There are many incentives available in Singapore to assist SMEs with their digital transformation. Depending on the market you operate in, digital technology may produce revenue or cut costs for your organisation. It is important to know which Singapore grants are most suited to your company’s needs.
Let us briefly go through 5 grants that might be suitable for your business:
Enterprise Development Grant (EDG)
The Enterprise Development Grant, known commonly as the EDG, was created by Enterprise Singapore to help Singaporean firms grow and modernise. “Core Capabilities” is a pillar that may be applied to any organisation attempting to adapt digitally, regardless of industry. This grant is for businesses that are working on their business strategy or their strategic brand and marketing development.
Furthermore, the EDG does not support corporate or marketing materials such as videos, websites, photography, or copywriting. However, a Singapore SME can still use the EDG for digital marketing strategy and digital business transformation.
Project costs that meet certain criteria, such as third-party consulting fees, software and equipment, and internal personnel costs, are supported by EDG. According to the Singapore Budget 2021, the maximum financing level would be increased to 80% and extended from 30 September 2021 to 31 March 2022.
SMEs Go Digital
If you are a newly incorporated SME that has recently begun your business or is unfamiliar with digital technologies, you can sign up for a Start Digital Pack. The Infocomm Media Development Authority’s (IMDA) SMEs Go Digital Program was started in January 2019 to provide basic and cost-effective digital solutions to new SMEs.
Furthermore, one of the five categories covered by the Start Digital Pack is digital marketing. A Start Digital Pack is available to each qualified SME through one of the Start Digital Partners.
Productivity Solutions Grant (PSG)
The Productivity Solutions Grant (PSG) helps firms that want to improve their business operations by integrating IT solutions and equipment. Retail, food, logistics, precision engineering, construction, and landscaping industries all have vertical-specific software solutions. Customer management, data analytics, financial management, and inventory tracking are just a few of the horizontal-specific software solutions accessible.
The maximum finance assistance level was raised from 70% to 80% from April 1, 2020, to March 31, 2022, in order to encourage enterprises to continue their digitization and efficiency development activities.
SkillsFuture Enterprise Credit
The SkillsFuture Enterprise Credit (SFEC) is a veritable maze that encompasses a whole slew of supported enterprise and workforce transformation programmes. It’s worth investigating in-depth for each SME to meet diverse needs in various industries, but one method to put it to use is to send personnel on Digital Marketing Courses. The SFEC has the ability to fund up to 90% of these training courses.
Employees can also use their own SkillsFuture credits to help defray the costs of these classes. When they reach the age of 25, all Singaporeans will receive a S$500 opening credit. In 2020, all Singaporeans aged 25 and up will receive a S$500 bonus. Individuals between the ages of 40 and 60 are given a $500 bonus as mid-career support. In addition, if your company has a clear tourism focus, the Business Improvement Fund (BIF), which is part of the SFEC’s enterprise transformation sector, supports projects in the same way that the EDG does (see above), but only for tourism businesses.
Union Training Assistance Programme (UTAP)
If your employee is an NTUC member, they can take advantage of UTAP, a training benefit that helps NTUC members pay the cost of Digital Marketing Training in order to encourage them to improve their abilities.
When NTUC members enrol in UTAP-supported courses, they can receive 50% unfunded course fee help of up to $250 per year. For courses taken between July 1, 2020, and December 31, 2022, members aged 40 and older can get higher funding support of up to $500 per individual per year, capped at 50% of unfunded course prices.
For EDG grant applications, those pertaining to SMEs go digital, PSG, SFEC or UTAP, it is important to hire the services of a certified business grants consultant in Singapore for a hassle-free and smooth procedure.
