Singapore offers a variety of grants to support Small and Medium Enterprises (SMEs) in enhancing their capabilities, embracing innovation and expanding into new markets. Below is an overview of the key grants designed to empower businesses in different areas of growth and development.
1. Enterprise Development Grant (EDG)
The Enterprise Development Grant (EDG) helps SMEs upgrade their capabilities, innovate and explore new markets. It supports projects aimed at enhancing business operations and driving transformation.
• Funding Amount: Up to 50% of eligible costs for local SMEs.
• Eligibility: Businesses registered in Singapore with at least 30% local shareholding.
• Use of Funds: Covers consultancy, software, and equipment costs.
2. Productivity Solutions Grant (PSG)
The Productivity Solutions Grant (PSG) supports SMEs in adopting IT solutions and equipment to enhance productivity, making it an essential part of digital transformation efforts.
• Funding Amount: Up to 50% of eligible costs for local SMEs
• Eligibility: Businesses registered in Singapore with at least 30% local ownership.
• Use of Funds: Includes accounting software, digital solutions, and customer management systems.
3. Market Readiness Assistance (MRA) Grant
The Market Readiness Assistance (MRA) Grant provides financial support for SMEs looking to expand into overseas markets, enabling businesses to explore international opportunities.
• Funding Amount: Up to S$100,000 per new market, co-funding up to 50%.
• Eligibility: Companies with at least 30% local equity and annual sales not exceeding S$100 million.
• Use of Funds: Market research, trade fair participation, and promotional activities.
4. Energy Efficiency Grant (EEG)
The Energy Efficiency Grant (EEG) supports SMEs in adopting energy-efficient practices and technologies to reduce operational costs while promoting sustainability.
• Funding Amount: Up to 70% of costs for pre-approved energy-efficient equipment.
• Eligibility: Available for SMEs in sectors such as food services and retail.
• Use of Funds: Energy-efficient upgrades to lower utility costs.
5. Startup SG Founder
The Startup SG Founder grant is designed for first-time entrepreneurs, providing financial assistance and mentorship to establish a strong foundation for their business ventures.
• Funding Amount: Up to S$50,000 in startup capital, with a co-investment of S$10,000 from the entrepreneur.
• Eligibility: First-time founders with viable business ideas.
• Use of Funds: Product development and market validation expenses.
6. SkillsFuture Enterprise Credit (SFEC)
The SkillsFuture Enterprise Credit (SFEC) encourages employers to invest in workforce training and development, helping SMEs stay competitive in a rapidly evolving job market.
• Funding Amount: Up to S$10,000 incentives covering 90% of qualifying expenses.
• Eligibility: Employers must have paid the Skills Development Levy and employ at least three local employees.
• Use of Funds: Workforce training and transformation initiatives.
7. Global Ready Talent (GRT) Grant
The Global Ready Talent (GRT) Grant aims to develop global talent by supporting internships and management associate programs within SMEs.
• Funding Amount: Up to 70% funding support on qualifying costs.
• Eligibility: Companies offering structured internship programs or management associate schemes.
• Use of Funds: Talent development through international exposure.
8. Business Improvement Fund (BIF)
The Business Improvement Fund (BIF) aims to encourage technology innovation and adoption, redesign of business model and processes in the tourism sector to improve productivity and competitiveness.
• Funding Amount: Varies based on project scope, generally covering a significant portion of costs.
• Eligibility: Tourism companies taking on core capability development initiatives and Technology companies creating innovative products and services for tourism businesses.
• Use of Funds: Consultancy fees, training programs, and technology upgrades.
Conclusion
These grants represent valuable resources for SMEs in Singapore to drive innovation, improve efficiency and expand into new markets. By leveraging these funding opportunities, small and medium businesses can overcome challenges, enhance competitiveness, and achieve sustainable growth.
