Singapore is known for its robust business ecosystem, offering a variety of grants through Enterprise Singapore (ESG) to help small and medium-sized enterprises (SMEs) grow and thrive. For 2024, ESG continues to focus on digitalization, productivity, internationalization, and workforce transformation. Here’s an overview of the grants available and how businesses can leverage them for growth.
1. Enterprise Development Grant (EDG)
The Enterprise Development Grant helps businesses strengthen their core capabilities, drive innovation, and expand internationally. It provides up to 80% funding for qualifying costs, such as consultancy fees, software, and equipment.
Who Should Apply?
Businesses with a strong operational track record and financial viability can benefit, especially with the guidance of an EDG grant consultant.
Eligibility Criteria:
- Registered and operating in Singapore
- Minimum 30% local shareholding
- Financially viable
Key Focus Areas:
- Core Capabilities: Enhance foundational business areas like branding or financial management.
- Innovation & Productivity: Drive efficiency through automation and digitalization.
- Market Access: Support for international expansion efforts.
An EDG grant consultant can assist in meeting application requirements and aligning projects with the grant’s goals.
2. Productivity Solutions Grant (PSG)
The PSG supports SMEs adopting technology to improve productivity, offering funding for pre-approved digital solutions. It covers up to 80% of costs.
Who Should Apply?
SMEs looking to streamline processes with simple, ready-to-use solutions, such as those for customer or financial management.
Eligibility Criteria:
- Registered and operating in Singapore
- At least 30% local shareholding
- Annual turnover below S$100 million or fewer than 200 employees
What It Covers:
- Digital solutions tailored to specific industries
- Approved equipment and software
- Solutions must be implemented in Singapore
3. Market Readiness Assistance (MRA) Grant
The MRA Grant supports SMEs expanding into international markets by covering costs like marketing, business development, and market setup. Funding covers up to 70% of costs, capped at S$100,000 per market.
Who Should Apply?
Businesses seeking financial aid to enter new markets.
Eligibility Criteria:
- Registered and operating in Singapore
- Minimum 30% local shareholding
- Annual turnover under S$100 million or fewer than 200 employees
Funding Breakdown:
- Market Promotion: Advertising (up to S$20,000)
- Business Development: Partner identification (up to S$50,000)
- Market Setup: Incorporation fees (up to S$30,000)
Applications should be submitted through the Business Grants Portal no more than six months before the project start date.
4. SkillsFuture Enterprise Credit (SFEC)
SFEC offers a one-time S$10,000 credit to help businesses invest in employee upskilling and workforce transformation, covering up to 90% of out-of-pocket training expenses.
Who Should Apply?
Companies investing in workforce reskilling, training programs, or innovation.
Eligibility Criteria:
- Annual contributions of at least S$750 to the Skills Development Levy
- Employ at least three Singapore citizens or permanent residents
Key Uses:
- Enterprise Transformation: Funding for innovation and digitalization projects (up to S$7,000).
- Workforce Transformation: Covers the full credit for employee training and reskilling.
5. Land Productivity Grant (LPG)
The LPG helps businesses optimize land usage by funding relocation costs, especially for those moving operations overseas. It covers up to 70% of related costs.
Who Should Apply?
Companies relocating to free up industrial land or improve operational efficiency.
Eligibility Criteria:
- Registered and operating in Singapore
- Situated on industrial land
- Able to achieve at least 0.1 hectares of land savings
What It Covers:
- Moving machinery and equipment
- Consultancy for workflow design or feasibility studies
- Manpower costs for setting up new facilities
Choosing the Right Grant for Your Business
Selecting the right grant depends on your business goals:
- EDG: Comprehensive support for foundational improvements and international expansion.
- PSG: Industry-specific solutions for productivity and technology upgrades.
- MRA: Financial support for overseas expansion.
- SFEC: Workforce training and transformation.
- LPG: Assistance with relocation to optimize land use.
Engaging a EDG grant consultant can help businesses maximize benefits and ensure alignment with grant requirements.
Application Process
Applications are submitted via the Business Grants Portal. Required documents include a detailed project plan, financial records, and supporting materials. Ensure your project aligns with the grant’s objectives for a smoother process.
Final Thoughts
Enterprise Singapore’s grants are invaluable for businesses aiming to innovate and grow. From the enterprise development grant (EDG) for comprehensive transformation to the productivity solutions grant (PSG) for specific digital solutions, there’s a grant to suit every business stage. Carefully review eligibility and requirements to make the most of these opportunities, positioning your business for long-term success.
