Serious Traitor PAP set aside $2 billion in loans for foreign SMEs doing business in S'pore

[Papsmearer]

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.

 

[virus]

Re: Traitor PAP set aside $2 billion in loans for foreign SMEs doing business in S'po

Throwing good money after bad.

 

[frenchbriefs]

Re: Traitor PAP set aside $2 billion in loans for foreign SMEs doing business in S'po

Not exactly sure what this is going to achieve.the scope is so wide.12 participating financial institutions will share 50% of the default risk,why will they do that unless this benefits foreigners somehow.if a company has annual sales of 100 mil why do they need 300k loan unless they are obviously in trouble,if u watch shark tank 300k investments are for ikan billis size companies with sales of a few hundred k or a few million.I hope we are getting good deals or a percentage of the company.no point asking us to bear all that risk with no gain.u want 300k loan give us ten perceny of ur company.

 

[borom]

Re: Traitor PAP set aside $2 billion in loans for foreign SMEs doing business in S'po

Have a minimum of 30 per cent local shareholding-does local refers to PR also?
If so, than it may very well be 100% foreign citizen owned.
Employment size of not more than 200 employees does not mention any local employees-so may vey well be 100% foreign workers!

We the foreigners thank the 70%.

 

[JohnTan]

Re: Traitor PAP set aside $2 billion in loans for foreign SMEs doing business in S'po

Not exactly sure what this is going to achieve.the scope is so wide.12 participating financial institutions will share 50% of the default risk,why will they do that unless this benefits foreigners somehow.if a company has annual sales of 100 mil why do they need 300k loan unless they are obviously in trouble,if u watch shark tank 300k investments are for ikan billis size companies with sales of a few hundred k or a few million.I hope we are getting good deals or a percentage of the company.no point asking us to bear all that risk with no gain.u want 300k loan give us ten perceny of ur company.

The risk will be borne 100% local. The local be the guarantor. So in the even the foreigner skips town when the business flops, the local will be made bankrupt and the capital recovered. Taxpayers monies will be safe.

 

[eatshitndie]

Re: Traitor PAP set aside $2 billion in loans for foreign SMEs doing business in S'po

it's very necessary and a desperate move as they actively court sillycon valleyers to set up shop in sg.

 

[Runifyouhaveto]

Re: Traitor PAP set aside $2 billion in loans for foreign SMEs doing business in S'po

I refer to this news:

Bank Lending dips - Business loans dropped 1.6%.
http://sbr.com.sg/financial-service...lending-drops-09-in-march-business-loans-slip

When such loans are open to applications from SME of up to 70% foreign ownership,
ah RUN interprets that it is also intended to business loan growth in Singapore for our banks.

 

[Papsmearer]

Re: Traitor PAP set aside $2 billion in loans for foreign SMEs doing business in S'po

The risk will be borne 100% local. The local be the guarantor. So in the even the foreigner skips town when the business flops, the local will be made bankrupt and the capital recovered. Taxpayers monies will be safe.

The local has no money, moron. If he has money, he would not need to take on foreigners in his comp any, and he would be retaining more then 30% ownership. If he has no money, you can bankrupt him all you want when the loan defaults and you will be lucky to recover ten cents on the dollar. The rest has to be written off as a loss. Therefore, taxpayer money is not safe, idiot.

 

[frenchbriefs]

Re: Traitor PAP set aside $2 billion in loans for foreign SMEs doing business in S'po

The risk will be borne 100% local. The local be the guarantor. So in the even the foreigner skips town when the business flops, the local will be made bankrupt and the capital recovered. Taxpayers monies will be safe.

good idea,the 30 percent sinkie investors will be made the guarantor,it would just be like putting their hdb or cpf up as collateral,after all their hdb flats and cpfs belong to the government anyway.....now i see it now,without a sinkie sucker in every business venture,there can be no innovation or entrepreneurship.daft sinkies are the lifeblood of a thriving economy.