In 2024, Singapore continues to be a vibrant hub for businesses, offering a plethora of opportunities for growth and innovation. One of the key factors that contribute to the flourishing business environment is the extensive support provided by the government through various grants and funding schemes. These grants are designed to help companies of all sizes and across different sectors to innovate, expand, and compete on a global scale.
Here, we will explore the top 7 government grants available for Singapore companies in 2024.
1. Productivity Solutions Grant (PSG)
PSG specifically targets Singaporean small and medium firms and seeks to increase the productivity of those firms by encouraging the use of IT solutions and equipment. The grant is available to any business that operates in retail, food, logistics, precision engineering, construction, landscaping and many others.
Key Features of PSG:
Funding Support: The PSG covers up to 80% of the cost of the qualification of IT solutions and equipment. This incredible support has the effect of easing the pressure on SMEs financially in fulfilling their obligations.
Eligibility: The following are the eligibility criteria for PSG: Your business must be registered and located in Singapore. Furthermore, except for software products, the IT solutions or equipment acquired or leased must be used in Singapore.
Application Process: Applying for the PSG for credit facility is easier as outlined in the following steps. Applicants have to apply on the Business Grants Portal (BGP) and have to select the solutions from only those vendors which are approved for it.
Benefits of Productivity Solution Grant (PSG):
Ease of Adoption: SMEs are easily able to get the specific IT solutions because the PSG has a list of pre-approved solutions thus organizations can choose from the list those that would improve productivity. This makes the decision-making process easier and most importantly, it emits reliability.
Cost Reduction: To ensure that it attains its goals and objectives the PSG subsidises up to 80% of the cost of implementing new technologies. This makes it possible for the SMEs to be in a better position to buy organizational tools that will enhance their performance.
Why Choose PSG?
Thus, Productivity Solutions Grant is the effective and applicable solution for SMEs in Singapore to switch their technological level and enhance the functional effectiveness. Irrespective of the manufacturing sectors such as retail, food services, logistics or any other supported industries, the PSG can subsidized the financial source for appropriate and efficient IT solutions. Consequently, it may result in heightened production, improved services, and, therefore, heightened revenues.
Steps to Apply for the PSG:
Identify Your Needs: Thus, identify what IT solutions and equipment can be deemed as most suitable addressing your productivity issues.
Select a Pre-Approved Vendor: Select vendors that are pre-approved to supply the solutions that you require from the list above.
Submit Your Application: Proceed to the Business Grants Portal (BGP) and complete the application process and provide all the supporting documents.
Implement the Solution: When the particular IT solution or equipment is approved for purchase or leasing, then go ahead and boost your productivity.
2. Enterprise Development Grant (EDG)
The Enterprise Development Grant (EDG) is a one-stop agency that offers fully-funded programs and services for Singaporean businesses to expand and upgrade their companies. It focuses on three key areas: Improving, strengthening and developing Core Capabilities, Innovations, Productivity, and Access to Markets.
Key Features of EDG:
Funding Support: Thus, the EDG covers up to 80% of the costs necessary for qualifying projects. It plays the role of enabling companies fund large development projects without the burden of raising all the finances on their own.
Eligibility: In order to be eligible for the EDG the company needs to be registered and carrying out its business in Singapore, have a minimum of 30% of local shareholders, and the company should be in a financially sound position to undertake and complete the proposed project.
Application Process: The EDG applications are now available the Business Grants Portal where the respective applications are submitted. The project proposals of the companies ought to contain briefs, goals, and objectives of the project as well as the envisaged results.
Benefits:
Comprehensive Support: Perhaps, the major strength of the EDG is the fact that it is comprehensive and cuts across all business disciplines. Regardless of whether your strategy is to improve the capacity of core business functions, become more innovative and productive, or to expand into new markets, the EDG offers the needed assistance to ensure that outcomes are realised.
Customizable: The EDG is rather a liberal concept that can be adjusted to individual needs of the existing enterprises. This means that the companies can be used to direct their attention to certain sectors that need some developmental boost and also ensure that the grant support appealed matches the company’s strategic plan.
Why Choose EDG?
The Enterprise Development Grant is thus the savior of Singaporean companies seeking to expand and revolutionize. Having internal capabilities, bringing innovations in your offered services and products, and penetrating to new markets, the EDG also offer you the financial help that will pave your way for success. In fact, by securing this grant, business firms are able to attain sustainable growth, enhance competitiveness, and dominate in the complex business environment.
