You’re running a growing business in Singapore, but each time a new opportunity knocks, your budget feels like a speed bump that slows you down. Whether it’s adopting cutting-edge technology or expanding into overseas markets, many businesses hit a wall when it comes to funding.
Missing out on these chances could mean falling behind competitors or, worse, stalling your company’s growth altogether. But here’s the good news: Business grants can provide the financial lift you need to turn those opportunities into realities.
In Singapore, business grants are more than just a helping hand—they’re an essential tool for companies looking to innovate, grow, and stay competitive in a fast-paced market. From technology upgrades to international expansion, these grants cover a wide range of business needs.
In this article, we’ll explore everything you need to know about business grants, including their benefits, the different types available, new updates for 2024, and actionable tips to boost your chances of securing one.
Whether you’re a startup or an established business, these 15 types of Singapore business grants could be the key to accelerating your business growth—without adding to your debt pile. Let’s dive in!
What is Business Grants?
Business grants are financial assistance provided by the government or other organizations to help businesses fund specific projects or operations. Unlike loans, grants don’t require repayment, making them an attractive option for businesses looking to grow, innovate, or improve efficiency.
Business grants are crucial for promoting entrepreneurship, technological adoption, and workforce development in Singapore. For instance, the Productivity Solutions Grant (PSG) helps small and medium enterprises (SMEs) invest in technology to enhance productivity.
Government grants are a subset of business grants funded by the state to support businesses in achieving national objectives like innovation, sustainability, or workforce upskilling. They provide financial backing for projects that align with national priorities.
For businesses in Singapore, these grants are vital tools to remain competitive in a global market. With rising costs and fast-paced changes, business grants provide the necessary support to innovate and grow without straining financial resources. Grabbing these opportunities is not just an option but a strategy for sustainable success.
Who Can Apply for Business Grants in Singapore?
To be eligible for business grants in Singapore, companies must typically meet a set of general requirements that apply across various grant schemes. For example, the companies have to be Singapore-based companies, partially owned by locals, active, and financially healthy.
Here are further explanations about those criteria:
- Singapore-based company: The business must be registered and physically located in Singapore. This ensures that the grants are supporting the local economy.
- Singaporean/PR ownership: Companies must have at least 30% local equity ownership, meaning Singapore citizens or permanent residents (PRs) must hold a significant portion of the company.
- Operational status: Businesses applying for grants should be actively operating. This typically excludes dormant or non-active companies from receiving financial support.
- Financial health: Companies must be in good financial standing, with no outstanding debts or non-compliance issues with regulatory bodies like the Accounting and Corporate Regulatory Authority (ACRA) or Inland Revenue Authority of Singapore (IRAS).
These general requirements ensure that government resources are allocated to businesses contributing to Singapore’s economy and workforce. Whether you’re looking to adopt technology or expand globally, meeting these criteria is the first step toward unlocking financial support.
Benefits of Getting Business Grants
Business grants offer substantial benefits that can help companies thrive without financial strain. The primary advantage is that grants do not require repayment and have minimum financial risk, hence providing a significant boost to your capital without adding to your liabilities.
One of the key benefits is access to capital. Grants provide funding for businesses to innovate, scale, or improve efficiency without the need for taking on debt. This means businesses can focus on growth strategies like adopting new technologies, expanding into new markets, or enhancing their workforce.
Another advantage is reduced risk. By securing grant funding, businesses can invest in projects that might otherwise be too risky or costly. Whether it’s R&D or a major technology upgrade, grants help mitigate financial risks by covering a portion of the expenses.
Business grants also provide credibility and validation. Securing a government grant often signals to stakeholders, partners, and customers that your business is aligned with national priorities, such as innovation or sustainability. This can enhance your reputation in the industry.
Lastly, grants often come with additional resources such as mentorship, networking opportunities, or access to government-backed programs. These resources can further support your business’s long-term success.
Types of Business Grants
Now it’s time to explore the specific business grant options available. Singapore offers up to 15 variety of business grants tailored to different needs, from tech adoption to market expansion, such as CTC, EDG, PSG, OTR, EEF, FSTI, AIDA, BIF, EFS, MRA, and many more.
To understand more about these grants, here are the detailed explanations for all 15 types of business grants that we have compiled for your reference.
1. Company Training Committee (CTC)
The CTC Grant is an initiative by the National Trades Union Congress (NTUC), administered through e2i (Employment and Employability Institute), aimed at supporting businesses in transforming their workforce and enterprise capabilities.
It helps companies implement projects that enhance productivity, redesign jobs, and improve employee career prospects, ensuring long-term business sustainability.
a. Provider
The grant is provided by NTUC, through its agency e2i, which works closely with businesses and unions to ensure both company and worker development.
b. Goals
The CTC Grant primarily aims to drive both enterprise and workforce transformation. It helps businesses boost innovation, productivity, and capabilities by redesigning processes and integrating advanced technologies.
