Companies with foreign shareholding above 70% are discriminated in access to local government finance by Enterprise Singapore, the government agency championing enterprise development. The scheme introduced in 2019 streamlines previously existing schemes, but continues to apply in a discriminatory manner towards foreign investors.
"Financing Support - Find the right financing tool to meet your expansion needs.
- Enterprise Financing Scheme (EFS)1 [New]: Financing support to meet businessneeds at every stage of growth; EFS will cover six different areas – working capital, fixed assets, venture debt, trade, projects, and mergers & acquisition; Stronger support for younger companies and SMEs [1-The Enterprise Financing Scheme (EFS) will be launched in Oct 2019.]
- Internationalisation Finance Scheme (IFS)2: Access up to S$30 million in credit facilities to finance overseas ventures; Default risks undertaken between
Enterprise Singapore and Participating Financial Institutions (PFIs) [2-The IFS will become part of the Enterprise Financing Scheme when it is launched in Oct 2019].
- SME Working Capital Loan3 [Extended]: Get access to unsecured working capital financing of up to S$300,000 to support daily operations [3-The SME Working Capital Loan will become part of the Enterprise Financing Scheme when it is launched in  Oct 2019]" (Singapore Budget Measures (2019), Supporting Our Business: For a vibrant and innovative economy - from start-up to scale-up)
-----------------------------
"ANNEX C-1: BUILDING DEEP ENTERPRISE CAPABILITIES [...]
(C) Enterprise Financing Scheme (EFS)
The Enterprise Financing Scheme (EFS) streamlines eight existing SME financing schemes, including the extended SME Working Capital Loan, into one scheme2 to help Participating Financial Institutions (PFIs) and SMEs navigate between the various financing schemes.
The EFS will meet the financing needs of companies across different stages of growth over six financing areas:
- Working capital (for SMEs), - Fixed assets (for SMEs),  - Trade, - Venture debt, - Mergers and acquisitions, and - Project financing.
Businesses may apply for the EFS through PFIs. [....]" (Singapore Budget Statement 2019, ANNEX C-1: BUILDING DEEP ENTERPRISE CAPABILITIES)
-----------------------------
"Overview - Enterprise Financing Scheme (EFS)
With effect from 29 Oct 2019, Enterprise Singapore’s existing financing schemes will be streamlined into one umbrella scheme known as the Enterprise Financing Scheme (EFS). EFS will enable Singapore enterprises to access financing more readily throughout their various stages of growth.
It covers six areas to address enterprises’ financing needs. Enterprise Singapore will share the loan default risk in the event of enterprise insolvency with the Participating Financial Institutions.
1) SME Working Capital Loan - Finance daily operational cashflow needs.
2) SME Fixed Assets Loan - Finance the investment of domestic and overseas fixed assets.
3) Venture Debt Loan - Finance the growth of innovative enterprises using Venture Debt and Warrants.
4) Trade Loan - Finance trade needs.
5) Project Loan - Finance the fulfillment of secured overseas projects.
6) Mergers & Acquisitions Loan - Finance the acquisition of target enterprises with the intent of internationalisation.
[...]
To qualify for the EFS, you need to:
-Be a business entity that is registered and physically present in Singapore.
-Have at least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership.
-Have a Maximum Borrower Group revenue cap of S$500 million for all companies.
For “SME Working Capital” and “SME Fixed Assets”, SMEs refer to companies with a group revenue of S$100 million or maximum employment of 200 employees. [...]" (Enterprise Singapore (2020), "Enterprise Financing Scheme (EFS): Overview", website content)
Singapore Budget Measures (2019), Supporting Our Business: For a vibrant and innovative economy - from start-up to scale-up.
Singapore Budget Statement 2019, ANNEX C-1: BUILDING DEEP ENTERPRISE CAPABILITIES
Enterprise Singapore (2020), "Enterprise Financing Scheme (EFS): Overview", website content
[<a href="https://www.singaporebudget.gov.sg/docs/default-source/budget_2019/download/pdf/fy2019_supporting_our_businesses.pdf">Budget</a>],[<a href="https://www.singaporebudget.gov.sg/docs/default-source/budget_2019/download/pdf/annexc1.pdf">Annex</a>],[<a href=" https://www.singaporebudget.gov.sg/docs/default-source/budget_2019/download/pdf/annexc1.pdf">Webpage</a>]