Steps to Apply for the EDG:
Identify Your Project Needs: Categorize which sections of your business need improvement or even radical change.
Develop a Project Proposal: Develop a project proposal that covers the goals, the purpose, and expected achievements of the project in question.
Submit Your Application: Submit the project proposals and other relevant documents through the Business Grounds Portal whenever you are registering for a business grant.
Implement the Project: Once you have secured the approval for your project, then you should begin it with an aim of realizing the growth and transformation objectives.
3. Market Readiness Assistance (MRA) Grant
The Market Readiness Assistance (MRA) Grant is meant to help Singapore SMEs to enter foreign markets with the first step. This grant refers to the various tasks that are critical for internationalization including market preparation, screening of potential partners, and marketing of the business in the foreign markets.
Key Features of MRA Grant:
Funding Support: The claiming ratio from the MRA Grant is up to 70 percent of the eligible expenses, on the condition that the maximum amount provided cannot exceed S$100,000 per company for each new market. This tremendous support assists to decrease the expenses of venturing to other countries.
Eligibility: For a business to be eligible for MRA Grant, it must be registered to operate in Singapore, would have at least 30% of local shareholders, and must fit the SME category with turnover of less than S$100 million or employees totaling less than 200.
Application Process: I think it is aptly stated by mentioning that all applications are made via the Business Grant Portal (BGP) and the application must have a clear and specific project, which covers the proposals for internationalization and its aims.
Benefits of Market Readiness Assistance Grant (MRA):
Risk Mitigation: Through the granting of MRA grant it reduce the financial risks required to venture forth into the new markets. It has effectively filled the gap of providing with a strong financial support deriving eligible costs to SMEs so that they can venture into the international market with little restraint.
Comprehensive Coverage: This grant is useful for all the activities that will be indispensable for the successful international expansion. Whether it is the procurement of a new office, to conduct research on possible business partners or to market the company in the new market, the MRA Grant is the much needed financial support.
Why Choose the MRA Grant?
The Market Readiness Assistance Grant is one of the best tool for the SMEs in Singapore who want to venture in the international market. Through this, it assists firms to engage in new markets with lower capital risks as they get to share the financial burdens. This grant not only helps to establish the initial market in a foreign country but also sustains the attempts to penetrate further into the country’s market.
Steps to Apply for the MRA Grant:
Identify Target Markets: Define what global markets interest you and begin developing basic analysis.
Develop a Project Plan: You should also develop an action plan that should encompass the various activities that you’ll undertake when entering the market such as market establishment, identification of the partners for the market, and marketing promotion.
Submit Your Application: Append through the business grants portal with your proposed project plan and other supporting documents.
Implement the Plan: After this, implement the market entry plan that you have developed and use the grant funds for the expansion process.
4. SkillsFuture Enterprise Credit (SFEC)
The SkillsFuture Enterprise Credit (SFEC) is a credit system planned and formed by the Singapore government with an objective to encourage employers in Singapore to develop enterprise and workforce. This grant is supplementary to offer more funding so that enterprises can begin substantial change processes and capability enhancing projects.
Key Features of SkillsFuture Enterprise Credit (SFEC):
Funding Support: There is employer claim limit of up to S$10,000 and up to 90% funding for eligible enterprise development and workforce transformation expenses. This robust support is the reason why the companies can invest in significant changes quite easily.
Eligibility: Among the requirements for participation in the SFEC are the employer’s contribution to the Skills Development Levy and the provision of at least three local employees. This serves to ensure that the gains will be accorded to organizations that are already participating in the improvement of skill provision among the employees.
Application Process: In its turn, the main benefit of the developed digital financial system – the SFEC – is the implementation of the policy of automatic enrollment. There is no need for eligible employers to apply for the credit, they are Presumptively Approved automatically for the credit which makes it eaiser.
Benefits of SFEC Grant:
Comprehensive Support: To this end, the SFEC avails elaborate support to assist organizations in overseeing the costs of staff skill development and business improvement. The definition of organizational development can be much more diverse including training and developmental activities on the one hand, processes and technological enhancements on the other.
Ease of Access: Automatic enrollment eligibility for the employers means that SFEC has done away with a cumbersome r process of applying for such programs. They are also able to avoid the creation of new administrative jobs which in the end becomes a hindrance to enterprise’s transformation projects.
Why Choose SFEC?
