Singapore offshore vessel owner Pacific Radiance has been granted S$85m ($61.5m) worth of loans under two Singapore government-backed financing schemes.
The company has taken loans under two programs, the Internationalisation Finance Scheme by International Enterprise Singapore and the Bridging Loan scheme by Spring Singapore, to help support its working capital needs over the medium term.
Pang Yoke Min, executive chairman of Pacific Radiance, said: “We are pleased to be eligible for the two schemes, which have allowed the Group to secure maximum loans of S$85 million. The loan approvals from both the participating banks, DBS and UOB, and government agencies reflect their strong support to help the Group overcome the downturn.”
The Internationalisation Finance Scheme and Bridging Loan scheme were set up to help local offshore and marine companies gain access to working capital and financing in order to weather the industry downturn.