Enterprise Financing Scheme (EFS): Who Qualifies and What You Get
Learn how this scheme helps small businesses access loans through government risk-sharing to support working capital and equipment needs.
The Enterprise Financing Scheme (EFS) is a program designed to help small and medium-sized enterprises access financing more easily.
Who it's for
This scheme is for small and medium-sized enterprises (SMEs) that need extra funding to manage their day-to-day operations or to purchase new equipment.
What you get
The government provides risk-sharing for loans that you take out through participating financial institutions. This helps make it easier for businesses to secure the credit they need.
What it costs you
The cost of the scheme depends on your specific situation. Your loan will be subject to a credit assessment by the bank and will carry interest rates determined by your lender.
The catch to know
It is important to remember that the government does not lend money to you directly. Instead, they provide a guarantee to the bank to help support the loan you are taking from them.
How to apply
- Contact a participating financial institution to discuss your business needs.
- Undergo the bank's standard credit assessment process.
- Work with your bank to finalize the loan terms under the scheme.