Government Aided Financing Scheme For SMEs
The SME Working Capital Loan is a government assisted financing scheme under the Enterprise Financing Scheme umbrella.
The enhanced scheme after Budget 2020 further helps eligible SME companies access additional financing till March 2021.
Access up to $600K working capital to grow your business. Enterprise Singapore partners with participating banks and financial institutions with co-sharing of up to 80% on loan default risks.
There are 13 financial institutions participating in this scheme. Credit criteria & interest rates vary across the banks. We can provide your company with a direct comparison on all banks SME Working Capital Loan rates and eligibility terms.
Secure the funding you require under the SME Working Capital Loan to expand and scale your business.
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SME Working Capital Loan Features
Up to $300K financing
Up to 5 years repayment period
Government risk sharing with banks on loan default
Participating Financial Institutions
|Hong Leong Finance||IFS Capital|
|Standard Chartered||Sing Investments & Finance|
* These are the participating financial institutions in the Enterprise Singapore SME Working Capital Loan.
SME Working Capital Loan Interest Rate
The interest rate for the SME Working Capital Loan differs from the various participating banks and financial institutions and is dependent on their risk assessment.
Eligible companies can enquire with the various participating financials institutions on their respective SME Working Capital Loan interest rates.
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SME Working Capital Loan Eligibility:
- Local company operating and registered in Singapore
- Group annual sales of ≤ S$100m or group employment size ≤ 200
- Minimum 30% shareholdings local or PR
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What is the maximum financing amount for the SME Working Capital Loan?
The maximum financing loan quantum under the SME Working Capital Loan is up to S$300,000. This amount can be combined across multiple participating financial institutions if your business meets the credit criteria of the various lenders.
What is the SME Working Capital Loan interest rate?
Interest rate is determined by the respective participating financial institutions in the SME Working Capital Loan scheme. It could range between 6.75% to 8.5% p.a. effective rate, dependent on their risk and credit assessment.
What is the requirement to qualify for the SME Working Capital Loan?
Business must be registered and operating in Singapore with at least 30% local shareholdings. Group annual revenue not more than $100 million or group employment size of not more than 200 employees.
What is the maximum repayment period?
The maximum repayment tenure is up to 5 years. Most participating financial institutions might offer no early repayment penalty for borrowers whom wish to do an early redemption of the loan. This is subject to respective financial institutions terms and conditions.
When will the SME Working Capital Loan scheme end?
The SME Working Capital Loan is extended for another 2 years till 31 March 2021. This was announced in February 2019 Budget by the Finance Minister.
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