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4 Popular SME Grants from Singapore Government (Updated August 2020)

December 10, 2019
August 21, 2020
7 mins read
4 Popular SME Grants from Singapore Government (Updated August 2020)

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. 

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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.

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Here are the 4 most popular grants for SMEs in Singapore:

 

1. Enterprise Development Grant (EDG)

4 most popular grants for SMEs in Singapore: 1. Enterprise Development Grant (EDG)
Link to EDG official website
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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.

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Note: Application for Capability Development Grant (CDG) and Global Company Partnership (GCP) Grant has ended on 24th October 2018.

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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.

popular smes grant | enterprise development grant

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.

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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.

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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.

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Application of the EDG grant will be assessed based on the project scope, project outcomes and competency of the service provider.

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Enterprise Development Grant Requirements:

  • Be a registered business and operating in Singapore
  • Have a minimum of 30% local shareholdings
  • Be in a feasible financial situation to start and complete the project.

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Additionally, you will need your company’s CorpPass and these information to apply for the EDG:

  • ACRA information
  • Audited financial statements
  • Relevant proof of quotation or proposal
  • Management consultancy scopes
  • Relevant consultants’ certification

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2. Market Readiness Assistance (MRA)

4 most popular grants for SMEs in Singapore: 2. Market Readiness Assistance (MRA)
Link to MRA official website

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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.

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Two good news here:

  1. Companies with existing overseas presence/sales may still apply for MRA support.
  2. If your company has applied for the EDG SME grants, you may still apply for MRA SME grants as long as it is not for the same scope of work/services/activities supported.
  • 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)

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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:

  • 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)

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Each application is limited to one activity in a single overseas market (e.g. market entry, or participation in a trade fair)

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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:

  • Signed an engagement letter with the third party consultant
  • Made the first payment to the third party consultant
  • Commenced the project with the third party consultant

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).

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The MRA Grant eligibility criteria are:

  • The business entity is registered or incorporated in Singapore
  • The business has at least 30% local shareholding
  • Group annual turnover not exceeding S$100 million per annum based on the most recent audited report or group employment not exceeding 200 employees

Notes:

  • Sole proprietors and partnerships applicants are encouraged to apply for the SME grants but will be assessed on a case-by-case basis.

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3. StartupSG Founder

4 most popular grants for SMEs in Singapore: 3. Startup SG Founder
Link to Startup SG Founder official website

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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,

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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).

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To be eligible for this SME grant, the main applicant(s) must:

  • Be a first-time entrepreneur & Singaporean Citizen / PR
  • Hold more than 30% equity
  • Commit full time and be the key decision-maker of the company upon acceptance of the grant

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Additionally, the startup company must:

  • Be operating within 6 months of incorporation at the point of application
  • Have minimum 51% Singaporean Citizen/ PR shareholding
  • Have business activities conducted mainly/wholly in Singapore
  • Have not received funding for the proposed business idea from another government organization
  • Not be in areas such as cafes, nightclubs, lounges, bars, foot reflexology, massage parlors, beauty salons, gambling, prostitution, social escort, etc.

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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).

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4. Productivity-Max (P-Max)

4 most popular grants for SMEs in Singapore: 4. Productivity Max (P-Max Program)
Link to P-Max official website

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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).

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This grant scheme is suitable for local SMEs looking to hire PMETs and/or looking to improving their HR practices within the company.

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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).

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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.

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P-Max SME grant scheme eligibility requirements:

  • Companies must be registered or incorporated in Singapore
  • Group annual turnover not exceeding S$100 million per annum based on the most recent audited report or group employment not exceeding 200 employees
  • At least 30% local shareholding being held by Singapore Citizen or PR
  • Hired a PMET within the last three months (90 days) prior to enrolment into the program, offering a gross monthly salary of at least $2,500

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Summary

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:

  1. Enterprise Development Grant (EDG): Best for companies looking to upgrade the business, innovate or expand overseas.
  2. Market Readiness Assistance (MRA): Best for companies looking to expand to overseas markets.
  3. StartupSG Founder: Best for companies looking to expand to overseas markets.
  4. Productivity-Max (P-Max): Best for companies looking to hire and improve HR practices

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At Aspire

At Aspire, we've made it easy, fast, and transparent to serve business owners. That’s why we’re on a mission to reinvent banking for small businesses in Singapore. 

Business banking doesn't have to be hard. If you're a business owner in Singapore, we want to help you so you can focus on what's important - growing. 

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