1. Taking commercial bank loan: Don't sign S&P unless you are confident you will get loan approval. Normally is a 1% penalty from the SPA price if you sign and need to cancel later on due to loan rejection.

2. Taking government loan: Yes, you need to sign S&P first before able to process with the government loan.

3. Government loan is a very slow process. For undercon project, yes the first 10% progress interest is charged starting once the S&P is sign. Unless you are willing to pay all the penalty for late payment, you have to cover the 10% first. If the project progress fast and reach the next 10%, and your government loan is not yet done, you have to cover yet again with your money. Don't worry, you can get back the money.