On Feb 14, Singapore's deputy prime minister and finance minister Lawrence Wong announced Budget 2023.
For enterprises, Wong announced that the government will provide some immediate support to help with the tighter financial situation this year, amid the current inflation and high interest rate environment.
To that end, the current enterprise financing scheme has been extended for another year until Mar 31, 2024. This includes a government risk share of 70% for trade loans.
Wong hopes that this will encourage financial institutions to extend credit to viable enterprises.
Furthermore, Wong has announced an extended energy efficiancy grant for another year for enterprises until Mar 31, 2024. This will especially help support businesses in the F&B service and manufacturing sectors. Wong is hopeful that this extension of the grant will help businesses invest in energy efficiency and to reduce the impact of higher elctricity prices.
