The Singaporean government works very hard to create an environment that is supportive of small and medium-sized businesses and their growth. Small businesses require money in order to grow, expand their product lines, and increase their market share.
In this article, you will discover the different SME grants in Singapore to cut off some slacks on your business finances.
Grants for Overseas Expansion
The government provides assistance through a variety of subsidies and resources for local businesses intending to increase their global reach.
Enterprise Development Grant (EDG): Under the Market Access pillar, the EDG offers finance to Singaporean businesses looking to improve their core competencies, innovate, or penetrate foreign markets. The initiative will cover up to 80% of eligible project expenditures for the food services and retail sectors from 1 April 2022 to 31 March 2023.
Market Readiness Assistance (MRA) Grant: This grant gives SMEs who want to expand internationally a much-needed financial boost. Up to S$100,000 per firm per new market, you can get funding for up to 70% of eligible costs associated with promoting your business and setting up your market overseas.
Grow Digital: A grant program run under the SMEs Go Digital initiative, aims to support SMEs in expanding their e-commerce international sales. SMEs can gain from intelligent client matching with international customers, access to finance offerings made possible by e-commerce platforms and cross-border e-commerce talent development.
Financial Support for Manpower
Rising labour expenses will continue to be a major problem for small firms in 2023 due to a tight labour market. These programs and grants increase your headcount to ease your labour problems.
Progressive Wage Credit Scheme (PWCS): Aims to assist companies in improving the lot of their lower-paid employees. Government co-funding will begin in 2023 and climb to 50% by 2026 for pay hikes up to a cap of S$2,500 in gross monthly wages. Co-funding help will be available until 2024 for pay increases up to a maximum of S$3,000 gross per month.
Jobs Growth Incentive (JGI): It has just been extended through March 2023 and aids businesses in their attempts to increase local hiring in a competitive labour market. Only people with impairments, ex-offenders, and mature locals 40 years of age and older who have been jobless for at least six months are eligible for the Phase 5 program. For the first six months of these new hires’ employment, the government will contribute 20% of their first S$6,000 in gross monthly wages.
Funding for Employee Training
In today’s world of rapid change, lifelong learning is more important than ever, and the government provides a wide range of incentives to encourage upskilling. Utilize these free training programs to keep your team member’s skills current and increase your workforce.
Enterprise Leadership for Transformation (ELT): This one-year program is made to assist SME business executives in developing their capacity for entrepreneurship and growth. In addition to studying market evaluation techniques and participating in a market immersion tour, leaders will learn how to create a customized business growth strategy. Businesses that meet the requirements might receive up to 90% of the cost of the program.
SkillsFuture Career Transition Programme (SCTP): SCTP provides training assistance for people changing careers mid-career and moving into other industries or roles. Courses are being offered both full-time and part-time, with an emphasis on fields like advanced manufacturing and information technology that have numerous job openings. For up to 90% of the cost of the courses, financial aid is available.
SGUnited Mid-Career Pathways Programme: This attachment program helps in the development of fresh, in-demand abilities in mid-career workers. Individuals 40 years of age and older are eligible to enrol in attachment programs and receive training from host organizations for up to six months. Trainees will get a monthly allowance of up to S$3,800, with the government covering 70%.
Financial Support for Energy
Many SMEs are suffering as a result of rising electricity costs; food and beverage businesses have reported an increase in electricity costs of 40% to 472%. With the aid of these grants, improving energy efficiency can help both your business and the environment:
Energy Efficiency Grant: This recently announced grant offers co-funding for SMEs to purchase more energy-efficient machinery. It is intended for companies in the food service, manufacturing, and retail industries, would pay up to 70% of the expenses of approved equipment in categories including LED lighting, air conditioners, cooking ranges, and refrigerators, with a maximum annual grant of S$30,000.
Enterprise Development Grant (EDG): The EDG offers assistance to businesses to increase productivity and optimize resource utilization in areas including water, energy, and carbon under the Innovation and Productivity pillar. The initiative will pay up to 80% of eligible project expenditures for the food services and retail sectors from 1 April 2022 to 31 March 2023.
Grants for Digital Transformation
The secret to increasing productivity for SMEs, as they battle growing prices and a labour shortage, is to go digital. With resources ranging from digital starter kits to financial assistance, the SMEs Go Digital program serves as an umbrella initiative to promote SMEs’ use of digital technology. This includes:
Productivity Solutions Grant (PSG): The grant provides support for up to 70% of the cost for businesses implementing digital solutions to automate their workflows. Along with cross-sector topics like customer management, data analytics, financial management, and inventory tracking, it covers sector-specific solutions for the retail, food, logistics, construction, and precision engineering industries.
Advanced Digital Solutions (ADS): Innovative SMEs can use ADS to expand their digital skills and improve their readiness for the future. Up to 80% of the adoption expenses for cutting-edge technologies like AI and blockchain, as well as integrated solutions, are covered by funding support.
With the digital marketing strategy, business growth is easier
Jump start your Digital journey with Digital Growth Grant (DGG) together with Intellinz!
DGG covers areas from Accounting, Human Resources Management, Marketing, ACRA Report Requirements to IRAS Corporate Tax Reports to serve the needs of Singapore Based Incorporated Companies. With up to 50% subsidizing support. DGG fills in the gap when you are not eligible for Productivity Solutions Grant (PSG). DGG is not just about Technology and expensive high-end solutions.
Entrepreneurs’ path is filled with uncertainty with every new strategic and digital marketing strategy. The Digital Growth Subsidy is administered and executed by EBOS Cloud Accountants. The scheme is a commercial initiative supported by EBOS SG Pte Ltd, EBOS group of companies and partners.
Even if you do not meet the eligibility for DGG but you are able to demonstrate that your company will create new jobs and significantly increase your turnover, you may be able to access the DGG Grant. This program will offer a reduced subsidy for companies with 0% local shareholding. In order to qualify, your business must meet certain criteria and you must have agreed to our terms and conditions.
Get in touch with our success team to get a quotation within 3 days only at Intellinz.