Additionally, the grant supports workforce transformation by assisting companies in redesigning jobs, developing career plans, and increasing wages for Singaporean workers and permanent residents.
c. Level of Support
The grant offers up to 70% funding for qualifying project costs, covering essential areas such as equipment and software necessary for transformation initiatives.
It also includes funding for training, like OEM or software-related courses, and consultancy services that help guide companies through the transformation process efficiently.
d. Who Can Apply
To apply for Company Training Committee (CTC) grants in Singapore, businesses must meet several specific requirements. Here’s a brief overview of who can apply for Company Training Committee (CTC) grants:
- Unionized companies: Companies with an established partnership with the National Trades Union Congress (NTUC) and a Company Training Committee in place.
- Active in transformation initiatives: Companies must demonstrate a commitment to workforce transformation or capability building.
- Collaborative efforts: Employers, unions, and employees must work together to identify skill gaps and training needs within the company
e. How to Apply
To apply for the CTC Grant:
- Form a Company Training Committee (CTC) with NTUC, involving senior management and a representative from the workforce or union.
- Develop a transformation plan aligning with the grant's business and workforce improvement goals.
- Engage with e2i to discuss and validate the transformation plan before submission.
- Applications must now be submitted through the e2i Grant Portal, as submissions via email or hardcopy are no longer accepted. Applications are open from August 2022 to July 2026.
2. Enterprise Development Grant (EDG)
The Enterprise Development Grant (EDG) is a business grant aimed at helping Singaporean companies grow, innovate, and venture into overseas markets.
The EDG grant supports projects that enable businesses to upgrade, transform, or expand internationally. It focuses on three main pillars: core capabilities, innovation and productivity, and market access.
a. Provider
The EDG grant is administered by Enterprise Singapore, a government agency that champions enterprise development.
b. Goals
The EDG aims to support businesses in building internal capabilities, driving innovation, improving productivity, and exploring overseas markets.
It offers assistance in areas such as strategy development, process redesign, financial management, human capital development, product development, and market access.
c. Level of Support
Eligible Singaporean Small and Medium-sized Enterprises (SMEs) can receive up to 80% of grant support for qualifying project costs, including consultancy fees, software, equipment, and manpower costs. This support will be available until 31 March 2026.
d. Who Can Apply
To qualify for the EDG, businesses must meet the following requirements:
- Registered in Singapore with a minimum of 30% ownership by local shareholders.
- Financially viable, with the ability to start and complete the project. While there’s no specific minimum annual turnover, a turnover of SGD400,000 to SGD1 million may enhance the application.
- The proposed project must focus on one of the grant’s three key areas: enhancing core capabilities, driving innovation and productivity, or expanding access to new markets.
e. How to Apply
Here are the steps to apply EDG:
- Verify eligibility: Confirm that your business satisfies the necessary criteria.
- Understand project categories: Choose the project category that suits your objectives.
- Prepare documentation: Gather necessary documents, including project proposals, financial statements, and company registration details.
- Apply via the Business Grants Portal (BGP): Access the portal through your Corppass account.
- Review process: The application typically takes about 8-12 weeks for review.
3. Productivity Solutions Grant (PSG)
The Productivity Solutions Grant (PSG) is a Singaporean government initiative aimed at helping businesses enhance productivity by providing funding for the adoption of IT solutions, equipment, and consultancy services.
The grant focuses on both sector-specific and generic solutions, such as digital marketing tools, e-commerce platforms, and automation technologies.
a. Provider
Enterprise Singapore administers the PSG grant in collaboration with other sector agencies. It's aligned with Singapore’s Industry Transformation Maps (ITMs) and Industry Digital Plans (IDPs).
b. Goals
The main objective is to boost productivity and help businesses streamline operations through automation and digital solutions. This aligns with Singapore’s goal of transforming its economy by encouraging SMEs to leverage technology.
c. Level of Support
Since April 2023, the PSG has offered up to 50% funding support for eligible expenses, specifically covering pre-approved IT solutions and equipment. The funding is capped at SGD30,000 per business. For some sectors like food services and retail, this support may go up to 70-80%.
d. Who Can Apply
To qualify for the PSG, a business must:
- Be registered and operating in Singapore.
- Have at least 30% local shareholding.
- Have an annual sales turnover of under SGD100 million or employ fewer than 200 staff members.
- The purchased solutions or equipment must be used in Singapore.
e. How to Apply
Here are some steps you need to follow when applying for PSG:
- Select suitable solutions from the list of approved vendors.
- Obtain a quotation from the chosen vendor.
