Enterprise Financing Scheme (EFS) - SME Working Capital Loan
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.
Eligibility Criteria
- 01
Business entity registered and operating in Singapore
- 02
At least 30% local equity held by Singaporeans/PRs
- 03
SME: Group revenue up to S$100 million OR maximum employment size of 200 employees
- 04
Group Annual Sales Turnover not exceeding S$500 million
- 05
Overall exposure limit S$50 million per borrower group
How to Apply
1. Approach any Participating Financial Institution for EFS-WCL 2. FI conducts credit assessment 3. Submit application via ESIMS portal (https://esgincentives.enterprisesg.gov.sg/) 4. EnterpriseSG processes the risk-share component 5. Loan disbursed by FI upon approval
Claims and Disbursement
EFS is a loan programme, not a grant - borrowers repay 100% of the loan to the FI per agreed schedule. There is no "claims" process for borrowers. 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
Up to S$500,000 per borrower, with a borrower group limit of S$5 million for EFS-WCL.
Maximum repayment period is 5 years.
50% (70% for young enterprises formed within past 5 years).
Daily operational expenses including payroll, inventory purchases, rent, utilities, and other recurring operational expenses.
No, you must approach a Participating Financial Institution first. The FI conducts credit assessment and submits via ESIMS.
Related Grants
Enterprise Financing Scheme (EFS) - SME Fixed Assets Loan
Enterprise Singapore
Up to S$30 million per borrower (S$30 million borrower group limit)
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) - Venture Debt
Enterprise Singapore
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) - Mergers & Acquisitions Loan
Enterprise Singapore
Up to S$50 million per borrower or borrower group
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.
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) - Trade Loan
Enterprise Singapore
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).
Startup SG Equity
Enterprise Singapore
General-tech: Up to $2M (7:3 for first $250K, then 1:1). Deep-tech: Up to $8M (7:3 for first $500K, then 1:1)
A government co-investment scheme that stimulates private sector investments into innovative, Singapore-based technology startups with intellectual property and global market potential. The government co-invests with independent, qualified third-party investors on the same terms, with enhanced support for deep-tech startups. Administered through SPRING SEEDS Capital (SSC) and appointed investing partners.