Gov’t to inject $1.2b to fund enterprises' growth
It will introduce two new funding programmes for enterprises.
The government will inject a total of $1.2b to support enterprises' growth through two new financing instruments—the Private Credit Growth Fund (PCGF) and the Long Term Investment Fund (LTIF).
The Ministry for Trade and Industry and Enterprise Singapore will inject $1b into the PCGF which is suitable for high-growth enterprises that require nondilutive financing solutions.
More details about the fund, including the fund manager and eligibility criteria, will be announced by the third quarter of the year.
Additionally, the government will provide more than $200m for the LTIF which will make investments beyond the typical three- to seven-year term.
It is suitable for growth enterprises with longer and more complex growth trajectories that require highly patient capital. More details about the fund will be announced by the second half of the year.