Business loans · Enterprise Singapore
The Enterprise Financing Scheme (EFS): every loan, who qualifies, which lenders
Every loan under Enterprise Singapore’s Enterprise Financing Scheme: what each pays for, how much, the government’s share of the risk, who qualifies and which lenders offer it.
Government share of the risk, working capital and project loans
70% to 31 Mar 2027
For every business, announced by MOF on 29 July 2026. Normally 50%, or 70% for young enterprises. You still repay all of the loan.
Enterprise Singapore. EFS working capital loan
EFS loan types and the lenders in Singapore that offer them
7 loan types, 16 lenders
The working capital loan has the most lenders (16); venture debt the fewest (4). Plus 2 foreign banks for loans abroad.
How to apply: through a lender in the list for the loan you want, or on Enterprise Singapore’s ESIMS portal with Corppass, choosing a lender there. Enterprise Singapore
In short
The Enterprise Financing Scheme is not a loan from the government: banks and finance companies lend, and Enterprise Singapore takes a share of the loss if the business can’t repay, normally 50%, or 70% for young enterprises. To qualify, a business must be registered and operating in Singapore, at least 30% owned by Singaporeans or PRs, and have group sales of S$500 million or less; the working capital loan (up to S$500,000) and the fixed assets loan are for SMEs only. From 1 Sep 2026 to 31 Mar 2027 the share is 70% for every business on working capital and project loans.
Which EFS loan fits what you need the money for?
Pick what the money is for and tell us about the business. You get the EFS loan meant for it, whether the business meets the scheme’s published rules, the government’s share of the risk for you today, and the lenders that offer it.
From Enterprise Singapore’s page for each programme, read 3 Nov 2026. Each programme in its words.
Which lenders offer which EFS loans
Not every lender offers every EFS loan. Sixteen lenders in Singapore offer the working capital loan; only DBS, HSBC, OCBC and UOB offer all seven types.
| Lender | WCL | FA | TL | PL | M&A | VD | Green | Loans |
|---|---|---|---|---|---|---|---|---|
| CIMBBank · 6438 7888 | ✓ | – | ✓ | – | – | – | ✓ | 33: SME Working Capital Loan, Trade Loan, Green Loan |
| DBSBank · 1800 222 2200 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 77: SME Working Capital Loan, SME Fixed Assets Loan, Trade Loan, Project Loan, Mergers & Acquisitions Loan, Venture Debt Loan, Green Loan |
| ETHOZ CapitalFinance company · 6654 7799 | ✓ | ✓ | – | – | – | – | – | 22: SME Working Capital Loan, SME Fixed Assets Loan |
| Funding Societies (FS Capital)Non-bank lender · 6221 0958 | ✓ | – | ✓ | – | – | – | – | 22: SME Working Capital Loan, Trade Loan |
| GB HeliosFinance company · 8399 2340 | ✓ | – | ✓ | – | – | – | – | 22: SME Working Capital Loan, Trade Loan |
| GXS BankDigital bank · 1800 866 6685 | ✓ | – | ✓ | – | – | – | – | 22: SME Working Capital Loan, Trade Loan |
| HSBCBank · 1800 216 9008 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 77: SME Working Capital Loan, SME Fixed Assets Loan, Trade Loan, Project Loan, Mergers & Acquisitions Loan, Venture Debt Loan, Green Loan |
| Hong Leong FinanceFinance company · 1800 3388 338 | ✓ | ✓ | ✓ | – | – | – | – | 33: SME Working Capital Loan, SME Fixed Assets Loan, Trade Loan |
| IFS CapitalFinance company · 6270 7711 | ✓ | ✓ | ✓ | ✓ | – | – | – | 44: SME Working Capital Loan, SME Fixed Assets Loan, Trade Loan, Project Loan |
