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If you are looking to expand your business or improve the cash flow, SME Working Capital might just be the right solution for you. It is a government-assisted financing loan under the Enterprise Financing Scheme (EFS-WCL) which aims to serve SMEs’ finance requirements.Â
The EFS Working Capital Loan is a government-assisted financing initiative designed to help small and medium-sized enterprises (SMEs) in Singapore access working capital financing to support their business operations.
The EFS Working Capital Loan can be used to finance daily operational expenses, such as inventory, equipment, salaries, and rent.
SMEs that are registered and operating in Singapore, have a minimum of 30% local shareholding, and have an annual revenue of up to SGD 100 million can apply for the EFS Working Capital Loan.
SMEs can apply for up to SGD 3 million in financing under the EFS Working Capital Loan.
Interest rates and repayment terms for the EFS Working Capital Loan are subject to the individual lender’s assessment of the SME’s creditworthiness and business viability. Generally, the loan tenure is up to five years, and the interest rates are lower than market rates.
Documents required for an EFS Working Capital Loan application may include business financial statements, bank statements, and any other relevant documentation.
SMEs with existing financing facilities can still apply for the EFS Working Capital Loan, subject to the lender’s assessment of the SME’s creditworthiness and business viability.
Fees and charges associated with the EFS Working Capital Loan may include processing fees, early repayment fees, and late payment fees, among others. These fees and charges may vary depending on the individual lender’s terms and conditions.
The processing time for the EFS Working Capital Loan may vary depending on the individual lender’s requirements and documentation. Generally, it takes around 1-4 weeks for the loan to be approved and disbursed. Contact us for customized solutions specifically tailored to your needs today.
