Spring Singapore has launched a financing scheme that allows participating institutions to tailor the interest rates on loans to a borrower's risk-profile, Trade and Industry Minister Lim Hng Kiang said yesterday. Flexibility for lender will allow more small- and medium-sized enterprises (SMEs) access to financing
Speaking at the Singapore 1000/SME 500 awards, Mr Lim said the variable interest loan scheme (V-Loan) was launched on 1 January and complements the existing Local Enterprise Finance Scheme (LEFS). 'If the lender is not prepared to make a loan to an SME at the prevailing LEFS interest rate, it can consider doing so at a slightly higher rate under V-Loan,' he said. 'This flexibility will facilitate access to financing for a larger segment of SMEs.'
And he said businesses can apply for subsidised training packages that will guide them on how to make online transactions with the government to help improve their efficiency.
