Key Budget 2023 Measures for Businesses Announced in the Budget 2023

In his Budget 2023 speech on Tuesday (Feb 14), Finance Minister Lawrence Wong introduces new and enhanced initiatives to help your business pursue growth amid a more challenging economic environment. We have extracted the key initiatives for your quick read.

Enterprise Financing Scheme (EFS) [Enhanced] <By ESG>

The scheme's current improvements will be kept in place until the end of March 2024 for an additional year.

This includes support for domestic construction projects through project loans, a 70% government risk share for trade loans, an increased maximum amount for trade and working capital loans, and more.

Enhanced Enterprise Financing Scheme – Working Capital Loan <By ESG>

In the face of inflationary challenges, the scheme has been extended enhanced support for operational cashflow needs from 1 April 2023 to 31 March 2024

Maximum loan amount increased to $500,000 from $300,000.

> Click here to learn more about this scheme

Growing Singapore Global Enterprises <By ESG>

100% Investment Allowance [Enhanced] <By ESG>

Double Tax Deduction for Internationalisation (DTDi) [Enhanced] <By ESG>

Energy Efficiency Grant [Enhanced] <By ESG>

<Source> Singapore Budget 2023