Fortunately, the Singapore government recognises the importance of helping businesses nationwide and has put together multiple grants to help firms bolster the impact that we will continue to face as the pandemic continues.
With that, here are our top picks for the best COVID-19 grants and support measures to help businesses in 2021!
Together with the MAS Financial Sector Technology and Innovation (FSTI), the Digital Acceleration Grant (DAG) aims to support qualified financial institutions and FinTech companies as they adopt digital solutions to grow their business. This can also allow firms to increase efficiency, enhance their operations, and serve their customers better as well.
Successful applicants can receive 80% co-funding of qualifying expenses for applications submitted before 31 December 2021, and 70% co-funding will apply subsequently. This covers both hardware and software, such as maintenance, licenses, and professional services associated with the adoption of digital solutions.
There are two types of projects that are supported by this grant: Institution Project and Industry Pilot.
Here’s all you need to know:
In a collaborative effort to support the fintech industry in Singapore, the Monetary Authority of Singapore (MAS), Singapore FinTech Association (SFA), AMTD Group and AMTD Foundation launched the FinTech Solidarity Grant worth S$6 million.
Through this scheme, fintech firms who have been hit hard by the challenges brought by the COVID-19 pandemic can use these funds to manage their cash flow more efficiently, generate new business innovations, and seek growth strategies for their business.
This grant can be split into 2 categories: the Business Sustenance Grant and the Business Growth Grant. Here’s a detailed breakdown of both grants:
The Temporary Bridging Loan Programme was announced as part of the Solidarity Budget 2020, which aims to provide additional cash support and working capital for enterprises in the tourism sector—one of the industries hit hardest by the pandemic.
Eligible applicants can loan up to S$5 million with an interest rate capped at 5% p.a. With a maximum repayment period of 5 years. To supplement the loans that need to be repaid, the Government’s risk share of loans have been increased to 70% from 1 April 2021 till 30 September 2021.
As part of the revised scheme, the TBLP has been extended up to 30 September 2021. To supplement
Affected enterprises in the F&B and retail sectors can benefit tremendously from the Digital Resilience Bonus. This scheme was introduced to help businesses enhance productivity and operational efficiency through digital solutions such as:
Unlike other grants and schemes available, companies are not required to manually apply for this bonus as the Providers of Qualified Solutions will automatically submit your UEN to IMDA if you are using any of the digital solutions above between 1 June 2020 and 30 June 2021. With regards to the funding support provided, F&B and retail businesses can go up to S$10,000 each in payouts.
Although this initiative was launched before the pandemic came about, the Enterprise Finance Scheme can still help many businesses gain access to funding throughout their different stages of growth—creating new products to expand overseas.
The scheme covers six main areas of financing:
Apply for Enterprise Finance Scheme here
While a significant amount of Singaporeans are still working from home as a result of the ongoing pandemic, there are several companies who have already gone back to their respective offices. But due to the impact of COVID-19, it has resulted in an economic downturn and affected many landlords and tenants in the country.
To help affected SMEs with their cash flow, the Rental Relief Framework seeks to help enterprises and specific non-profit organizations by providing temporary relief from accumulated rental obligations.
This will be given in the form of a cash grant to property owners including property tax rebate.
The Rental Relief Framework applied to eligible tenants of prescribed properties in qualifying license or leases that are in writing, which are:
Considering the current business climate that we’re facing, it may be challenging to find avenues for funding on your own. That’s why we should tap into the resources made available to us by the Government and take full advantage of the grants you may be eligible for.
If you enjoyed this article, check out Singapore Startup Grants: A Guide to Get Funding below.
The impact that COVID-19 has had across multiple industries all over the world is hard to miss. We’ve seen businesses close down and companies downsizing their operations just to stay afloat during this challenging economic downturn.