Top 7 Government Grants for Singapore Businesses
A lot of businesses are struggling because of the current situation. Some have even opted to close down and as a result, this has been discouraging business aspirants from starting their own businesses during this time.
In this article, we’ll be discussing the 7 best government grants available at the moment.
1. Market Readiness Assistance (MRA) Grant
The first on our list is the grant for small and medium enterprises (SMEs). The Market Readiness Assistance (MRA) grant helps small and medium scale businesses take their business overseas.
The grant covers:
- An overseas market promotion coverage at a cap of S$20,000
- An overseas business development coverage at a cap of S$50,000
- An Overseas market set-up coverage at a cap of S$30,000
However, each application will be limited to one activity in a single overseas market (market entry, or participation in a trade fair)
Criteria for eligibility:
- Business must be registered/incorporated in Singapore;
- Newmarket entry criteria, i.e. target overseas country whereby the applicant has not exceeded S$100,000 in overseas sales in each of the last three preceding years;
- At least 30% of local shareholding;
- Group Annual Sales Turnover of not more than S$100 million; OR Company’s Group Employment Size of not more than 200 employees.
Visit here to learn more about this grant.
2. Enterprise Development Grant (EDG)
The overseas venture is definitely important for a business to flourish and this grant does just that. The Enterprise Development Grant (EDG) aims to support projects that help upgrade your business, innovate, or venture overseas under three pillars:
Core Capabilities
Projects under core capabilities help them prepare for growth and improvement by strengthening the business’ foundations.
Market Access
Criteria for eligibility:
- Business must be registered/incorporated in Singapore
- Be in a financially viable position to start and complete the project
- At least 30% of local shareholding
The applications will be assessed by Enterprise Singapore based on project scope, project outcomes, and competency of the service provider.
Check this website out for more details and assistance.
3. Productivity Solutions Grant (PSG)
The first technology favored grant on our list is the Productivity Solutions Grant. Technology isn’t just about high-end and expensive solutions and this grant aims to support companies that need a kick-start, especially those keen on adopting IT solutions and equipment that enhance business processes.
The Productivity Solutions Grant also covers sector-specific solutions like food, retail, logistics, construction and landscaping, and even precision engineering. Cross-industry solutions like customer management, data analytics, financial management, and inventory tracking.
Criteria for eligibility:
- Business must be registered/incorporated in Singapore
- Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore
- Company’s Group annual sales turnover less than S$100 million, OR less than 200 employees
- At least 30% of local shareholding
Learn more about PSG here.
4. Land Productivity Grant (LPG)
The Land Productivity Grant is for companies that plan to optimize land use either for domestic or overseas relocation. The grant defrays part of the initial relocation cost and is one-time contribution support.
The funding support for approved projects will vary from 10% to 70%, depending on the amount of land freed up and the remaining lease term.
Qualifying costs:
- Relocation costs (i.e. moving existing plant and machinery to the new site)
- Third-party consultancy fees for market and location feasibility studies
- Manpower cost of the project manager or Singapore-based staff.
Activities supported:
- Domestic Relocation
- Production model restructuring
- Relocation of existing operations
- Immediate region relocation
To find out more, visit the website here.
5. Germany-Singapore SME Funding Programme (GSFP)
The GSFP is for Singaporean companies that aim to embark on joint-innovations projects with German companies. These companies will be receiving support by joining the call for proposals for Germany-Singapore technological R&D projects.
The Germany-Singapore SME Funding Programme is a joint effort by Enterprise Singapore and the Federal Ministry for Economic Affairs and Energy (BMWi). They aim to provide access to public funding for selected joint projects.
Also, it aims to encourage the development of ready-to-market solutions for products and technology-based services or processes with strong market potential for Singapore, Germany, and even the international market.
Qualification:
- Project consortium must involve at least one Singapore SME and one German SME that are independent of each other;
- Each project partner must contribute no more than 70% of the total project contribution;
- Business must be registered/incorporated in Singapore;
- Be in a financially viable position to start and complete the project;
- At least 30% of local shareholding.
The applications will be assessed by Enterprise Singapore based on project scope, project outcomes, and competency of the service provider.
Find out more about this grant here.
6. Singapore-France Joint Innovation Call (SFJIC)
For Singapore companies that plan on embarking on joint innovation projects with French companies, the Singapore-France Join Innovation Call supports participants in a joint call for proposals for Singapore-France technological R&D projects.
Enterprise Singapore and Bpifrance will be providing access to public funding for jointly selected projects. Like the GSFP, It aims to encourage the development of ready-to-market solutions for products and technology-based services or processes with strong market potential for Singapore, France, and the international market.
Qualification:
- Project consortium must involve at least one Singapore SME and one French SME that are independent of each other.
- Each project partner must contribute no more than 70% of the total project contribution
- Business must be registered/incorporated in Singapore
- Be in a financially viable position to start and complete the project
- At least 30% of local shareholding
The applications will be assessed by Enterprise Singapore based on project scope, project outcomes, and competency of the service provider.Check the official page here.
7. Specialised Cleaning Programme
The last on this list is very timely. The Specialised Cleaning Programme supports small and medium enterprises (SMEs) that have a confirmed COVID-19 case on their premises.
Applying will help defray part of the disinfections costs under the Specialised Cleaning Programme.
The eligible SMEs will be receiving 50% of eligible third-party professional cleaning and disinfection costs, capped at $3,000 per company
Criteria for eligibility:
- Business must be registered/incorporated in Singapore
- Group Annual Sales Turnover of not more than S$100 million; OR Company’s Group Employment Size of not more than 200 employees
- At least 30% of local shareholding
Do you still need help in finding the right grant for your business? We’re here to help!