Limited capabilities and resources is often the reason your growth plans don’t see the light of day. Now overcome financial constraints and achieve greater success and fulfilment. Read on to know more about how Singapore Grants can boost business growth
Singapore’s goal of transitioning into a knowledge-driven economy has a considerable bearing on the SME sector. After all, SMEs are the pillar of Singapore’s economy. They employ nearly two thirds of the workforce and contribute to 48% of the national GDP.
Being an SME owner in Singapore is indeed a matter of pride; you run a business in one of the world’s most vibrant economies. And your journey so far as an entrepreneur has been largely fulfilling. However, to progress further and scale up your business, you must gain a clear competitive edge in a crowded marketplace. Apart from flatlined revenue, increasing automation and growing globalization are other key issues you must address effectively.
To support SMEs on the path of progress, the government has announced several grants and incentives. By availing one or more of the various financial packages, you can upgrade your business and put it on the fast track to growth.
The Three Principal Grants
Productivity Solutions Grant
The Productivity Solutions Grant (PSG) supports companies keen on adopting IT solutions and equipment to enhance business processes. The idea is to upgrade existing processes and improve productivity.
Essentially, PSG covers sector-specific solutions including the retail, food, logistics, precision engineering, construction and landscaping industries. PSG also supports adoption of cross-industry solutions in select areas such as customer management, data analytics, financial management and inventory tracking.
Enterprise Development Grant (EDG)
The Enterprise Development Grant (EDG) helps Singapore companies grow and transform. Third party consultancy fees, software and equipment, and internal manpower cost are the key expense heads for which financial aid is disbursed under the EDG.
This grant supports projects that help you upgrade your business, innovate or venture overseas, under three pillars:
Core Capabilities
Projects under Core Capabilities help businesses prepare for growth and transformation by strengthening their business foundations.
Innovation and Productivity
Projects under Innovation and Productivity support companies that explore new areas of growth, or look for ways to enhance efficiency.
Market Access
Projects under Market Access support Singapore companies that are willing and ready to venture overseas. You may tap into the EDG to help defray some of the costs of expanding into overseas markets.
Market Readiness Assistance
Bring your internationalization plans to life; drive regional and global expansion of your business with the Market Readiness Assistance (MRA).
Small and medium enterprises (SMEs) will receive an international boost with the Market Readiness Assistance (MRA) grant to help take your business overseas.
Eligible SMEs will receive the following support:
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)
Get In Touch
Apart from these major grants, there are many other financial aid packages that can propel your business into higher orbit.
To know which one is the right grant for your organization, and how to make the most of it, please connect with Mayuresh. Kindly call 9822298222 for a 15-minute, no-obligations consulting on Singapore Grants.