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Singapore government has always been supportive of SMEs in terms of providing support including initial capital grants, it became one of the many reasons as to why Singapore became a popular spot for global businesses to site.
It is key to know what are the support and grants out there that businesses can leverage on. Here in this post, we have compiled various popular SME grants provided by the Singapore Government to aid small businesses according to different needs so you can get a broad idea on which grant might be applicable to your business.
The Enterprise Development Grant (EDG) is a new grant by Enterprise Singapore (ESG), officially launched on 25th October 2018. This SME grant is a combination of the former Capability Development Grant (CDG) and Global Company Partnership (GCP) Grant.
Note: Application for Capability Development Grant (CDG) and Global Company Partnership (GCP) Grant has ended on 24th October 2018.
EDG is managed by Enterprise Singapore to help SMEs in Singapore in building internal capabilities within 3 main areas: Core Capabilities, Innovation and Productivity, and Market Access.
The EDG is suitable for local companies who are looking to upgrade the business, innovate or expand overseas. The grant funds up to 80% of qualified project costs including consultancy fees, purchase of software and equipment and internal labor costs, valid from 1 April 2020 to 31 December 2020.
For enterprises that are most severely impacted by COVID-19, the maximum support level may be raised to 90% on a case-by-case basis.
There is a cap on funding, but you will need to refer to the specific project categories which can be found under the 3 main areas.
Application of the EDG grant will be assessed based on the project scope, project outcomes and competency of the service provider.
The focus of this grant is to help Singapore SMEs to expand and have access to overseas opportunities. From market set-up, identification of overseas partners and promotions.
The MRA grant funds 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:
Each application is limited to one activity in a single overseas market (e.g. market entry, or participation in a trade fair)
SMEs must submit applications no earlier than 6 months of the project start date. The application filed after 10 March will be treated as an application for the new fiscal year.
Applications will not be accepted if the following events took place before the application date:
Exception: Trade Fair applications may be made retrospectively (e.g. applicants may sign agreements, begin preparations, etc.) However, trade fair applications must be submitted at least one working day before the actual event day).
Notes:
The StartupSG Founder scheme provides first-time entrepreneurs with startup capital grants. Startup SG Founder provides mentorship and startup capital grant of S$30,000 to first-time entrepreneurs and are required to raise and commit S$10,000 as a co-matching fund to the grant,
Enterprise Singapore has appointed Accredited Mentor Partners (AMP) to select applicants, assist the startups by giving advice, learning programs and networking contacts. One of the popular AMPs is the Action Community for Entrepreneurship (ACE).
Note: As the grant is only available for first-time entrepreneurs, there must not have more than one business entity registered under the applicant's name. In addition, the business should not have been registered or incorporated for more than 6 months at the point of application to Enterprise Singapore (ESG).
The main purpose of the P-Max program is to support SMEs in recruiting, training, managing and retaining newly-hired PMETs (Professionals, Managers, Executives, and Technicians).
This grant scheme is suitable for local SMEs looking to hire PMETs and/or looking to improving their HR practices within the company.
Participating SMEs can reimburse up to 90% course fee subsidy for PMET, SME training workshops and Age Management workshop (applicable for P-Max for Older Worker only).
Eligible SMEs will receive a one-time $5,000 Assistance Grant or $10,000 Assistance Grant (P-Max for Older Workers only) upon completion of the Programme and six-month retention of the newly hired PMETs.
Before deciding which SME grant schemes to apply for, it is best to understand the needs of your business to maximize the use of the facilities and supports. Below are the key takeaways from each scheme:
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