The Singapore government is committed to assist in the growth of SMEs by introducing several grants for eligible SMEs to apply. There are several different grants for eligible local companies to tap on.
SkillsFuture Enterprise Credit (SFEC)
The SkillsFuture Enterprise Credit (SFEC) provides additional subsidy on top of the government supported scheme for eligible companies. Eligible employers will receive a one-off S$10,000 credit to cover up to 90% out-of-pocket expenses on qualifying costs for supportable solutions, above the support levels of existing grants!
Productivity Solutions Grant (PSG)
The Productivity Solutions Grant (PSG) was first introduced in April 2018, targeted to assist companies in their business transformation, through adopting pre-scoped IT solutions, equipment, or consultancy services that improve the productivity of the business. To encourage more local companies with digitalization and increase productivity, eligible company gets up to 70% subsidy on PSG pre-approved solutions.
Eligibility
Companies may apply for the PSG grant if:
- The company is registered & operating in Singapore
- The solution must be used in Singapore
- Have at least 30% local shareholding; Company’s group annual sales turnover less than S$100 million, OR, less than 200 employees (For selected solutions only)
*Eligible employers who have met the requirements will qualify for additional subsidies under SkillsFuture Enterprise Credits (SFEC).
Market Readiness Assistance Grant (MRA)
The MRA grant support level of up to 70% have been extended until 31 March 2023. The maximum support level of up to 80% will be extended until 31 March 2022. Eligible SMEs will receive an international boost with this grant as assistance to take your business overseas.
Support for eligible SMEs:
- Up to 70% of eligible costs (capped at S$100,000 per company per new market*) from 1 April 2020 to 31 March 2023 that covers:
- Overseas market promotion (capped at S$20,000)
- Overseas business development (capped at S$50,000)
- Overseas market set-up (capped at S$30,000)
- Each application is limited to one activity in a single overseas market (e.g. market entry, or participation in a trade fair)* With effect from 1 April 2020, a new market refers to a target overseas country whereby the applicant company has not exceeded S$100,000 in overseas sales in each of the last three preceding years.
A list of MRA grant supportable activities can be found here.
Eligibility
Company may apply for MRA Grant if:
- Company is registered or incorporated in Singapore
- New market 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% local shareholding
- Group Annual Sales Turnover not more than S$100 million; OR, Company’s group does not employ more than 200 employees
*Eligible employers who have met the requirements will qualify for additional subsidies under SkillsFuture Enterprise Credits (SFEC).
Enterprise Development Grant (EDG)
The Enterprise Development Grant (EDG) supports qualifying project costs such as third party consultancy fees, equipment and software, and internal manpower costs. The maximum support of up to 80% has been extended from 30 September 2021 to 31 March 2022.
Grant support level for EDG will be at up to 70% from 1 April 2022 onwards. For the Food Services and Retail sectors, support level will be at up to 80% from 1 April 2022 to 31 March 2023.
Eligibility
Companies may apply if:
- Entity registered and operating in Singapore
- Minimum of 30% local shareholding
- In a financially viable position to start and complete the project
All applications will be assessed by Enterprise Singapore based on project scope, outcomes and competency of the service provider.
*Eligible employers who have met the requirements will qualify for additional subsidies under SkillsFuture Enterprise Credits (SFEC).