- Submit your application via the Business Grants Portal using your Corppass account.
- After approval, submit claims for reimbursement once the solution has been used for at least 30 days. The process typically takes around 6 weeks.
4. Startup SG Founder
The Startup SG Founder Grant is a government initiative aimed at helping first-time entrepreneurs in Singapore kickstart their innovative business ideas. It offers both financial assistance and mentorship to help entrepreneurs navigate the early phases of establishing their businesses.
a. Provider
This grant is one of Singapore's startup grants that is administered by Enterprise Singapore (ESG), a government agency that supports enterprise development.
b. Goals
The main objective of the Startup SG Founder grant is to encourage and support aspiring entrepreneurs to develop innovative, high-impact startups. It helps them through mentorship and funding, allowing them to turn their business ideas into viable enterprises.
c. Level of Support
The grant provides up to SGD50,000 in startup capital. To receive the full amount, applicants must co-match SGD20,000 (i.e., invest SGD20,000 into their business). The support can be used for various startup costs, including product development, market validation, and business operations.
d. Who Can Apply
Here are the requirements your business needs to fulfill:
- Applicants must be first-time entrepreneurs with innovative business ideas.
- At least 30% of the equity should be held by the main applicants.
- The company must be based in Singapore and have been incorporated within the past six months.
- Founders must commit to working full-time on their startups and should not be employed elsewhere.
- The company must have 51% of shares held by Singapore Citizens or Permanent Residents (PRs).
e. How to Apply
Here’s how to apply for the Startup SG Founder program:
- Start by approaching an Accredited Mentor Partner (AMP) who will evaluate the business idea and issue a recommendation letter if they find the business viable.
- Once recommended, the startup submits its application to Enterprise Singapore along with required documents like a pitch deck, CVs, and business profile.
- After submission, ESG reviews the application, and successful applicants receive a Letter of Offer. Following approval, startups work towards set milestones under the guidance of the AMP
5. Startup SG Tech
The Startup SG Tech grant is a key initiative aimed at providing early-stage funding for startups looking to develop and commercialize proprietary technology solutions. It targets companies that are developing deep-tech products in sectors such as biomedical sciences, clean technology, advanced manufacturing, and more.
a. Provider
This grant is administered by Enterprise Singapore, with support from the Infocomm Media Development Authority (IMDA).
b. Goals
The primary goal of Startup SG Tech is to fast-track the development and commercialization of cutting-edge technologies, helping startups bring their products to market. It promotes innovation and scalable business models, potentially creating new markets or disrupting existing ones.
c. Level of Support
The Startup SG Tech grant provides funding support up to SGD500,000 for Proof-of-Concept (POC) projects and up to SGD1 million for Proof-of-Value (POV) projects. This grant is designed to help businesses develop proprietary technology solutions with strong technical or intellectual property content.
The grant covers up to 70% of qualifying costs, including product development, intellectual property, and prototyping and testing.
d. Who Can Apply
- The company must be registered in Singapore within the last 10 years.
- At least 30% local shareholding.
- The company’s group annual sales turnover should not exceed SGD100 million.
- The startup should be working on proprietary technologies, with core R&D conducted in Singapore.
e. How to Apply
Startups can apply through the Business Grants Portal. The application process includes:
- Submitting a detailed project proposal.
- A two-stage evaluation: Proof of Concept and Proof of Value, depending on the maturity of the technology.
- The timeline for processing the application can take a few months, as each application is reviewed based on its technological merit and commercialization potential.
6. Startup SG Accelerator
The Startup SG Accelerator is a government-backed initiative designed to strengthen Singapore’s startup ecosystem. It provides essential funding and support to incubators, accelerators, and venture builders that nurture high-potential startups.
By backing these enablers, the program helps startups gain access to mentorship, networks, and the tools they need to scale their businesses both locally and globally.
a. Provider
This grant is managed by Enterprise Singapore, a government agency responsible for fostering the growth and development of Singaporean enterprises.
b. Goals
The Startup SG Accelerator grant aims to empower startup enablers by supporting the creation of programs that strengthen Singapore’s entrepreneurial ecosystem.
These initiatives are designed to provide startups with crucial access to financing, markets, and talent, while also offering entrepreneurship training, management guidance, and mentorship to accelerate their growth.
c. Level of Support
The grant's level of support varies based on the needs and operational scale of the accelerator. Generally, the government offers co-funding of up to 70% of qualifying costs, with a cap based on the accelerator's scope and the impact of their program.
Key aspects covered by the grant include operational costs, program development, and facilities (workspace or physical infrastructure).
d. Who Can Apply
Eligible applicants must be:
- Singapore-based incubators, accelerators, or venture builders
- Entities with a strong track record of nurturing startups, demonstrated by successful startup portfolios
- Programs that provide value propositions, such as market access, financing opportunities, and mentorship.
e. How to Apply
The application process involves:
- Eligibility assessment: Ensure your incubator or accelerator meets the criteria for the program.
