Looking for business grants to support your company? Did you know that both Small and Medium-sized Enterprises (SMEs) are some of the most important parts of Singapore’s economy?
In fact, they form about 99% of all enterprises that are available in Singapore. Unfortunately, both Small and Medium-sized Enterprises in Singapore have been hit hard by the COVID-19 situation. Retail and F&B sector taking the hardest hit.
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There is a number of different business grants provided by the Singaporean government. Local business owners can take advantage of to help their businesses get on their feet again. Applying for an SME business grant is one of the best ways to protect your job, improve your productivity, and reduce some of your business operational costs. But before you make any decisions in regards to which SME business grant you are going to apply for, the first thing that you need to do is understand the needs of your business. And now, here are nine of the best SME business grants that you can find in Singapore these days!
1. Business Grants – P-Max
Placing job-seeking Professionals, Managers, Executives, and Technicians (PMETs) into suitable job roles is something that the people behind P-Max are really good at. This program can also assist enterprises when it comes to recruiting, training, managing, and retaining newly hired PMETs. On top of that, P-Max can also promote progressive HR practices within the SME ecosystem. Enterprises will only need to pay a net course fee of 10% for the respective SME and PMETs workshops.
2. Business Grants – Global Ready Talent Program
The main goal of the Global Ready Talent Program is to build a pipeline of global-ready talent for Singaporean enterprises. This program does a great job of exposing Singaporeans to overseas work opportunities and internships. The Management Associate Program and Local and Overseas Internships are some of the most important components of the Global Ready Talent Program. If your enterprise offers either management associate programs or student internships, you might be eligible for funding support of an astonishing 70%.
Productivity Solutions Grant
If your company is all about adopting IT solutions and equipment, then the Productivity Solutions Grant might be your best option. Click here to start applying PSG.
To apply for this grant, your business must be registered and operating in Singapore. Your purchase/lease/subscription of the IT solutions or equipment must be used in Singapore. You must have a local shareholding of at least 30% (your Company’s Group annual turnover sales must be either less than S$100 million or less than 200 employees).
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If you are planning on going digital and if you would like to get a head start, there is no doubt that Start Digital is the right option for you. New enterprises can select any two free foundational digital solutions from the following categories:
- Digital Marketing
- Human Resource Management System & Payroll
- Digital Transactions
It is also important to note that these enterprises will need to commit to a period of at least 18 months.
E-Commerce Booster Package
The main goal of the E-Commerce Booster Package is to support business owners. This is especially when it comes to diversifying and finding new ways to reach their target customers by taking their businesses online. This package deals with the following three things:
- E-commerce for the domestic market
- E-commerce for overseas markets
- Digital marketing capabilities for marketers
With this package, your business would be able to receive one-time support of an astonishing 90%.
Enterprise Development Grant
The Enterprise Development Grant is one of the other business grants that can help you either upgrade or innovate your business. It might even be able to help you take your business overseas. This grant can help you fund qualifying project costs of your business (software and equipment, internal manpower, and consultancy fees). If your business has been severely impacted by the COVID-19 pandemic, there is a good chance that the maximum support level for your business will be increased by 90% on a case-by-case basis.
Market Readiness Assistance Grant
When it comes to taking your business overseas, the Market Readiness Assistance Grant is one of the best options out there. If your business is eligible for this grant, you can expect to receive the following support:
- Up to 70% of eligible costs – overseas market promotion (capped at S$20,000), overseas business development (capped at $50,000), and digital marketing capabilities for retailers
- You are limited to just one activity in a single overseas market
Keep in mind that getting this grant approved is not an easy task.
Digital Resilience Bonus
The main goal of the Digital Resilience Bonus is to uplift the digital capabilities of your business. At first, the main targets of the Digital Resilience Bonus were the Food Services and Retail sectors. The reason for this is that both of these sectors have been severely affected by all the social distancing requirements ever since the COVID-19 pandemic started. With this in mind, some Food Services and Retail enterprises can expect to receive bonus payouts of up to $10,000. It is definitely not a small amount of money when you think about the COVID-19 situation. To qualify for this bonus, your enterprise must meet the following criteria:
- Incorporated either on or before May 26, 2020, with either a Food Service or Retail SSIC code
- Using the digital solutions in the period between June 1, 2020, and June 31, 2021
SGUnited Traineeship Program
The SGUnited Traineeship Program allows organizations to come on board. As host organizations when it comes to bringing new trainees to support their business needs. One of the best perks of using this program is that the Singaporean government will co-fund 80% of the training allowance. The SGUnited Traineeship Program is willing to offer up to 21,000 traineeship opportunities. Individuals who will soon be graduating or have recently graduated can benefit from the program. After completing the traineeship, some trainees might even have a chance at a permanent position right away.
And there you have it! These are some of the best SME business grants that Singapore has to offer. So do your research, find something that would work best for you, and go for it.