Budget 2024

Building stronger businesses

Budget 2024 introduces new and enhanced initiatives to help your business weather current challenges such as rising costs and build a competitive edge for the future.

These include immediate relief such as financing for working capital, as well as support to transform your business and workforce.

Learn more about the initiatives you can tap to access new markets, pursue sustainability, and keep growing.

  • Business growth
    • Enterprise Financing Scheme – SME Working Capital Loan (EFS-WCL) [Enhanced]

      From 1 April 2024, the maximum loan quantum will be raised permanently to S$500,000, to provide enhanced support for operational cashflow needs amid elevated costs.

      Find out more here.

    • Enterprise Financing Scheme – Project Loan (EFS-PL) [Enhanced]

      The support for domestic construction projects will be extended until 31 March 2025, with a lower maximum loan quantum of S$15 million.

      Find out more here.

    • SkillsFuture Enterprise Credit (SFEC) [Enhanced]

      The validity will be extended until 30 June 2025, to allow employers more time to support the training and upgrading of their employees and pursue business transformation projects.

      Find out more here.

  • Access to global markets
    • Enterprise Financing Scheme – Trade Loan (EFS-TL) [Enhanced]

      The enhanced maximum loan quantum of S$10 million will be extended until 31 March 2025, to support businesses’ internationalisation efforts amid global supply chain disruptions.

      From 1 April 2024, the enhanced risk share of 70% will be maintained for young businesses and businesses trading in challenged markets.

      Find out more here.

  • Sustainability
    • Sustainability Reporting Grant [New]

      This will help large companies with annual revenue of at least S$100 million prepare their first sustainability report to meet mandatory climate-related disclosures by defraying up to 30% of qualifying costs, capped at S$150,000 per company.

      More details will be announced later this year.

    • SME Sustainability Reporting Support Programme [New]

      For SMEs preparing their first sustainability reports, this programme will help defray 70% of eligible costs for the first year, and 50% of costs for the next two years.

      To grow skills in sustainability reporting, Enterprise Singapore will partner sustainability service providers to offer internships and attachments for students and mid-career working professionals.

      More details will be announced later this year.

    • Enterprise Financing Scheme – Green (EFS-Green) [Enhanced]

      From 1 April 2024, support will be expanded to include businesses which adopt green solutions, to help them embark on their sustainability journey and reduce their carbon footprint.

      Under this scheme, Enterprise Singapore provides 70% risk-share to catalyse lending from participating financial institutions.

      EFS-Green is open for applications until 31 March 2026. All applications must reach Enterprise Singapore and be approved by a participating financial institution by 31 March 2026.

      Learn more about the scheme here.

    • Energy Efficiency Grant [Enhanced]

      Businesses in food services, retail, and manufacturing will continue to receive enhanced support of up to 70% until 31 March 2026, to defray the cost of energy efficient equipment.

      The grant will be expanded to more sectors including maritime, construction, data centres and their users by the end of 2024.

      Learn more about the grant here.

  • Industry Transformation
    • Developing new growth clusters [New]

      Companies will be supported to pursue opportunities in new growth verticals in the advanced manufacturing (e.g., precision medicine), digital (e.g., artificial intelligence) and sustainability (e.g. sustainable products, carbon services and trading) sectors.

      For instance, Enterprise Singapore and EDB are working with NUS and NTU to develop training programmes in carbon management, services and trading.

    • Transforming marine and offshore energy [New]

      A new Industry Plan will be developed to enable the sector to seize new green growth opportunities such as offshore wind and maritime decarbonisation.

      Other initiatives include:

      • Refreshing the Industry Digital Plan
      • Developing a Job Transformation Map
      • Launching a new Marine Digitalisation Champion Programme

      Find out more here.

    • Rejuvenating the heartlands [New]

      Beyond Ang Mo Kio Town Centre as a Heartland Innovation Hub, Bukit Gombak Neighbourhood Centre will become a Modern Heritage Heartland Hub.

      In addition, Tampines West Neighbourhood Centre will be refreshed with event formats such as Wunderground to become a Heartland Events Hub.

      Eligible heartland businesses organising placemaking projects can get up to S$10,000 of the cost subsidised under a new Heartland Enterprise Placemaking Grant. Download the e-brochure or view FAQs.

      See other initiatives for heartland businesses here.

Additional resources