- Business plan preparation: Submit a detailed plan covering your program structure, sector focus, and performance metrics.
- Application submission: Applications are submitted through the official EnterpriseSG portal.
- Review process: EnterpriseSG reviews the application and may request further information. The outcome is typically provided within five working days.
7. Grow Digital
The Grow Digital initiative is part of the SMEs Go Digital program, developed by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore (ESG).
This grant is allowing Singaporean small and medium enterprises (SMEs) to reach both Business-to-Business (B2B) and Business-to-Consumer (B2C) markets overseas without needing a physical presence.
a. Provider
The grant is jointly provided by IMDA and Enterprise Singapore (ESG) under the SMEs Go Digital program.
b. Goals
The Grow Digital grant is designed to support SMEs in expanding their international market presence by leveraging digital tools. It aims to help businesses increase their global reach through digital platforms, boost overseas sales via e-commerce, and build a strong online presence to overcome the limitations of a purely physical market presence.
c. Level of Support
The grant offers up to 70% funding on qualifying costs, enabling businesses to access global markets with ease. Key aspects covered by the grant include digital platforms, training and consultancy, and online digital marketing.
d. Who Can Apply
To apply for the Grow Digital grant, businesses must:
- Be registered and operating in Singapore.
- Have at least 30% local shareholding.
- Have an annual group sales turnover of no more than SGD100 million or a group employment size not exceeding 200 employees.
e. How to Apply
Interested SMEs can follow these steps to apply for the Grow Digital grant:
- Prepare the application: Gather the required documents, including company registration details and business plans.
- Engage with digital platform providers: Contact providers like Innovative Hub or other authorized partners to facilitate the setup.
- Apply: Applications can be made via the official grant portal on the IMDA or ESG websites.
- Review and approval: The approval timeline may vary, so businesses are advised to plan and stay in touch with the grant facilitators.
Also Read: Best 15 HR Software in Singapore 2024
8. Operations and Technology Roadmap (OTR)
The OTR is a funding initiative designed to help businesses develop a strategic plan for leveraging technology to enhance operational efficiency, growth, and innovation.
It offers a structured methodology, guiding companies through workshops to identify technological solutions that align with their market and business drivers.
a. Provider
The OTR program is administered by the Agency for Science, Technology, and Research (A*STAR), in collaboration with other partners like the Employment and Employability Institute (e2i).
b. Goals
The primary goals of the OTR grants are to support companies in identifying technology gaps and planning future technology adoption that will enhance their operational efficiency and competitiveness.
These grants encourage companies to develop a clear roadmap for adopting innovations like automation, data analytics, and advanced manufacturing technologies. By doing so, businesses can improve productivity, reduce costs, and stay ahead in a rapidly evolving market
c. Level of Support
The grant provides funding support of up to SGD30,000, covering up to 50% of qualifying costs for eligible businesses. This support can be used to engage consultants who develop customized operation and technology roadmaps.
d. Who Can Apply
To be eligible for this business grant, your business must:
- Be registered and operating in Singapore, with at least 30% of their ownership held by local shareholders.
- Have an annual sales turnover of no more than SGD 100 million or a workforce of no more than 200 employees, in the case of SMEs.
- Activities covered by the roadmap must primarily be conducted in Singapore.
Tourism companies registered in Singapore are also eligible, and those with Company Training Committees can receive full subsidies from NTUC.
e. How to Apply
- Identify your operational challenges and technology needs.
- Work with certified consultants to develop a customized roadmap.
- Submit your application via the Business Grants Portal (BGP), including necessary documents such as quotations, business registration details, and project proposals.
- The application will be reviewed by the relevant government agency, and upon approval, businesses can proceed with engaging consultants.
9. Energy Efficiency Fund (EEF)
The Energy Efficiency Fund (EEF) is designed to support businesses in adopting energy-efficient technologies to reduce their environmental impact. It's particularly targeted at companies in energy-intensive sectors, helping them cut costs and contribute to Singapore’s sustainability goals under the Singapore Green Plan 2030.
a. Provider
The National Environment Agency (NEA) manages the EEF as part of Singapore's broader efforts to enhance sustainability across industries.
b. Goals
The main goal of the EEF is to encourage energy-efficient technology adoption in industrial sectors, thus improving energy efficiency and reducing the carbon footprint of businesses. This aligns with the government’s plan to meet carbon reduction targets under the Singapore Green Plan 2030.
c. Level of Support
The EEF covers up to 70% of qualifying costs for SMEs and 30% for non-SMEs. Supported expenses include investments in energy-efficient equipment and technology, particularly those pre-approved by the government.
