Business Support Grants
The Singapore government is dedicated to fostering a pro-business environment that supports the growth and development of small and medium enterprises (SMEs). Recognizing the crucial role that SMEs play in the economy, various grants and support schemes have been established to help these businesses innovate, expand, and remain competitive in the global market. These grants provide essential funding for a wide range of business activities, from enhancing productivity and adopting new technologies to expanding overseas and developing employee capabilities.
Here are some key grants available for SMEs:
1. Enterprise Development Grant (EDG)
Purpose:
Aims to support comprehensive business growth and transformation projects in areas like core capabilities, innovation, and market access. This grant helps SMEs to develop and implement strategies for sustainable growth. Grant Amount: Covers up to 70% of project costs.
Eligibility:
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Registered and operating in Singapore.
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At least 30% local shareholding.
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Financially capable of completing the project.
2. Productivity Solutions Grant (PSG)
Purpose:
Assists businesses in adopting IT solutions and equipment to enhance productivity and operational efficiency. This grant is particularly aimed at helping SMEs integrate technology into their business processes. Grant Amount: Up to 80% of qualifying costs.
Eligibility:
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Registered and operating in Singapore.
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At least 30% local shareholding.
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Group annual sales turnover less than SGD 100 million, or fewer than 200 employees.
3. Early Stage Venture Fund
Purpose:
Provides seed funding to technology startups to accelerate their growth and development. This grant is aimed at supporting innovative tech enterprises in their early stages. Grant Amount: Investments range from SGD 10 million to SGD 50 million.
Eligibility:
Singapore-registered technology-based startups.
4. Market Readiness Assistance (MRA) Grant
Purpose:
Supports businesses in expanding their operations overseas by providing funding for market setup, business development, and promotional activities. Grant Amount: Up to 70% of eligible costs, capped at SGD 100,000 per company per new market.
Eligibility:
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Registered and operating in Singapore.
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At least 30% local shareholding.
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Fewer than 200 employees or annual turnover below SGD 100 million.
5. Career Conversion Programmes (CCP)
Purpose:
To provide employers with up to 90% salary support (capped at /month) to reskill mid-career new hires or existing employees into new, in-demand roles. Covering roughly 30 sectors, this initiative helps businesses transform their workforce while offering job seekers secure career pivots.
Key Details for Employers:
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Funding Amount: Up to 90% salary support for mature (age 40+) or long-term unemployed workers (capped at /month).
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Standard Rate: Up to 70% salary support for other employees (capped at /month).
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Training Options: Includes Place-and-Train, Job Redesign Reskilling (JRR), and customized programs.
Eligibility:
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Employers: Must be registered or incorporated in Singapore and offer a structured on-the-job training (OJT) plan.
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Individuals: Must be Singapore Citizens (SCs) or Permanent Residents (PRs), aged 21+, and not in the same job role previously.
Ready to explore the grants available for your business? Contact us today to speak with one of our expert advisors and discover how we can help you unlock funding opportunities and achieve your business goals through government grants.