| MaybankBank · 1800 777 0022 | ✓ | ✓ | ✓ | ✓ | ✓ | – | ✓ | 66: SME Working Capital Loan, SME Fixed Assets Loan, Trade Loan, Project Loan, Mergers & Acquisitions Loan, Green Loan |
| ORIX Leasing SingaporeFinance company · 6339 3622 | ✓ | ✓ | – | – | – | – | – | 22: SME Working Capital Loan, SME Fixed Assets Loan |
| OCBCBank · 6538 1111 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 77: SME Working Capital Loan, SME Fixed Assets Loan, Trade Loan, Project Loan, Mergers & Acquisitions Loan, Venture Debt Loan, Green Loan |
| RHBBank · 1800 323 0100 | ✓ | ✓ | ✓ | ✓ | ✓ | – | – | 55: SME Working Capital Loan, SME Fixed Assets Loan, Trade Loan, Project Loan, Mergers & Acquisitions Loan |
| Sing Investments & FinanceFinance company · 6305 0300 | ✓ | ✓ | – | – | – | – | – | 22: SME Working Capital Loan, SME Fixed Assets Loan |
| Standard CharteredBank · 1800 747 7000 | ✓ | – | ✓ | – | – | – | ✓ | 33: SME Working Capital Loan, Trade Loan, Green Loan |
| UOBBank · 1800 2266 121 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 77: SME Working Capital Loan, SME Fixed Assets Loan, Trade Loan, Project Loan, Mergers & Acquisitions Loan, Venture Debt Loan, Green Loan |
From the lender list on each programme’s page, read 3 Nov 2026. WCL: SME Working Capital; FA: SME Fixed Assets; TL: Trade; PL: Project; M&A: Mergers and Acquisitions; VD: Venture Debt. Phone numbers as Enterprise Singapore lists them. Enterprise Singapore’s one-page table of lenders, dated 3 Nov 2025, differs in one place: It lists Standard Chartered for the Project Loan; the Project Loan page itself does not (3 Nov 2026). We go by the programme pages.
Every EFS loan type, in Enterprise Singapore’s words
Open a loan type to see what it pays for, how much and for how long, the government’s share of the risk and the lenders.
SME Working Capital LoanEFS-WCL · Day-to-day cash flow
What it pays for, in Enterprise Singapore’s words
- “helps SMEs finance their operational cashflow needs”
- Borrow
- S$500,000 a borrower; S$5 million for a borrower group
- Repay over
- Up to 5 years
- Government’s share of the risk
- 50%; young enterprises may receive 70%. 70% for every business from 1 Sep 2026 to 31 Mar 2027
- Interest rate
- “Subject to participating FIs’ assessment of risks involved”
- Lenders
- 16: CIMB, DBS, ETHOZ Capital, Funding Societies (FS Capital), GB Helios, GXS Bank, HSBC, Hong Leong Finance, IFS Capital, Maybank, ORIX Leasing Singapore, OCBC, RHB, Sing Investments & Finance, Standard Chartered or UOB
Enterprise Singapore: SME Working Capital Loan, read 3 Nov 2026.
SME Fixed Assets LoanEFS-FA · Equipment, machines, a factory or premises
What it pays for, in Enterprise Singapore’s words
- The purchase of equipment and machines for automation and upgrading, including new or resale assets
- The purchase or construction of government- and commercial-built factories and business premises, including new or resale assets
- In Singapore or overseas
- Borrow
- No limit of its own; within the S$50 million a borrower group can borrow across all EFS loans
- Repay over
- Up to 15 years
- Government’s share of the risk
- 50%; young enterprises or a market rated BB+ or below may receive 70%
- Interest rate
- “Subject to participating FIs’ assessment of risks involved”
- Lenders
- 11: DBS, ETHOZ Capital, HSBC, Hong Leong Finance, IFS Capital, Maybank, ORIX Leasing Singapore, OCBC, RHB, Sing Investments & Finance or UOB
Enterprise Singapore: SME Fixed Assets Loan, read 3 Nov 2026.