For advanced equipment with significant energy savings potential, companies can receive up to $350,000 in funding.
d. Who Can Apply
To qualify for the EEF, companies must:
- Be registered and operating in Singapore.
- Have a minimum of 30% local shareholding.
- For SMEs, the company should not exceed SGD100 million in annual sales turnover or 200 employees.
e. How to Apply
The application process is straightforward. Here’s the detail:
- Businesses can apply through the Business Grants Portal (BGP).
- Provide details on the energy-efficient technology or equipment you plan to adopt.
- The timeline may differ based on the project's complexity, but submitting early is advisable due to the high demand.
10. Financial Sector Technology and Innovation (FSTI) Grant
The Financial Sector Technology and Innovation (FSTI) scheme is an initiative that supports technological advancements and promotes innovative solutions within Singapore’s financial services industry.
In its third iteration, FSTI 3.0 continues to push the boundaries by encouraging the use of advanced technologies, including Web 3.0, Artificial Intelligence, Data Analytics (AIDA), and Regulation Technology (RegTech).
a. Provider
This grant is managed by the Monetary Authority of Singapore (MAS), with its funding sourced from the Financial Sector Development Fund (FSDF).
b. Goals
The FSTI scheme’s primary goals include supporting the R&D of advanced technologies, improving cybersecurity, and fostering digital infrastructure development to enhance the sector’s efficiency and competitiveness.
c. Level of Support
FSTI provides up to 50% of qualifying expenses. For example, the Centre of Excellence track offers up to SGD2 million per project for costs such as manpower and rental expenses.
The Innovation Acceleration track funds real-world applications and commercialization of technologies like Web 3.0. The ESG FinTech track offers up to SGD500,000 per project, covering data, reporting, and analytics related to ESG needs.
d. Who Can Apply
Businesses eligible for the grant include:
- Financial institutions and fintech companies based in Singapore.
- Firms engaged in technological development or implementation of innovative financial products.
- Companies participating in initiatives that support fintech talent development.
e. How to Apply
Here’s how to apply for the FSTI scheme:
- Draft your proposal: Develop a concise proposal focusing on the innovation, objectives, and project budget.
- Submit online: Apply via the MAS website or Business Grants Portal with the required documents.
- Engage with MAS: Respond to queries during the review process for clarity.
- Receive approval: Once approved, funds are disbursed based on project milestones.
Timelines vary based on the project’s complexity, but it generally takes several months from application submission to grant disbursement
11. Artificial Intelligence and Data Analytics (AIDA) Grant
The Artificial Intelligence and Data Analytics (AIDA) Grant is part of Singapore's initiative to encourage the adoption of AI and data analytics within the financial sector. The grant supports financial institutions in leveraging AI-driven technologies to improve decision-making and strategy formulation.
It is structured to help these institutions implement AI solutions that enhance business outcomes and facilitate workforce training and reskilling.
a. Provider
The AIDA Grant is provided by the Monetary Authority of Singapore (MAS), under the Financial Sector Technology and Innovation (FSTI) scheme.
b. Goals
The AIDA grants aim to support businesses in adopting AI and data analytics to boost operational efficiency. Key goals include driving the use of AI for automation, improving data-driven decision-making, and enhancing productivity. These grants help companies stay competitive by leveraging advanced technology solutions.
c. Level of Support
The Artificial Intelligence and Data Analytics (AIDA) grants offer up to 70% funding of qualifying costs for projects that focus on developing and deploying AI and data analytics solutions. The support covers several key aspects, which are AI and data analytics tools, consultancy and advisory services, and training.
d. Who Can Apply
The grant is open to:
- Singapore-based Financial Institutions (FI) or Industry Consortiums that plan to adopt AI and data analytics technologies.
- Businesses that can demonstrate how AI will enhance decision-making and generate richer insights.
- Businesses that provide a plan for upskilling or reskilling staff impacted by the AI project.
e. How to Apply
- Prepare a project proposal detailing the AI techniques to be used and the expected outcomes.
- Submit the completed application form at least 3 months before the project start date.
- If successful, provide regular project status reports and workforce Key Performance Indicators (KPI) to MAS.
12. Business Improvement Fund (BIF)
The Business Improvement Fund (BIF) seeks to promote technology innovation, the adoption of new tools, and the revamping of business models and processes, specifically within the tourism industry. This grant is designed to enhance productivity and competitiveness for tourism-related businesses in Singapore.
a. Provider
This business grant is provided by the Singapore Tourism Board (STB).
b. Goals
The Business Improvement Fund (BIF) aims to boost productivity and promote innovation in Singapore's tourism industry. It helps businesses adopt technology, redesign processes, and transform business models to enhance efficiency and adapt to market changes, ensuring competitiveness and long-term sustainability.
c. Level of Support
The level of support offered under BIF can be up to 70% of qualifying costs for small and medium enterprises (SMEs) and up to 50% for non-SMEs. Some key aspects covered by the BIF include process redesign, technology adoption, and business model transformation.
d. Who Can Apply
To be eligible for the BIF, applicants must be:
- Businesses or companies registered in Singapore that are undertaking projects specifically focused on tourism.
