SINGAPORE (June 8): Pacific Radiance announced Thursday that it has been granted $85 million in loans under two government-backed financing schemes to help tide over the prolonged offshore and marine (O&M) industry downturn.

The two programmes – the Internationalisation Finance Scheme (IFS) by International Enterprise (IE) Singapore and the Bridging Loan (BL) scheme by Spring Singapore – will help support the group’s working capital needs over the medium term.

The IFS was enhanced late last year to allow O&M companies to borrow up to $70 million. Pacific Radiance also managed to secure a maximum loan of $15 million under the BL scheme.

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