Trade LoanEFS-TL · Stock, invoices, guarantees: trade in Singapore or overseas
What it pays for, in Enterprise Singapore’s words
- Inventory / stock financing
- Structured pre-delivery working capital (revolving working capital)
- Factoring (with recourse) / bill of invoice / AR discounting
- Overseas working capital loan
- Bank Guarantee (capped at 2 years’ tenure)
- Borrow
- No limit of its own; within the S$50 million group limit
- Repay over
- Up to 1 year
- Government’s share of the risk
- 50%; young enterprises or a market rated BB+ or below may receive 70%
- Interest rate
- “Subject to participating FIs’ assessment of risks involved”
- Lenders
- 13: CIMB, DBS, Funding Societies (FS Capital), GB Helios, GXS Bank, HSBC, Hong Leong Finance, IFS Capital, Maybank, OCBC, RHB, Standard Chartered or UOB
- Covers “domestic and overseas transactions”
Enterprise Singapore: Trade Loan, read 3 Nov 2026.
Project LoanEFS-PL · A contract you have won: overseas, or building work in Singapore to 31 Mar 2027
What it pays for, in Enterprise Singapore’s words
- Working capital loan
- Factory / Building / Land (includes Purchase / Renovation / Construction)
- Equipment / Machineries / Vessels / Other Fixed Assets / Machinery Hire Purchase
- Guarantees
- Borrow
- No limit of its own; within the S$50 million group limit
- Repay over
- Up to 15 years
- Government’s share of the risk
- 50%; young enterprises or a market rated BB+ or below may receive 70%. 70% for every business from 1 Sep 2026 to 31 Mar 2027
- Interest rate
- “Subject to participating FIs’ assessment of risks involved”
- Lenders
- 7: DBS, HSBC, IFS Capital, Maybank, OCBC, RHB or UOB
- “It must be for secured sales orders and/or projects, and cannot be used solely for general working capital or operating expenses”
- Building projects in Singapore only from 1 Sep 2026 to 31 Mar 2027, and only for companies “registered under the Building and Construction Authority's Contractors Registration System (CRS) or Builders Licensing System (BLS)”
Enterprise Singapore: Project Loan, read 3 Nov 2026.
Mergers & Acquisitions LoanEFS-M&A · Buying another company or its assets, in Singapore or overseas
What it pays for, in Enterprise Singapore’s words
- “finances the acquisition of local or overseas target enterprises and/or assets”
- Borrow
- No limit of its own; within the S$50 million group limit
- Repay over
- Up to 5 years
- Government’s share of the risk
- 50%; young enterprises or a market rated BB+ or below may receive 70%
- Interest rate
- “Subject to participating FIs’ assessment of risks involved”
- Lenders
- 6: DBS, HSBC, Maybank, OCBC, RHB or UOB
Enterprise Singapore: Mergers & Acquisitions Loan, read 3 Nov 2026.
Venture Debt LoanEFS-VD · A fast-growing start-up without assets to pledge
What it pays for, in Enterprise Singapore’s words
- For “high growth enterprises that do not have significant assets to be used as collateral”
- Backed by warrants or redeemable convertible preference shares
- To grow capacity, add product lines, fund working capital, take on new projects, or buy companies
- Borrow
- S$8 million a borrower; S$20 million for a borrower group
- Repay over
- Up to 5 years
- Government’s share of the risk
- 50%; young enterprises may receive 70%
- Interest rate
- “Subject to participating FIs’ assessment of risks involved”
- Lenders
- 4: DBS, HSBC, OCBC or UOB
Enterprise Singapore: Venture Debt Loan, read 3 Nov 2026.