- Tourism companies involved in capability development initiatives
- Technology companies create innovative products and services for the tourism sector.
e. How to Apply
- Declare if you are an SME or non-SME and submit an executive summary of the proposed project to STB_Incentives@stb.gov.sg.
- An STB officer will assess your project and advise on its eligibility for BIF support.
- Prepare a detailed project proposal using the downloadable template from STB.
- Collect relevant quotations for cost items.
- Log in to the Business Grants Portal (BGP) using your CorpPass to apply.
13. Enterprise Financing Scheme (EFS)
The Enterprise Financing Scheme (EFS) is an umbrella scheme covering various loan types, such as working capital loans, fixed asset loans, trade loans, venture debt, project loans, and more. It aims to provide businesses with access to financing at different stages of development, from daily operations to large expansion efforts.
a. Provider
This scheme is provided by Enterprise Singapore in partnership with several Participating Financial Institutions (PFIs) like DBS, OCBC, and Maybank.
b. Goals
The Enterprise Financing Scheme (EFS) helps Singapore businesses access financing for working capital, expansion, and asset acquisition. Its goals are to enhance financial resilience, support international growth, and encourage sustainable practices. By sharing risk with financial institutions, it improves loan access for businesses, especially SMEs.
c. Level of Support
The Enterprise Financing Scheme (EFS) offers support for various financing needs, providing up to 70% government risk-sharing with participating financial institutions. The scheme is designed to help businesses, especially SMEs, secure loans for different purposes, such as working capital loans, trade loans, asset financing, and green loans.
d. Who Can Apply
To be eligible for the EFS, businesses need to satisfy the following requirements:
- Be registered and physically present in Singapore.
- Have at least 30% local shareholding by Singaporeans or Permanent Residents.
- SMEs are defined as businesses with group revenue of up to SGD100 million or up to 200 employees.
e. How to Apply
- Applications are made directly to the PFIs, which will assess the business's financial standing.
- Businesses can apply for multiple loans across different financial institutions as needed.
- The timeline for loan approval can vary depending on the financial institution
14. Market Readiness Assistance (MRA) Grant
The Market Readiness Assistance (MRA) Grant is a financial support initiative designed to help Singaporean businesses expand into international markets by covering key overseas business activities such as market promotion, business development, and market setup.
a. Provider
The MRA Grant is provided by Enterprise Singapore, a government agency focused on growing and internationalizing Singaporean enterprises.
b. Goals
The MRA grant helps Singaporean SMEs expand into international markets by reducing financial risks. Its goals include supporting market entry, business development, and promotional activities, enabling companies to establish a presence and grow globally with less financial burden.
c. Level of Support
The MRA grant offers support of up to 70% of qualifying costs, capped at SGD100,000 per company per new market. This grant is designed to help SMEs in Singapore expand into international markets by covering key expenses in areas such as overseas market setup, business development, and market promotion.
d. Who Can Apply
For a company to qualify for the MRA Grant, it must meet the following criteria:
- Be registered and operating in Singapore.
- Ensure that at least 30% of the company's equity is held by Singapore citizens or Permanent Residents.
- Be new to the target overseas market, meaning the company's annual sales in that market must not exceed SGD100,000 in any of the past three years or employ fewer than 200 people.
e. How to Apply
- Ensure eligibility, then select the overseas market you want to expand into.
- Determine which activities to apply for—market promotion, business development, or market setup.
- Prepare required documents such as financial statements, quotations from vendors, and detailed project proposals.
- Submit your application through the Business Grants Portal using your Corppass account. The application processing time is typically 8-12 weeks.
- If your application is successful, you will receive a Letter of Offer outlining the grant amount awarded along with the associated terms and conditions.
- Complete the project and submit claims for eligible expenses with the necessary audit reports.
