NEARLY $6.7 billion of government-backed loans, including those for internationalisation, were extended to over 12,000 local enterprises in 2009 to date. Of these, over 90 per cent were small and medium-sized enterprises (SMEs).

In addition, SPRING supported about 3,800 SMEs with $100 million worth of grants, while IE Singapore supported about 2,000 SMEs with $27.3 million of capability and market access grants.

Minister for Trade and Industry, Mr Lim Hng Kiang revealed these figures in response to a question from Mdm Ho Geok Choo, MP for West Coast GRC in parliament yesterday.

She asked the Minister what schemes and incentives were available for local SMEs; and how Singapore trade offices performed in helping SMEs expand overseas.

In reply, the Minister also highlighted a few financing schemes available to SMEs such as the Bridging Loan Programme, the Local Enterprise Financing Scheme, and the Micro Loan Programme, which provides working capital for micro-enterprises.

SPRING and IE Singapore also run a suite of capability programmes to help SMEs build up key competencies for long-term growth. For example, the Customer Centric Initiative and Business Leaders Initiative help individual companies develop better customer service and business management.

Helping companies venture overseas

The government also supports companies venturing overseas through schemes such as the Loan Insurance Scheme which provides secured loans for trade financing, and the Export Coverage Scheme which provides insurance against buyer defaults.

SMEs can also apply for loans under the Internationalisation Financing Scheme to fund overseas projects.

IE Singapore also assists individual SMEs in their internationalisation plans through its network of offices in 37 cities across 21 countries.

It organises frequent industry and market-specific awareness seminars, fairs and missions to help SME identify opportunities for exports, overseas investments and joint ventures.

IE Singapore's International Partners Programme also helps companies form consortiums to complement each other's product offerings and achieve economies of scale.