Green LoanEFS-Green · Green projects: clean energy, less waste, lower emissions
What it pays for, in Enterprise Singapore’s words
- Development capital: up to S$3 million over up to 5 years
- Fixed assets: up to 15 years
- Trade: up to 1 year
- Projects in Singapore or overseas: up to 20 years
- Mergers and acquisitions: up to 5 years
- Venture debt: up to S$8 million over up to 5 years
- Borrow
- Depends on the loan type (S$3 million for development capital, S$8 million for venture debt); within the S$50 million group limit
- Repay over
- Up to 20 years
- Government’s share of the risk
- 70%, for every loan
- Interest rate
- “Subject to participating FIs’ assessment of risks involved”
- Lenders
- 7: CIMB, DBS, HSBC, Maybank, OCBC, Standard Chartered or UOB
- The business and the project must fit Enterprise Singapore’s lists of qualifying green sectors and activities and qualifying borrower types
- Open until 31 March 2031
Enterprise Singapore: Green Loan, read 3 Nov 2026.
Loans from foreign banks and development banksEFS-FFI/MDB · Borrowing abroad from a foreign or development bank
What it pays for, in Enterprise Singapore’s words
- Working capital: up to S$300,000 over up to 5 years (SMEs only)
- Fixed assets, overseas included: up to 15 years
- Trade: up to 1 year
- Secured overseas projects: up to 15 years
- Mergers and acquisitions: up to 5 years
- Borrow
- S$300,000 for working capital; otherwise within the S$50 million group limit
- Repay over
- Up to 15 years
- Government’s share of the risk
- 50%
- Interest rate
- “Subject to participating FIs’ assessment of risks involved”
- Lenders
- 2: Afreximbank (African Export-Import Bank) or Credit Europe Bank
- Open until 31 March 2028
Enterprise Singapore: Loans from foreign banks and development banks, read 3 Nov 2026.
What the government’s share of the risk means for you
Under the EFS, the bank or finance company lends its own money. If the business fails and can’t repay, Enterprise Singapore pays the lender a share of what is lost: normally 50%, and 70% in the cases the scheme names. Three things follow:
- You owe all of it. “Borrowers are responsible to repay 100% of the loan amount.” The share is between the government and the lender.
- The lender collects first. Before it can claim, the lender must “follow their standard commercial recovery procedure, including the realisation of security”: for a secured loan, selling what was pledged.
- The lender sets the rate. In Enterprise Singapore’s words, the interest rate is “subject to participating FIs’ assessment of risks involved”. The scheme sets no rate and no cap.
From 1 September 2026 to 31 March 2027, the share on working capital and project loans is 70% for every business, announced by the Ministry of Finance on 29 July 2026. The project loan can also be used for building work in Singapore over the same months.
Who can apply
- Where: a business “registered and operating in Singapore”. “ACRA-registered Sole Proprietorships, Partnerships, Limited Liability Partnerships and Companies are eligible to apply”.
- Who owns it: “Company has at least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership”.
- How big: the group’s sales a year must be $500,000,000 or less. For the SME Working Capital and SME Fixed Assets loans, the group must also be an SME: sales of $100,000,000 or less, or 200 staff or fewer.
- The group is the borrower; corporate shareholders holding more than 50%, at all levels up; and subsidiaries more than 50% held by the borrower or by its ultimate parent, at all levels down.
- Young enterprises, who can get a bigger share of the risk on most loans: firms formed within the past 5 years with at least 1 employee and more than 50% equity owned by individuals.
- Challenged markets: Countries with an S&P rating of BB+ and below, including non-rated countries.
- Across every EFS loan, a borrower group can have up to $50,000,000.
Enterprise Singapore: Enterprise Financing Scheme and each programme’s page, read 3 Nov 2026.
How to apply
- Choose the loan type and a lender from the lists above. Enterprise Singapore suggests asking the lender’s relationship manager which loan type fits, if you already have one.
- Apply through the lender, or on Enterprise Singapore’s ESIMS portal, where you choose the lender to send the application to. “Access to Enterprise Singapore Incentive Management System (ESIMS) is via CorpPass only”: your company’s Corppass admin gives the person applying the “Loan Applicant” role for ESIMS.
