Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong, delivered Singapore’s FY2024 Budget Statement on 16 February 2024, Friday. In his speech, he announced new and enhanced initiatives to help businesses weather current challenges such as rising costs and build a competitive edge for the future. 
SACEOS is encouraged by and welcomes the initiatives to support the growth of businesses and upskilling of the workforce. As the leading trade association for Singapore’s MICE industry, we will continue to work closely with relevant government agencies in supporting the growth and transformation of the industry.
For your convenience, we have summarised the key initiatives and schemes for businesses in Budget 2024:
Enterprise Financing Scheme – SME Working Capital Loan (EFS-WCL) [Enhanced]:
• From 1 April 2024, the maximum loan quantum will be raised permanently to S$500,000, to provide enhanced support for operational cashflow needs amid elevated costs. Find out more .
Enterprise Financing Scheme – Project Loan (EFS-PL) [Enhanced]
• The support for domestic construction projects will be extended until 31 March 2025, with a lower maximum loan quantum of S$15 million. Find out more .
SkillsFuture Enterprise Credit (SFEC) [Enhanced]
• The validity will be extended until 30 June 2025, to allow employers more time to support the training and upgrading of their employees and pursue business transformation projects. Find out more .
Enterprise Financing Scheme – Trade Loan (EFS-TL) [Enhanced]
• The enhanced maximum loan quantum of S$10 million will be extended until 31 March 2025, to support businesses’ internationalisation efforts amid global supply chain disruptions. Find out more .
Energy Efficiency Grant [Enhanced]
• The grant will be expanded to more sectors including manufacturing, maritime, construction and data centres, to help companies defray the costs of pre-approved energy-efficient equipment. Find out more .
Enterprise Financing Scheme – Green (EFS-Green) [Enhanced]
• From 1 April 2024, support will be expanded to include businesses which adopt green solutions, to help them embark on their sustainability journey and reduce their carbon footprint. Find out more .