If you are thinking of taking your business to the next level but are experiencing difficulties with funding, you should consider tapping into the various grants provided by Enterprise Singapore.
In October 2020, Enterprise Singapore (ESG) announced that they would be extending and enhancing the various grants and support schemes to help companies tap into new growth opportunities through internationalisation and digitalisation in order to emerge stronger after COVID-19.
Although both statutory boards can be quite similar, Enterprise Singapore (ESG) and Workforce Singapore (WSG) still have their distinct differences. Enterprise Singapore was set up by the Ministry of Trade and Industry in Singapore while Workforce Singapore was established by the Ministry of Manpower (MOM).
While the focus of WSG is to provide jobs and enterprises for the local workforce to meet global economic challenges, ESG is more centred towards creating opportunities for local SMEs to upgrade, innovate, transform, and internationalise.
The Enterprise Development Grant (EDG) is managed by Enterprise Singapore with the aim of helping local SMEs build internal capabilities in three main areas: Core Capabilities, Innovation and Productivity, and Market Access.
This specific grant is most suitable for companies who have already been in operation for a significant amount of time and wish to upgrade or innovate their business, or expand overseas. The EDG can grant up to 80% of qualified project costs including internal labour costs, consultancy feed, and purchase of software and equipment.
To find out how to apply for the EDG, click here.
In order to support companies who want to incorporate technology in their operations, the PSG covers the cost of off-the-shelf productivity solutions and equipment that have been pre-approved by the Government. This grant will be able to fund sector-specific solutions such as the retail, food, engineering, logistics, construction, and landscaping industries; as well as other fields including customer management, data analytics, and financial management.
Similar to the EDG, this grant also allows for a maximum of 80% in funding support for applicants.
Click here for the step-by-step guide on how to apply for the Productivity Solutions Grant.
The focus of this grant is to provide aid for companies who want to take their business to the next level and expand overseas. This includes support schemes such as identification of overseas business partners, overseas market set-up, and overseas market promotion.
Eligible SMEs can receive up to 70% of eligible costs, capped at S$100,000 per company per new market that covers:
From 1 November 2020 to 30 September 2021, the maximum support level will be raised from 70% to 80%. Through these efforts, businesses can receive the needed boost in the international market, which can benefit them greatly in the long run.
For interested business owners, you may apply directly through the Business Grants Portal. Do note that companies must submit your applications no earlier than six months of the project start date.
This funding scheme encourages employers to take on enterprise and workforce transformation programmes. These programmes have been curated by Workforce Singapore and SkillsFuture Singapore, which include training courses, sector-specific programmes, and Professional Conversion Programmes. To find out the entire list of SFEC-supportable programmes, click here.
Eligible employers will receive a one-off S$10,000 credit to cover up to 90& of out-of-pocket expenses. Enterprise transformation can be used up to $7000 only while Workforce Transformation can be used up to the full $10,000.
Since eligible applicants will be informed in writing automatically by Enterprise Singapore, there is no need to apply formally for the SFEC.
Enterprises that are interested in optimising land use through domestic or international relocation can look into the Land Productivity grant (LPG) to cover the initial relocation costs. This grant covers one-time, non-capital expenses related to the relocation. For approved projects, funding support will be between 10% all the way to 70% of the qualifying costs, depending on the remaining lease term and amount of land freed up.
The qualifying costs include:
As one of the world’s best countries to do business in due to its affordable access to funding, it is important for local companies and enterprises to tap into these benefits that are readily available for them. If you want to expand your company to greater heights, whether locally or internationally, take note of these grants that can do just that for you and your business.