On Saturday, Spring Singapore launched the Financial Facilitator Programme (FFP) which aims to help businesses overcome challenges when applying for the enhanced Government financing schemes.

SME bosses have always complained about onerous loan application processes at banks.

Some even said that they were still rejected despite completing loan application forms that comprise over 40 to 70 pages of information, which they sometimes did not even understand.

But from today, SMEs applying for the financing schemes can approach Enterprise Development Centres (EDCs) and the EnterpriseOne Business Information Services (EBIS) for help, before submitting their applications to the banks.

Under the FPP, EDCs and the EBIS will help SMEs evaluate the financial health of their business, provide advice on financial management and also help the entrepreneurs consider other financing options aside from a direct loan.

But the key benefit of this latest Government initiative was that SMEs can get the much-needed assistance when putting together loan applications, which has traditionally been a bugbear for these firms, whether in good times or bad.

According to Spring, lenders have also provided it with feedback, saying that SMEs here often have trouble during the application process and sometimes were unable to present their case adequately to the banks.

'There is often a gap between the SMEs' expectations and the requirements of the banks. We are thus very pleased to see the industry stepping up to fill this gap,' said Spring's chief executive, Mr Png Cheong Boon.

As part of the new programme, Spring will provide financial support to the six business centres in engaging financial advisors to advise SMEs on financing strategies and loan applications.

The Straits Times understands these financial advisors engaged by the EDCs and EBIS will have extensive experience in the financial sector, specifically in the area of business or enterprise banking.

SMEs will be able to tap on their expertise of these advisers to better understand what lenders require in loan applications and how to better present their business plans to the banks.

Under the FPP, the services provided by these experts at the EDCs and the EBIS will be free-of-charge for all firms.

Read the full story in Monday's edition of The Straits Times.