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  • Frequently Asked Questions (FAQs)

Overview

Note:

As announced at Solidarity Budget 2020, the Enterprise Financing Scheme – SME Working Capital Loan (EFS-WCL) is enhanced to help SMEs with their working capital needs. The maximum loan quantum was raised from $300,000 to $1 million. Risk-share was also increased to 90% (from 50% and 70% for young companies) for new applications initiated from 8 April 2020 until 31 March 2021.

From 1 April 2021, the EFS-WCL will return to its original parameters, with the maximum loan quantum of S$300,000 and risk share of 50% and 70% for young companies.


SME Working Capital
 

Finance operational cashflow needs.

Maximum Loan Quantum
To 31 March 2021: S$1 million / borrower
From 1 April 2021: S$300,000 / borrower 

Note: Overall loan exposure limit of S$50 million per borrower group across all facilities.
Maximum Repayment Period
5 years
Risk-Share
To 31 March 2021: Risk share is at 90%
From 1 April 2021: Risk share is at 50%. Young companies1 may receive a risk share of 70%.

The borrower is responsible to repay 100% of the loan amount. When defaults occur, the Participating Financial Institutions (PFIs) are obligated to follow their standard commercial recovery procedure, including the realisation of security, before they can make a claim against Enterprise Singapore for the unrecovered amount in proportion to the risk-share.
Interest Rate
Subject to PFIs’ assessment of risks involved.

 

1Young companies refer to firms formed within the past 5 years with at least 1 employee, and more than 50% equity owned by individuals.
Eligibility
 
  1. Be a business entity2 that is registered and physically present in Singapore
  2. At least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership
  3. Have Group Annual Sales Turnover of not more than S$500 million
  4. For "SME Working Capital", the SME definition refers to Group revenue of up to S$100 million or maximum employment of 200 employees
2 ACRA registered Sole Proprietorship, Partnership, Limited Liability Partnerships and Companies are eligible to apply for the enhanced SME Working Capital Loan. Approval of the loan is subject to the PFI's assessment.
FAQ
 

Click here for frequently asked questions on EFS SME Working Capital Loan. 

Click here for frequently asked questions on EFS.

 

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(Last updated on 03 March 2021 14:54:35)