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My company is eligible for EFS-TL but the PFI has rejected my loan application. What can I do?
All eligible enterprises applying for loans are subject to assessment by PFIs.
Enterprises which require further support may approach Enterprise Singapore at (65) 6898 1800 or submit an enquiry through https://go.gov.sg/askenterprisesg.
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Since Enterprise Singapore provides 70%/90% risk share on the loan, does it mean that the borrower/guarantors are only responsible for the remaining percentage of the loan?
No. The borrower and guarantors are responsible to repay 100% of the loan amount. When defaults occur, 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.
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Why do banks require a 100% Personal Guarantee (PG) when the Government covers 90% of the loan amount?
A PG is not only a means of security but signals a commitment by the guarantor(s) that they are committed to the loan obligation.
