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Enterprise Financing Scheme (EFS) - SME Working Capital Loan

This programme helps SMEs finance operational cashflow needs.



The EFS-WCL will be enhanced from 1 October 2022 to 31 March 2024.

Up to S$300,000 loan per Borrower.

From 1 October 2022 to 31 March 2024: S$500,000 / Borrower

Note:Borrowers are subject to an overall borrower group limit of S$5m for EFS SME-WCL. In addition, there is an overall loan exposure limit of S$50 million per borrower group* across all facilities.

*Refer to "Critical Information" for more details.


You are:

  • A Singaporean SME looking for working capital loans to finance operational cashflow needs.


You need to:

  • Be a business entity1 that is registered and physically present in Singapore,
  • Have at least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership,
  • Have Group Annual Sales Turnover of not more than S$500 million2.

Note: For “SME Working Capital” and “SME Fixed Assets”, the SME definition refers to Group revenue of up to S$100 million or maximum employment of 200 employees.

*Refer to "Critical Information" for more details. 

1. ACRA registered Sole Proprietorship, Partnership, Limited Liability Partnerships and Companies are eligible to apply for the scheme. Approval of the loan is subject to the PFI's assessment. 

2. Annual sales turnover and employment size is computed on a group basis.

Critical information

ESG risk share is at 50%.

Young enterprises1 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.

Borrower Group consists of the following:

  • Borrower; and
  • Corporate shareholders holding more than 50% at all levels up; and
  • Subsidiaries where the Applicant company holds more than 50% shareholdings and subsequent subsidiaries at all levels down
  • Subsidiaries where the Applicant’s Ultimate Parent Company holds more than 50% shareholdings and their subsidiaries at all levels down

Repayment Period: Up to 5 years

Interest Rate: Subject to PFIs' assessments of risks involved

1. Young enterprises refer to firms formed within the past 5 years with at least 1 employee, and more than 50% equity owned by individuals. 

What to expect when applying

Interested enterprises may approach any of the following Participating Financial Institutions to apply for the loan with the required supporting documents (subject to banks’ credit approval).

List of Participating Financial Institutions can be found here.

Documents you'll need for your application
For application details and instructions on how to compile all required supporting documents for submission, click here.
Useful links
For more details: EFS