The SkillsFuture Enterprise Credit is another strategic tool that offers employers in Singapore an opportunity to apply to the development and improvement of the enterprise’s performance together with human capital. The funding support of up to S$10,000 offered by the SFEC means that firms are able to spend on critical development programs that support the growth of the business and make it more competitive. This is especially useful for organizations that intend to create competitive advantage by improving their capacities and operations systematically.
Steps to Utilize the SFEC:
Check Eligibility: However, subject your business to the following requirements so that it qualifies for the SDF Fund by; having made its contribution to the Skills Development Levy and that it must have Three local employees.
Plan Your Transformation: Determine the business units and people in your organization that should be developed and design a map for change efforts.
Automatic Enrollment: You will get enrolled in the SFEC program as the employer meets the eligibility criteria for the program. A separate application is not required.
Implement and Claim: Go ahead with your intended enterprise development and the change management in the workforce. It is recommended that the funding received from SFEC pay out the amount that clients would spend which is up tp 90% if needed.
5. Startup SG Founder
The Startup SG Founder scheme is one of the Singapore government’s programs aimed to aid first-time founders of companies with unique business proposals. This scheme also provides a means of mentorship for the new generation of entrepreneurs while providing other forms of financial support that ensures that funds are provided to young people to enable them start their own businesses and grow them to enviable heights.
Key Features of Startup SG Founder:
Funding Support: The grant is S$50,000 with the founders matching 3:1 as mentioned in deliverable 3. This simply implies that for every dollar that the founders are willing to put down, they could get up to three times of that amount from the grant up to a maximum of S$50000.
Eligibility: The criteria for qualifying to the Startup SG Founder apply the following conditions to the applicants, these include; Although, the Scheme is open to only one time Startup Founder applicants with Singaporean citizenship or permanent residents. This ensures that the support is targeted towards local talent through the purchase of DVDs and Blu-Ray.
Application Process: The scheme applications have to be made through Accredited Mentor Partners (AMPs). These partners assess the business proposals as well as offer guidance on the application as well as business processes.
Benefits of Startup SG Founder:
Mentorship: As to the major selling points of the Startup SG Founder scheme, it is necessary to mention that applicants have an opportunity to get acquainted with experienced mentors. These people offer useful information and encourage beginners in the fulfillment of the objectives associated with the establishment of an enterprise.
Seed Funding: The scheme seems to offer the fundamental seed money, which is apt for meeting rudimentary start-up costs and thereby realizing innovative business concepts.
Why Choose Startup SG Founder?
The Startup SG Founder scheme has created a special platform for the new peacock entrepreneurs in starting their business in the country. In this scheme, they have committed a great deal of money both in form of capital to new firms and advisories thus alleviating some of the challenges of new entrants into the business world. They can concentrate in nurturing their ideas as they have all the finance requirements to work on them and also legal advice that may be needed.
Steps to Apply for the Startup SG Founder Scheme:
Develop Your Business Idea: Propose the idea for an original business venture that you think is viable.
Find an Accredited Mentor Partner (AMP): Find someone who works within the scope of this profession AMP will help in the preparation of documents and guide in choice of specialties and faculties.
Prepare Your Application: When developing the application you should consult with your AMP to ensure the business application is solid and details the business plan for the proper utilization of the grant.
Submit Your Application: Fill your application through the AMP and sending your proposal for grant approval as the AMP will facilitate your application.
Receive Mentorship and Funding: If you are successful with your application, you will receive the grant and support/continued guidance to get your enterprise off the ground.
6. Business Improvement Fund (BIF)
The Business Improvement Fund (BIF) is an STB’s program that supports the implementation of improvements and technologies in enterprises active in the field of tourism. This fund helps to envisage and redesign the business models and processes aimed at increasing productivity and competitive advantage within the sphere of tourism.
Key Features of Business Improvement Fund (BIF):
Funding Support: The BIF provides funding of up to 70% of the costs that meet its funding criteria. This considerable financial assistance enables different organisations involved in the field of tourism to implement various projects that facilitate enhancement of their activities.
Eligibility: To qualify for the BIF, the business must be incorporated in Singapore and is involved in the tourism business. This ranges from the hotels, travel agencies, tourist attractions, and any other business venture that is inclined to traveling.
Application Process: There are detailed parameters that are to be fulfilled in order to obtain the BIF and initial funding has to be sought online on the website of Singapore Tourism Board. It will be required for businesses to give project proposals with specifics on the manner in which funding is going to be utilised for innovation and productivity enhancement.