15. SkillsFuture Enterprise Credit (SFEC)
The SkillsFuture Enterprise Credit (SFEC) is a grant designed to encourage employers in Singapore to invest in business transformation and workforce training. The SFEC aims to support both enterprise development and workforce upskilling, helping companies adapt to evolving market needs and technology.
a. Provider
The SFEC is administered by SkillsFuture Singapore (SSG) in collaboration with Enterprise Singapore (ESG), as part of the government’s efforts to upskill the local workforce and transform businesses.
b. Goals
The SFEC’s goals include supporting companies in adopting productivity-enhancing technologies and digital solutions while also promoting the upskilling of employees. By fostering both enterprise and workforce improvements, SFEC helps businesses stay competitive and resilient in a rapidly changing market.
c. Level of Support
The SFEC grant provides a one-off credit of up to SGD10,000, covering up to 90% of eligible costs. This funding supports two main areas which are enterprise transformation (up to SGD7,000) and workforce transformation (at least SGD3,000).
d. Who Can Apply
To qualify for the SFEC, businesses must satisfy the following criteria:
- Maintain employment of at least three Singaporean citizens or Permanent Residents each month throughout the qualifying period.
- Have contributed at least SGD750 to the Skills Development Levy (SDL).
- Not be in default on SDL payments.
- Keep your business in good standing with the Accounting and Corporate Regulatory Authority (ACRA).
- Eligibility is evaluated automatically, and companies will receive a notification via email.
e. How to Apply
You do not need to submit an application for the SFEC. If your company qualifies, the S$10,000 credit will automatically be applied to eligible programs.
Businesses can use the credit for initiatives like the Productivity Solutions Grant (PSG) or Enterprise Development Grant (EDG) by logging into the Business Grants Portal. The credit must be utilized by 30 June 2025.
To make it easier for you, we have summarized the information in the table below:
| Scheme Name | Agency | Type | Level of Support |
| Company Training Committee (CTC) | National Trades Union Congress (NTUC) | Workforce Development | Up to 70% co-funding |
| Enterprise Development Grant (EDG) | Enterprise Singapore | Business Growth and Transformation | Up to 80% of grant supports |
| Productivity Solutions Grant (PSG) | Enterprise Singapore | Technology Adoption | Up to 50% of costs (70-80% for some sectors) |
| Startup SG Founder | Enterprise Singapore | Startup Support | Up to SGD50,000 in startup capital |
| Startup SG Tech | Enterprise Singapore | Startup Tech Innovation | Up to SGD500,000 for POc projects and SGD1 million for POV projects |
| Startup SG Accelerator | Enterprise Singapore | Startup Accelerator Support | Variable based on accelerator |
| Grow Digital | IMDA and Enterprise Singapore | Digital Transformation | Up to 70% of qualifying costs |
| Operations and Technology Roadmap (OTR) | A*STAR | Technology Planning | Customized based on the roadmap, up to SGD30,000 |
| Energy Efficiency Fund (EEF) | National Environment Agency (NEA) | Energy Efficiency | Up to 70% of qualifying costs (30% for non-SMEs) |
| Financial Sector Technology and Innovation (FSTI) | Monetary Authority of Singapore (MAS) | Financial Sector Innovation | Up to 50% of qualifying expenses |
| Artificial Intelligence and Data Analytics (AIDA) Grant | Monetary Authority of Singapore (MAS) | AI and Data Innovation | Up to 70% of qualifying costs |
| Business Improvement Fund (BIF) | Singapore Tourism Board (STB) | Business Improvement | Up to 70% of costs |
| Enterprise Financing Scheme (EFS) | Enterprise Singapore | Business Financing | Variable loan amounts with up to 70% government risk-sharing |
| Market Readiness Assistance (MRA) Grant | Enterprise Singapore | International Expansion | Up to 70% of eligible costs |
| SkillsFuture Enterprise Credit (SFEC) | SkillsFuture Singapore (SSG) | Workforce and Enterprise Transformation | One-off SGD10,000 credit (up to 90% of costs) |
Updated Rules of Business Grants in Singapore 2024
Singapore’s 2024 Budget has introduced several significant changes to business grants aimed at supporting businesses in tackling rising costs and promoting transformation. Here’s a breakdown of the key updates and what they mean for business owners:
1. Corporate Income Tax (CIT) Rebate
One of the headline changes for 2024 is a 50% CIT rebate, capped at SGD40,000. Companies employing at least one local staff member will receive a minimum benefit of SGD2,000, helping to reduce business costs related to wages and taxes. This rebate will be automatically credited when companies file their tax returns for YA 2024
2. SkillsFuture Enterprise Credit (SFEC) Extension
Previously set to expire in June 2024, the SFEC has now been extended to June 30, 2025. This gives businesses an extra year to utilize their SGD10,000 credit for enterprise and workforce transformation programs, covering up to 90% of expenses. If you haven’t taken full advantage of your SFEC yet, now’s the time!
3. Enterprise Financing Scheme (EFS) Enhancements
The EFS has seen notable upgrades, including a higher maximum loan quantum for working capital, raised from SGD300,000 to SGD500,000. This is particularly beneficial for small and medium-sized enterprises (SMEs) looking for better access to financing for operational and growth needs.
