This financial assistance grant allows companies that qualify to get up to 70% funding support for project costs like certification, consultancy, training and equipment costs. The whole purpose of the scheme is to encourage small and medium enterprises (SME) to build their business capabilities, and the application process has being simplified.
The 10 development areas that SMEs can received grant support are:
1) Product Development
Supported Activities: Initiating new individual or joint projects to implement new technologies for product development, hiring technology experts to create in-house R&D capabilities
2) Branding, Marketing, Franchising
Supported Activities: Arranging a brand audit, conducting market research, developing brand strategy, creation of franchising system and deployment
3) Business Excellence
Supported Activities: Drawing up an in-depth review of business organization, generating a strategic roadmap of development
4) Business Strategy Innovation
Supported Activities: Creating ideas that innovative as per the market trends, identifying the strengths and weakness of the organization through comprehensive analysis
5) Standards Adoption
Supported Activities: ISO 22301 Certification on Business Continuity Management Systems
6) Financial Management
Supported Activities: Constructing a financial framework, identifying financial strategies to meet financial objectives and challenges, planning business expansion plans
7) Human Capital Development
Supported Activities: Participation in leadership courses, implementing HR management
8) Intellectual Property
Supported Activities: Setting up Intellectual Property (IP) management capabilities
9) Enhancing Business Processes for Productivity
Supported Activities: Initiating projects that boost the efficiency of business operations, hiring consultants to streamline business processes, enhancing land productivity.
10) Service Excellence
Supported Activities: Review of service systems, establishing improvements via technology or otherwise to improve customer engagement, service processes and customer loyalty.
In order to be eligible for the grant, the following criteria have to be met:
1) Registered and operating in Singapore
2) At least 30% local shareholding
3) Group annual sales turnover ≤ S$100M or group employment of ≤200 employees
The grant is open to both individuals and organisations, it covers the following:
|Individuals||Non-profit Organizations||Profit Organizations|
|% of Actual Supportable Expenses||Up to 70%||Up to 70%||Up to 30%|
|Overall Cap Per Financial Year||$20,000||$75,000||$75,000|
When more is more: here’s 10 development areas that SMEs can received grant support.