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Budget, decoded
The market shakeup brought about by the pandemic is perhaps greater than the churn caused by the Great Depression of the 1930s.
The Budget, announced in Parliament on 16th February, aims to help the Singapore business fraternity weather the storm and bounce back better.
Continued support for the SME sector is one of the key highlights of Budget 2021. Focused on the mantra, ‘Together, let’s emerge stronger’, it has a S$24 billion outlay to help businesses overcome short-term challenges and prepare for long-term growth.
he Government will continue to provide support for businesses to build capabilities at every stage, for every size of company and every business goal. SMEs can avail financial assistance from the new packages announced as well as the upgraded existing programs.
Read on to know more about the different business grants in Singapore your enterprise can benefit from.
Enhanced EDG: Greater assistance to grow, transform and internationalise your business
What the Grant covers
Under this program, your business can tap on support for projects in three key areas – core capabilities, innovation and productivity, and internationalisation.
The best part is, enhanced support to cover up to 80% of qualifying costs has been extended until 31 March, 2022.
Do you want to accelerate growth by strengthening your business foundations, enhancing productivity and expanding into new geographies? Now give wings to your growth plans with Enhanced EDG.
Core Capabilities
Strategic Brand and Market Development
Do you want to attract and win more customers?
Create a strong value proposition, differentiate yourself from the competition and roll out the most effective media campaigns. Capitalize on the power of optimized digital marketing to appeal to a growing segment of young, tech-savvy consumers.
Business Strategy Development
Do you want to develop the right high-growth business strategies?
Understand how to capitalize on current and emerging opportunities; reinvent your business model by generating new revenue streams and giving a digital spin to your existing offerings.
Human Capital Development
Want to attract and retain the best talent in the industry?
Having a strong human capital strategy will help you recruit and retain the most competent employees. Implementing good HR practices will also facilitate in strengthening organizational culture, simplifying succession planning, catalyzing conflict resolution, etc.
Service Excellence
Want to make your customers feel more valued and cared for?
Every customer interaction is crucial, especially for service-oriented SMEs. Now enhance business operations through better service interactions, giving customers an enriched experience.
Innovation and Productivity
Want to cope effectively with flatlined revenues?
Now explore new engines of growth. And improve productivity across your critical business processes.
Automation
Do you desire faster time-to-market and greater responsiveness?
Stop wasting valuable resources by automating manual tasks. Automation and appropriate use of technology (software, hardware and firmware) can result in tangible benefits and significant growth for your business.
Process Redesign
Do you want to reduce cost, save time, minimize wastage, mitigate risk and improve customer satisfaction?
Some of your business workflows could be inefficient or downright redundant. You will experience a spurt in productivity by reviewing, redesigning and optimizing such business processes.
For instance, a cloud based composite web-mobile workflow management solution will bring ‘ease of doing business’ by streamlining operations, improving bottomline benefits and keeping your customers happy.
Product Development
Do you want to get a first-mover advantage in the market by developing innovative technology and products?
If you wish to ideate, develop, test and commercialize innovative products, you can receive assistance for technology projects for the following industry sectors: aquaculture, energy, electronics, supply chain management, environment and water, food, materials and precision engineering industries.
Market Access
Have you aspired of expanding into overseas markets but put your plans on hold due to lack of funds?
Don’t give up on your dreams! Now get the requisite financial aid through which you can recoup some of the costs of venturing into new markets.
The grant will help your company:
Grow through M&A; this may be in the planning, assessment of potential mergers and/or acquisition or post-M&stage integration.
Expand into new geographical or product markets by building your track record.
Adopt internationally-recognised standards and certifications in key industries, as well as in new and emerging sectors.
Get going, get growing
Don’t let paucity of funds hamper your growth plans. Tap into the Enhanced EDG to realize your growth aspirations. Click here to know more.
Enhanced MRA: Going global became easier
What the Grant covers
Support for overseas market set-up, identification of overseas business partners and overseas market promotion.
Have you ever dreamed of setting up business operations in overseas markets?
Would you like to participate in physical and virtual trade fairs abroad?
Do you want to launch in-store promotions, road shows, pop-up stores in different regions of the world?
Do you wish to identify JV partners, franchisees or agents for overseas business collaborations?
How would you like to get paid the expenses for establishing an Overseas Marketing Presence (OMP), which covers the salary of 1 permanent Business Development staff, along with lease for the office space?
Most entrepreneurs aspire to turn their business into an MNC. And the Government is actively encouraging this vision by providing support to expand overseas.
Now elevate your homegrown entity into an international brand with the Enhanced Market Readiness Assistance Grant. Be a proud business owner who contributes to the National Exchequer by earning valuable foreign exchange.
Whether you wish to be a regional player with footprints in ASEAN or, better still, bring global recognition to your organization, Enhanced MRA is the definitive way forward.
Key highlights
Enhanced MRA support levels of up to 80% to be extended from 30 September 2021 to 31 March 2022
Trade Credit Insurance (TCI) to be supported as a qualifying cost under MRA from 1 Apr 2021 to protect enterprises against buyer default
Look beyond Singapore shores
Enhanced MRA is your ticket to an exciting global presence. Click here to know more.
Enhanced Productivity Solutions Grant: Achieve peak productivity across your business workflows
What the Grant covers
Support for adoption of technology with pre-qualified IT solutions and equipment that enhance productivity. Sectors specifically covered include the retail, food, logistics, precision engineering, construction and landscaping industries.
Do you want to plug productivity leaks across your business processes?
The right solution can help you close productivity gaps, thus improving operational performance. However, there is no need to start over from scratch. The idea is to zero in on the best-fit pre-scoped solution to get desired results.
The Enhanced Productivity Solutions Grant (Enhanced PSG) is aimed at supporting firms looking to achieve productivity gains through a wide range of pre-scoped solutions, including IT solutions, equipment, and consultancy services. Under this grant, you pick out and deploy the most optimal pre-scoped solution, which enables you to improve operational efficiency.
As announced at Budget 2021, the enhanced maximum support level of up to 80% will be extended from 30 September 2021 to 31 March 2022.
Do check your company’s grant cap on the Business Grants Portal Singapore (https://businessgrants.gov.sg/)
Click here to know more about Enhanced PSG and how it can help you maximize productivity.
Digital Leaders Programme (DLP): Create leaders fit for the future
Does your leadership have the mettle and mindset to drive the business in a volatile market?
The digital era calls for a different breed of bold, imaginative and highly resourceful business leaders.
The DLP Grant supports willing and able leading local companies to integrate digital into their business models by equipping them with digital capabilities and talent to develop new business models and capture new growth opportunities.
Click here to know how the Digital Leaders Programme (DLP) will enable leadership transformation and help improve business agility.
(https://www.enterprisesg.gov.sg/campaigns/budget-2021/digitalisation#item-2)
Get in touch – Gain clarity about choosing the right grant
Different enterprises can have differing growth plans and propositions. It’s important to map your business goals with relevant provisions announced in the Budget. However, you may not have the time, expertise or the inclination to make the match; the right consultant will help you make the right choice amongst the business grants in Singapore.
As a Singapore Certified Management Consultant (SCMC), Mayuresh Godse has worked closely with SME clients on hundreds of Grant-supportable projects. He brings to the table extensive knowhow of Singapore government grants for small business. Applying his on-ground expertise and rich experience, he will guide you on the path to progress while helping avoid pitfalls.
To know more, schedule a free 15-minute consultation with Mayuresh.