Grants keep changing in Singapore. It is to support the SMEs for great growth while dealing with high operating costs in Singapore. It will help to boost business growth as well. Some of the grants are worth looking into, and may be related to your industry.
Enterprise Development Grant
Upgrade business capabilities, innovate or venture overseas.Scheme supports projects in three key categories - core capabilities, innovation and productivity, and market access. Support of up to 70% to continue till 31 March 2023.
Productivity Solutions Grant
Support of up to 70% to continue till 31 March 2023.Expanded scope will include a training subsidy that covers 70% support for out-of-pocket training expenses, capped at S$10,000 per enterprise.
Startup SG Founder
This grant provides mentorship and startup capital grant to first-time entrepreneurs with innovative business ideas. Enterprise Singapore will match $3 for every $1 raised by the entrepreneur.
Enterprise Singapore has appointed Accredited Mentor Partners (AMP) that will identify qualifying applicants based on the uniqueness of business concept, feasibility of business model, strength of management team, and potential market value.
Startup SG Loan
This grant pillar highlights Government-backed loans for your working capital, equipment/factory financing and trade financing needs, offered through Participating Financial Institutions.
Enterprise Development Grant (EDG)
It is a new initiative targeting Singapore companies to grow and transform. Previously known as Capability Development Grant (CDG), this grant supports projects that help to elevate your business, innovate or venture overseas under three core pillars;
1. Core Capabilities strengthen business foundations through projects such as Business Strategy Development, Financial Management, Human Capital Development, Service Excellence and Strategic Brand and Marketing Development. 2. Innovation and Productivity supports companies that are seeking new areas of growth and to make routine tasks more efficient through projects such as Automation, Process Redesign and Product Development. 3. Market Access supports Singapore Companies to defray costs of expanding into overseas markets through projects such as Mergers and Acquisitions (M&A), Overseas Marketing Presence, Pilot Project and Test Bedding and Standards Adoption.
The grant defrays up to 70% of qualifying project costs such as third-party consultancy fees, software and equipment and incremental internal manpower costs. Applications will be assessed by Enterprise Singapore based on project scope, project outcomes and competency of service provider. Companies applying for EDG support for consultancy-related costs must engage management consultants with ESG- recognised certification.
Productivity-Max (P-Max) Programme
The purpose of P-Max Programme is to assist SMEs in the recruitment of Professionals, Managers and Executives (PMEs), as well as to retain them.
Agency: Singapore Workforce Development Agency (WDA)
Amount: Reimburse up to 90% of course fee, one off $5,000 assistant grant if SMEs retain the new hire PME for at least 6 months and SMEs successfully complete a 6-month follow up and receive the endorsement of the programme manager