Support measures for businesses

  

There will be a top up of $4 billion to the National Productivity Fund and an expanded scope to support investment promotion to build capabilities and anchor quality investments. Additionally, the Enterprise Innovation Scheme will be introduced to support businesses’ innovation activities via enhanced tax deductions/allowances, with a cash conversion option.

   

To help businesses cope with cost pressure, the Enterprise Financing Scheme will extend its enhancements till 31 March 2024 to facilitate access to credit. This includes (a) 70 percent Government risk-sharing for trade loans, (b) enhanced maximum quantum for trade and working capital loans and (c) support for domestic construction projects via project loans. Additionally, the Energy Efficient Grant will be extended till 31 March 2024 for SMEs in Food Services, Food Manufacturing and Retail sectors to adopt energy-efficient equipment, given that electricity prices are rising.