Singapore’s government has long been supportive to SMEs, offering a variety of financial assistance options ranging from tax benefits to grants. As a result, this is one of the numerous reasons why the Lion City has become such a desirable location for global businesses to establish themselves. That is why it is critical to understand what types of grants and schemes are available to businesses. There are business grants suitable for all types and scales of business in Singapore.
Business Grants– a pioneer business consultant in Singapore shares a list of the top 3 SME grants Singapore tailored for small enterprises and entrepreneurs based on their specific requirements. Get an appointment with our Grants’ experts for in-depth understanding of all financing options available in Singapore.
Top 3 SME Grants Singapore for SMEs
Enterprise Development Grant (EDG)
The Enterprise Development Grant was introduced by Enterprise Singapore (ESG) in 2018. This SME grant is essentially a hybrid of the old Capability Development Grant (CDG) and Global Company Partnership (GCP) Grant. The EDG intends to assist Singaporean SMEs by developing internal capacities in three key areas: core capabilities, innovation and productivity, and market access.
This grant is intended for local businesses that want to modernise their operations, innovate, or grow internationally. It covers up to 80% of approved project expenditures, such as consulting fees, software and equipment purchases, and internal labour costs. The application for an EDG award will be evaluated based on the project scope, project outcomes, and service provider expertise.
Market Readiness Assistance (MRA)
The Market Readiness Assistance is designed to assist Singapore SMEs in expanding and gaining access to foreign possibilities, including market setup, identification of overseas partners, and promotion.
This award will pay up to 70% of eligible costs, with a ceiling of S$100,000 per company per new market. The breakup of the award is maximum S$20,000, S$50,000 and S$30,000 for overseas market promotion, overseas company development and set-up of an overseas market respectively. Small and medium-sized enterprises (SMEs) must submit applications at least six months before the project’s start date.
The P-Max program’s primary goal is to assist SMEs in recruiting, training, managing, and retaining newly hired PMETs (Professionals, Managers, Executives, and Technicians). This scheme is best suited for local SMEs wishing to hire PMETs and/or improve their company’s HR processes.
Participating SMEs can also receive a course fee subsidy of up to 90% for PMET, SME training workshops, and Age Management workshops. Furthermore, following completion of the Programme and six-month retention of newly hired PMETs, qualified SMEs will receive a one-time $5,000 Assistance Grant or $10,000 Assistance Grant.
How to Identify the Suitable SME Grant?
Before deciding which SME grant schemes to apply for, it is best to understand the needs of your business to maximise the use of the facilities and supports. As an experienced business consultant in Singapore, Business Grants helps you choose from among EDG Grants, Market Readiness Assistance Grant and others.
- Enterprise Development Grant: EDG grant is best suitable for companies looking to upgrade the business, innovate or expand overseas.
- Market Readiness Assistance: MRA grant is best suitable for companies looking to expand to overseas markets.
- Productivity-Max (P-Max): P-Max is best suitable for companies looking to hire and improve HR practices
Still confused? Get an appointment with Business Grants business consultant for narrowing down to your suitable grant and other financing possibilities for your business in Singapore. Know more about the benefits of each grant, financial assistance ceilings, eligibility and assessment criteria, application procedure and relevant topics of interest from our expert team.
Business Grants are easier to obtain when compared with other funding sources for your business. If you own a small business and could benefit from more funding to grow your company, there are numerous such grants, subsidies, and financial assistance programmes available to you in Singapore. With so many possibilities to pick from, don’t pass up the opportunity to take advantage of the resources that are right in front of you. With Business Grants– your business consultant Singapore, you can now access a whole lot of funding options in the city state of Singapore.