Guide to Singapore Government Grants: Unlocking Business Growth Opportunities

Singapore's government offers an array of grants designed to support businesses in various stages of growth and development. These grants are aimed at fostering innovation, improving productivity, and helping companies expand locally and globally. Whether you're a start-up, SME, or large corporation, understanding the available grants can provide your business with a significant boost. This guide explores the most prominent government grants in Singapore and how Apexia Corporate Advisory can assist you in securing them.

Why Tap into Singapore Government Grants?

Singapore's government grants offer businesses numerous advantages:

1. Financial Support: Reduce costs by covering a portion of your project expenses.
2. Innovation Encouragement: Incentives to adopt new technologies and processes.
3. Market Expansion: Grants designed to help businesses grow locally and enter international markets.
4. Talent Development: Support for upskilling employees to meet evolving industry demands.

Popular Government Grants in Singapore

1. Productivity Solutions Grant (PSG)

The Productivity Solutions Grant (PSG) supports businesses in adopting IT solutions and equipment to improve productivity.

Funding Amount:

• Up to 80% of qualifying costs.

Key Sectors Covered:

• Retail
• F&B
• Logistics
• Professional Services

How to Apply:

• Identify pre-approved solutions via the GoBusiness PSG Portal.
• Submit an application with required documents.

2. Enterprise Development Grant (EDG)

The Enterprise Development Grant (EDG) supports businesses in transforming and growing sustainably.

Funding Focus Areas:

• Core Capabilities: Enhancing internal processes like HR or financial management.
• Innovation and Productivity: Driving innovation and improving operational efficiency.
• Market Access: Supporting internationalization efforts.

Funding Amount:

• Covers up to 80% of qualifying project costs.

3. Market Readiness Assistance (MRA) Grant

The MRA Grant supports SMEs looking to expand into international markets.

Funding Amount:

• Up to 70% of eligible costs, capped at S$100,000 per company per market.

What It Covers:

• Market entry advisory services.
• Business matching.
• Overseas marketing and promotion.

4. SkillsFuture Enterprise Credit (SFEC)

The SFEC incentivizes businesses to invest in workforce development and enterprise transformation.

Funding Amount:

• Up to S$10,000 per company.

Eligibility Criteria:

• Employers who have contributed to the Skills Development Levy and meet other requirements.

5. Start-up SG Founder Grant

This grant supports early-stage start-ups with innovative ideas.

Funding Amount:

• Up to S$50,000.

Requirements:

• A business proposal approved by an accredited mentor partner.
• Founders must have at least 30% equity in the company.

Key Considerations When Applying for Grants

1. Eligibility Criteria

• Ensure your business meets the specific requirements of the grant.

2. Project Scope

• Clearly define the project and how it aligns with the grant's objectives.

3. Documentation

• Prepare all necessary documents, such as financial statements, business plans, and project proposals.

4. Deadlines

• Submit applications within the stipulated timelines to avoid disqualification.

Why Engage Apexia Corporate Advisory?

Navigating the grant application process can be complex. Apexia Corporate Advisory provides:

1. Grant Eligibility Assessment:
   • Identify the best grants for your business.
   • Evaluate your eligibility based on grant criteria.
2. Application Support:
   • Assist with preparing and submitting high-quality applications.
   • Ensure all documentation is complete and accurate.
3. Project Management:
   • Help manage grant-funded projects to ensure compliance with grant terms.
   • Provide progress updates and reporting.
4. Strategic Advice:
   • Align grant applications with your business growth objectives.

Conclusion

Singapore's government grants offer unparalleled opportunities for businesses to innovate, expand, and thrive. By leveraging these grants, you can reduce costs and accelerate growth while staying competitive in your industry. Need help with grant applications? Contact us today for expert guidance and tailored support!