Benefits of BIF:
Sector-Specific: The BIF is designed for solely for the business within the tourism industry to support their needs. This makes the support specific and useful in addressing issues that are unique to the given industry and can translate into opportunities as well.
Innovation Focus: Such policy stimulates tourism companies use modern technologies and best practices. This focus assists the businesses in their ability to maintain their competitiveness and to fulfill the needs of the tourists.
Why Choose the BIF?
The BIF is another ready database that can be utilized by the Singaporean tourism related business to increase its efficiency and competitive advantage. In this way, the BIF helps businesses financially to introduce effective solutions and adjust their logistic chains. As well as enhancing functional performance the facilities also have a positive impact on the visitors’ experience which supports the expansion and prosperity of the tourism industry.
Steps to Apply for the BIF:
Identify Improvement Areas: Devise which areas of your business they would like to innovate or integrate with technology.
Develop a Project Proposal: Write a proposal that will include the project aims and objectives, the feasibility and extent of the project, and the anticipated results. Explain how the project enhances productivity and or the competitiveness of the business.
Submit Your Application: Submit it through the Singapore Tourism Board grant application via the internet with the articles in your project proposal.
Implement the Project: After that, go for the execution of the project, using the funds for the advancement of the organization and enhancement of the business processes.
7. Enterprise Financing Scheme (EFS)
The Enterprise Financing Scheme (EFS) is a initiatives that have integrated a number of financing schemes into a single scheme to formulate a better financing support for singapore enterprises. The EFS basically consists of working capital loans, trade loans, and venture debt loans that can be availed according to the requirements of the business.
Key Features of EFS:
Funding Support: The scheme entails government guarantees of up to seventy percent of the SME loans. This large exposure relationship assists financial institutions to grant loans to SMEs with reduced risk.
Eligibility: The qualification criteria for the EFS include being registered and operating from Singapore; They must also be at least 30% Singapore owned. This is to ensure that the above scheme fully promotes the operations of the local business entities.
Application Process: Churches make special appeals for funds to the EFS through the financial institutions that are members of the scheme. The loan components of the scheme can thus only be accessed if businesses visit these institutions to seek an approval.
Benefits of EFS:
Comprehensive Coverage: The EFS provides the clients with different products in an effort to aid in financing their various needs in business. Whether it is a need for working capital to finance the company’s operations on a daily basis or trade finance to support international businesses or venture finance for expansion, everything is possible with EFS.
Risk Mitigation: The existence of the government’s risk share element lessens the risk for the financial institutions hence enabling SME’s to access the necessary loans. This in turn fosters more credit to the SMEs enabling them get the much needed finance for growth and expansion.
Why Choose the EFS?
It is one that Singaporean businesses hence need to consider especially if they require financing for one reason or the other. As a synthetic and integrated source of credit financing, the EFS provides a less complex and more adequate solution for firms’ funding needs. The fact also that the scheme shares risk with the financial institutions that fund SMEs also helps the business to grow and become more solid by easing access to credit.
Steps to Apply for the EFS:
- Determine Your Financing Needs: Determine your particular financial requirement for your business, which could be operating capital, funds for imports/exporting or expansion capital.
- Choose the Appropriate Loan Component: Depending on the financing requirements, choose the right segment of EFS that might include the working capital loan, trade loan, or the venture debt loan.
- Approach a Participating Financial Institution: One of the participating financial institutions has to be consulted in order to get more information on the financing opportunities that will suit you best and to start the application process.
- Prepare and Submit Your Application: The following action plan will help you to work with the financial institution and supply all the needed documents for your loan:
- Utilize the Loan: Once approved, apply the loan for your business requirements ideal for operations, trading, or expansion.
Conclusion
In 2024, the Singapore government continues to offer robust support to businesses through a variety of grants aimed at enhancing productivity, innovation, and market expansion. These grants provide vital financial assistance, reducing the barriers to growth and enabling companies to compete more effectively on a global stage. By leveraging these grants, Singapore companies can enhance their capabilities, explore new markets, and achieve sustainable growth.
Understanding and applying for these grants can be a complex process, but the benefits they offer make it well worth the effort. Companies should carefully assess their needs and align them with the appropriate grant schemes to maximize their chances of success. With the right support, Singapore businesses can look forward to a year of innovation, expansion, and increased competitiveness.