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Local Enterprise Finance Scheme (LEFS)

Overview

Loans of up to $15 million for all locally owned SMEs.

Use of Funds For automating and upgrading factory and
equipment, and/or purchasing factory and
business premises (only JTC Corporation or
Housing & Development Board properties).
Expanded to include financing of more types
of construction equipment and heavy vehicles.
Maximum Loan Quantum $15 million
Eligible Companies All locally owned SMEs.
Interest Rate *Minimum 4.75% interest rate for loan tenure of 4 years and below.

*Minimum 5.25% interest rate for loan tenure of
more than 4 years.
* Subject to Participating Financial Institutions’ assessments of risks involved.

Criteria

You may apply for the Local Enterprise Finance Scheme if your company is a locally-owned SME with

  • at least 30% local shareholding
  • company's Group Annual Sales of not more than S$100 million OR company's Group Employment Size of not more than 200*
* Annual sales turnover and employment size will be computed on a group basis.
(i.e All levels up for corporate shareholders holding >50% of total shareholding of the applicant company and any subsequent corporate parents, and subsidiaries all levels down)

Participating Financial Institutions

Banks

Contact Numbers
DBS Bank Limited 1800 222 2200
The Hongkong and Shanghai Banking Corporation Limited 6216 9000
Maybank 6550 7888
Oversea-Chinese Banking Corporation Limited 6538 1111
RHB Bank 6323 2001
Standard Chartered Bank 1800 743 3000
The Bank of East Asia, Limited 6602 7702
United Overseas Bank Limited 1800 2266 121

Finance Companies

Contact Numbers
Hong Leong Finance Limited 6415 9640
Sing Investments & Finance Limited 6305 0285
Singapura Finance Limited 6880 0633

Other Financial Institutions

Contact Numbers
ETHOZ Capital Ltd 6654 7799 
IFS Capital Limited 6270 7711
ORIX Leasing Singapore Ltd 6339 3622

How to apply?

Before you apply

  1. Ensure that your business qualifies for the loan.
  2. Consult your banker or one of the LEFS Participating Financial Institutions. They will be able to give you professional advice and also assist your application.
  3. Prepare the supporting documents if your bank requires them :
    • a copy of your business profile from ACRA
    • audited accounts or certified financial statements
    • bank statements
    • personal income tax assessment of owners and directors
  4. Meet with your banker or financial institution. Bring the supporting documents for the meeting.

Applying for LEFS

  1. Obtain an Application Form from your banker or financial institution. Find out from the lender what supporting documents you need to attach.
  2. Submit the Application Form with the supporting documents.
  3. Wait 3 weeks for the bank or financial institution to reply. Processing of applications may be longer depending on the size of the loan and other factors.

Upon successful application

  1. Receive funds from the bank or financial institution.
  2. Keep proper records of repayments. Repayments start 1 month after disbursement of the loan.
  3. Ensure you make repayments on time.

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Need Assistance?

Contact EnterpriseOne
Hotline : (65) 6898 1800
Email : enterpriseone@spring.gov.sg
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Last Modified Date :05 Jul 2011