the Applicant Company holds >50% of the total shareholding of the subsidiaries (all levels down).
Companies in the M&OE industry can access up to S$70 million in credit facilities under the enhanced Internationalisation Finance Scheme (IFS), for overseas expansion. For more information, click here.
Local enterprises registered and operating in Singapore with at least 30% local shareholding in the M&OE industry are eligible.
Sub-categories of Marine & Offshore Engineering include:
- 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
For More Info
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