Enterprise Financing Scheme (EFS) - Mergers & Acquisitions Loan
The EFS-M&A finances the acquisition of local or overseas target enterprises with the intent of internationalisation. It provides substantial financing support to help Singapore enterprises grow through strategic acquisitions, both domestically and internationally. This scheme supports enterprises looking to expand their business footprint, acquire new capabilities, or enter new markets through mergers and acquisitions.
Eligibility Criteria
- 01
Business entity registered and operating in Singapore
- 02
At least 30% local equity held by Singaporeans/PRs
- 03
Group Annual Sales Turnover not exceeding S$500 million
- 04
Acquisition must be with intent of internationalisation
- 05
Overall exposure limit S$50 million per borrower group
How to Apply
1. Approach any Participating Financial Institution for EFS-M&A (DBS, HSBC, Maybank, OCBC, UOB, RHB) 2. FI conducts credit assessment 3. Submit application via ESIMS portal (https://esgincentives.enterprisesg.gov.sg/) 4. Provide acquisition agreements and business rationale 5. EnterpriseSG processes the risk-share component 6. Loan disbursed by FI upon approval
Claims and Disbursement
EFS is a loan programme - borrowers repay 100% of the loan to the FI per agreed schedule. In event of default, after FI exhausts standard recovery procedures, FI may claim against EnterpriseSG for unrecovered amount in proportion to risk-share.
Frequently Asked Questions
Acquisition of local or overseas target enterprises with the intent of internationalisation.
Up to S$50 million per borrower or borrower group.
Maximum repayment period is 5 years.
50% (70% for young enterprises or challenged markets).
Acquisition agreements, business plan showing internationalisation intent, financial statements, and supporting documents required by the FI.
Related Grants
Enterprise Financing Scheme (EFS) - Project Loan
Enterprise Singapore
Up to S$50 million per borrower (overseas); S$15 million per borrower (domestic, 1 Apr 2024 – 31 Mar 2025)
The EFS-PL finances the fulfilment of secured overseas projects, with an enhanced component for domestic projects available to construction-related enterprises. It supports a broad range of project-related financing needs. Supportable loan types include working capital loan, factory/building/land (purchase/renovation/construction), equipment/machineries/vessels/other fixed assets/machinery hire purchase, and guarantees. Must be for secured sales orders and/or projects, not solely for general working capital.
Enterprise Financing Scheme (EFS) - SME Fixed Assets Loan
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The EFS-FA is designed for SMEs to finance investments in domestic and overseas fixed assets. It supports long-term capital investments that help businesses upgrade their operations and expand their capacity through equipment, machinery, and property acquisitions. Supported asset types include purchase of equipment and machines for automation and upgrading (new or resale), and purchase or construction of government- and commercial-built factories and business premises (new or resale).
Enterprise Financing Scheme (EFS) - SME Working Capital Loan
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Up to S$500,000 per borrower (S$5 million borrower group limit)
The EFS-WCL helps SMEs finance their operational cashflow needs for daily business operations. It is one of the most accessible EFS loan types, designed to support the day-to-day financial requirements of small and medium enterprises, including payroll, inventory purchases, and other recurring operational expenses. EnterpriseSG shares 50% (or 70% for young enterprises) of the loan default risk with Participating Financial Institutions, encouraging them to extend financing to enterprises that may otherwise face difficulties obtaining commercial loans.
Enterprise Financing Scheme (EFS) - Venture Debt
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Up to S$8 million per borrower (S$20 million borrower group limit)
The EFS-VD aims to finance the growth of innovative enterprises using Venture Debt and Warrants. It supports high-growth enterprises that do not have significant assets to be used as collateral under traditional bank lending. Under the enhanced programme, the venture debt facility can be backed by warrants or redeemable convertible preference shares. Use cases include growing and expanding existing capacity, diversifying into other product lines, augmenting working capital needs, undertaking new projects, and undergoing mergers and acquisitions.
Enterprise Financing Scheme (EFS) - Trade Loan
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Up to S$10 million per borrower (permanent from 1 April 2025 per Budget 2025)
The EFS-TL finances trade needs for domestic and overseas transactions. It is designed to help enterprises manage the financing requirements of their trading activities, from inventory management to receivables financing. The scheme supports a broad range of trade financing instruments. Supported trade financing types include inventory/stock financing, structured pre-delivery working capital, factoring (with recourse), bill of invoice, AR discounting, overseas working capital loan, and Bank Guarantee (capped at 2 years' tenure).
Cultural Matching Fund (CMF)
Ministry of Culture, Community and Youth
Dollar-for-dollar matching of private cash donations
The Cultural Matching Fund (CMF), established by the Ministry of Culture, Community and Youth (MCCY), provides matching grants for private cash donations to registered charities in the arts and heritage sector. The fund aims to encourage giving to Singapore's arts and heritage sector, creating a more sustainable scene in which more people have a stake. The CMF matches monetary donations received by eligible organisations from individuals, foundations, and corporations. From CMF2025, the fund has three simplified culture sector priorities: contributing to artistic/heritage excellence, contributing to stronger communities, and contributing to capability development of the wider local arts and heritage sector.