4. Green Grants and Sustainability Push
With the expansion of the Enterprise Financing Scheme - Green, businesses adopting green technologies will receive continued support until 2026. This aligns with Singapore’s Green Plan 2030, aiming to help companies lower their carbon footprint while generating economic value.
These changes reflect Singapore’s commitment to driving innovation, reducing operational costs, and supporting businesses in their journey toward sustainable growth. Make sure to check your eligibility and take advantage of these updated grants!
Can You Apply for Multiple Business Grants?
The answer is: yes, you can! Singapore’s business grant ecosystem allows businesses to apply for multiple grants, as long as they meet the eligibility criteria for each grant.
This flexibility is designed to support companies in different areas of growth, such as technology adoption, productivity enhancement, international expansion, and workforce training.
For example, a business could utilize the Productivity Solutions Grant (PSG) to streamline its operations through automation, while simultaneously leveraging the Enterprise Development Grant (EDG) for more extensive transformation efforts, such as optimizing internal workflows or exploring new market opportunities.
The key to applying for multiple grants is to ensure that the scope of each grant does not overlap.
For example, you can’t double-dip by using two grants to cover the same cost item. However, you can combine them for different purposes—for instance, using SkillsFuture Enterprise Credit (SFEC) to cover up to 90% of training costs while using PSG for equipment costs.
By strategically applying for the right mix of grants, businesses can maximize financial support, reducing their overall investment in business growth and innovation. Just make sure you’re aware of the specific terms and conditions of each grant!
How to Raise Your Chance of Getting Business Grants
Securing business grants in Singapore can significantly reduce costs and accelerate growth, but the competition is tough. Here are some effective strategies to increase your chances of successfully securing business grants:
1. Understand the Grant Requirements
Each grant has specific eligibility criteria and objectives. Before applying, make sure your business aligns with the goals of the grant.
For instance, the Productivity Solutions Grant (PSG) focuses on technology adoption, so your project should demonstrate how it will improve productivity. A mismatch between your project and the grant’s focus can lead to rejection.
2. Prepare a Detailed and Realistic Proposal
Grants often require you to submit a comprehensive proposal outlining how the funding will be used. Clearly define your project’s objectives, timeline, and measurable outcomes. Ensure your budget is realistic and covers all necessary expenses. A well-structured, detailed plan shows you’ve thought through the entire process.
3. Leverage Multiple Grants
Many businesses don’t realize they can apply for multiple grants, as long as they don’t use them for the same expenses. For example, you could apply for the Enterprise Development Grant (EDG) to expand into new markets while using the SkillsFuture Enterprise Credit (SFEC) to train your workforce.
4. Maintain Strong Financials and Compliance
Most grants, like the Enterprise Financing Scheme (EFS), require businesses to be in good financial standing. Make sure your financial records are well-maintained and that you fully adhere to Singapore's tax laws and regulatory standards. Any red flags, like unpaid taxes or incomplete documentation, can harm your application.
5. Engage with Grant Consultants
If you’re unsure about the process, consider engaging grant consultants. These professionals can help identify the best grants for your business, assist in preparing applications, and ensure you meet all the requirements.
By aligning your business goals with the right grants, submitting thorough proposals, and maintaining financial discipline, you can significantly boost your chances of success.
6. Take Advantage of ERP Implementation
An ERP system can be crucial in enabling businesses in Singapore to effectively apply for and manage business grants. By centralizing data and streamlining operations, an ERP system allows companies to track all financial, operational, and compliance requirements—key areas that grant applications often scrutinize.
With ERP modules designed for finance, project management, and human resources, businesses can automate critical tasks such as tracking expenses, generating reports, and managing employee training records. These features ensure they meet the financial transparency and operational efficiency often required for grant eligibility, for example, PSG and EDG.
The right ERP implementation can significantly boost a company's readiness to apply for grants by providing real-time insights and helping meet compliance deadlines.
ScaleOcean's ERP software is tailored to such needs, offering all-in-one solutions to simplify your grant process. Try their free demo today and see how easily your business can leverage these grants with a streamlined system in place!
Conclusion
Applying for grants is more than just a smart move—it’s essential. Without taking advantage of the available funding, businesses risk missing opportunities to innovate, grow, and expand internationally. On the flip side, securing grants can significantly reduce costs, improve operational efficiency, and unlock new markets.
Whether it’s adopting cutting-edge technology with the PGS or expanding overseas with the MRA grant, these grants provide a financial boost that can take your business to the next level. The more you delay, the more opportunities slip away. Think of it like leaving free money on the table—why wouldn’t you grab it?
So, explore the available grants, understand their requirements, and take that next step to fuel your company’s growth today. After all, these grants are here to support your business journey—don’t let them slip by!
