I'm so excited.
We are now very close to getting one of the MBS Skypark package that we have been very keen to tender for. We thought we didn't have the financial capacity to do so hence chances of us tendering for this project are slim. Well, we can still proceed to tender but we may back out due to lack of capacity. Being a SME, the banks and financial institution have limited resources available to provide financial assistance. We consulted our banker prior to this, and did not obtain positive reply.
I came across a financial institution, owned by 2 local banks and a financial institution in Japan, who were keen in providing financial assistance to give us a headstart for the MBS Skypark project.
One of the condition of award of the MBS project, is to provide a banker's guarantee of 10% of the contract sum. This is equivalent to a million Singapore dollars to be parked with the bank issuing the banker's guarantee as full pledged collateral.
Thanks to the government's assistance, the financial institution is keen to explore a relationship with us. Backed by the government's LEFS and secured by a confirmed contract, we would be able to obtain cash enough to fund the banker's guarantee. Of course, our financial background and project references will be the backbone of this new application. Historically, we have what it takes to secure such projects. However, if successful this would be our biggest project ever!
I can't wait to see the fruits.
Cheers to us and our future!
From the desk of FC
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