If you are a small or medium enterprise (SME) in Singapore, you may be looking for ways to grow your business and stay competitive in the market. One of the options you can consider is applying for government grants that can help you with various aspects of your business development, such as innovation, productivity, branding, marketing, and overseas expansion.
In this article, we will introduce you to three of the most popular grants for Singaporean SMEs: the Enterprise Development Grant (EDG), the SkillsFuture Enterprise Credit (SFEC), and the Productivity Solutions Grant (PSG). We will also share with you some tips on how to apply for these grants and what are the benefits and eligibility criteria for each of them.
Note, from April 2023, some of the grants here changed the funding cap to 50%, instead of 70%. Some special type of SME, can still get 70%. Details shall refer to the grant details in the gov portals.
And there is another upcoming funding support for SME from Cyber Security Agency of Singapore (CSA). The funding is to cover SME's cybersecurity health. The funding is just announced and yet to be finalized. We shall wait until 2023 June to see the full details.
Grants Application Process
## Enterprise Development Grant (EDG)
The EDG is a grant that helps Singaporean SMEs upgrade and grow their business, such as embracing technology and expanding their global presence. The EDG covers three main areas of business development: core capabilities, innovation and productivity, and market access. Within each area, there are sub-areas that address specific needs of SMEs.
The EDG support level is up to 80% of the qualifying project costs from 30 September 2021 to 31 March 2022 . To be eligible for the EDG, your business must:
- Be registered and operating in Singapore
- Have at least 30% local ownership
- Be financially stable to begin and complete the project
To apply for the EDG, you need to engage a certified consultant who can help you with your project proposal and implementation. You can find a list of certified consultants on the Enterprise Singapore website. You also need to submit an online application via the Business Grants Portal with the necessary documents.
## SkillsFuture Enterprise Credit (SFEC)
The SFEC is a one-off grant that helps Singaporean SMEs invest in enterprise transformation and workforce development. The SFEC provides up to $10,000 credit per enterprise that can be used to offset up to 90% of out-of-pocket expenses for qualifying costs under two categories: enterprise development and workforce development.
The enterprise development category covers eight areas: business strategy development, financial management, human capital development, service excellence, strategic brand and marketing development, standards adoption, technology innovation, and overseas market access. The workforce development category covers training courses and programmes under SkillsFuture Singapore or Workforce Singapore.
To be eligible for the SFEC, your business must:
- Be registered and operating in Singapore
- Have at least 30% local ownership
- Have employed at least three local employees (Singapore citizens or permanent residents) in the previous year
- Have not received more than $30,000 grants from Enterprise Singapore in the previous three years
To apply for the SFEC, you need to identify the relevant programmes or courses that suit your business needs and submit an online application via the Business Grants Portal with the necessary documents.
## Productivity Solutions Grant (PSG)
The PSG is a grant that helps Singaporean SMEs adopt pre-approved IT solutions and equipment that can enhance their productivity and efficiency. The PSG covers various sectors such as retail, food services, logistics, precision engineering, construction, landscaping, and media.
The PSG support level is up to 80% of the qualifying costs from 1 April 2020 to 31 March 2022. To be eligible for the PSG, your business must:
- Be registered and operating in Singapore
- Have at least 30% local ownership
- Purchase or lease or subscribe to IT solutions or equipment that have been pre-approved by Enterprise Singapore
To apply for the PSG, you need to source for the pre-approved IT solutions or equipment from the list of vendors on Tech Depot, a one-stop platform by Enterprise Singapore. You also need to submit an online application via the Business Grants Portal with the necessary documents.
## Conclusion
As you can see, there are many grants available for Singaporean SMEs that can help you with your business growth and transformation. However, applying for these grants can be a complex and time-consuming process that requires careful planning and preparation. That's why it's advisable to engage a professional consultant who can guide you through the process and ensure that you meet all the requirements and deadlines.
If you are interested in applying for any of these grants or want to learn more about them, please contact us today. We are a certified consultancy firm that specializes in helping SMEs access government grants and funding. We have a team of experienced consultants who can help you with your project proposal.