- Fill in the shareholders. List every shareholder of the business. For any company owning more than half of it, give its staff and sales and its own shareholders, and so on up the chain: this is how the 30% local ownership and the group’s size are counted.
- Follow it up with the lender. Once it is sent, you check the application’s progress with the lender, not with Enterprise Singapore. The lender decides whether to lend.
From Enterprise Singapore’s ESIMS applicant guide (version 10), read 3 Nov 2026.
What lenders charge for EFS loans
The scheme publishes no rates, but some lenders publish their own. For the EFS working capital loan, DBS quotes from 6% a year effective and OCBC from 6.75% effective plus a 1.5% facility fee; Maybank, Sing Investments & Finance and others publish no figure. Each lender’s own rules, rates and fees are on business loan requirements and rates, with the same S$100,000 loan priced at every published rate.
- Business loan requirements and rates in Singapore, lender by lender
- Business loans in Singapore, when the bank says no
- Business loan calculator: the true cost after every fee
Questions people ask
What is the Enterprise Financing Scheme?
A scheme run by Enterprise Singapore under which banks and finance companies lend to Singapore businesses and the government takes a share of the loss if a loan isn’t repaid. It has seven loan types: working capital, fixed assets, trade, project, mergers and acquisitions, venture debt and green loans, and a separate programme for loans from two foreign banks.
How much can I borrow under the EFS?
Up to S$500,000 a borrower for the working capital loan (S$5 million for a group of companies), and up to S$8 million for venture debt. The fixed assets, trade, project and acquisition loans have no limit of their own; a borrower group can have up to S$50 million across every EFS loan.
Can a sole proprietor or a new business get an EFS loan?
Yes, if it meets the rules: “ACRA-registered Sole Proprietorships, Partnerships, Limited Liability Partnerships and Companies are eligible to apply.” The scheme sets no minimum time in business, and businesses formed in the last 5 years with at least 1 employee and more than half owned by individuals can get a bigger risk share. Each lender has its own rules too: OCBC’s Business First Loan, for example, is for businesses 6 months to 2 years old.
Does the EFS cover a foreign-owned company?
Only if Singaporeans or PRs own at least 30% of it, “determined by the ultimate individual ownership”: counted through any company shareholders to the people who own them.
Can I apply to more than one lender?
Yes. On ESIMS, Enterprise Singapore says “You are allowed to submit applications to more than 1 PFIs”, and you can copy the details from your first application.
My company doesn’t have 2 years of accounts. Can it still apply on ESIMS?
Yes. Enterprise Singapore’s guide says to fill in the latest financial year from your statements; where figures aren’t available, the form accepts 0. The lender may still ask for more.
Is the 70% risk share being extended past 31 March 2027?
Nothing has been announced as of 3 Nov 2026. We check Enterprise Singapore’s pages every day and will change this page when it says.
How we check these numbers
- Every limit, period, share and lender is read from the Enterprise Singapore page for that loan type, linked from each one, and quoted where the words matter. Read on 3 Nov 2026, checked for changes every day, and read in full every week (update schedule).
- Enterprise Singapore also publishes a one-page table of lenders, dated 3 Nov 2025. It differs from the loan pages in one place (Standard Chartered and the project loan), so we go by the loan pages and say so under the table.
- The checker applies only the scheme’s published rules. It can’t tell whether a lender will lend: each lender has rules and a credit check of its own.
- No lender pays us, the page has no affiliate links, and we don’t arrange loans or pass on your details. The checker runs in your browser and sends nothing you choose. Not financial advice: see our disclaimer and corrections.
Changes to this page
New: the Enterprise Financing Scheme (EFS), every loan type. What each of the 8 programmes pays for, how much and for how long, the government’s share of the risk (70% on working capital and project loans to 31 March 2027) and who qualifies, in Enterprise Singapore’s words; which of 16 lenders offers which loan; a checker for which EFS loan fits what the money is for, and your risk share today; how to apply on ESIMS; and a CSV. Find your EFS loan