Singapore is well-known for its robust and thriving business environment, and a significant contributing factor is the array of grants and funding schemes available to entrepreneurs and small and medium-sized enterprises (SMEs). As a professional financial broker, SME Global Funding (smegf.com.sg) is committed to helping businesses access these opportunities. In this article, we will explore the various grants and funding options in Singapore in 2023, including eligibility criteria and who each program is best suited for.

For Startups:

1. Startup SG Founder

The Startup SG Founder (SSGF) program encourages and supports aspiring first-time entrepreneurs to start their own innovative businesses by providing mentorship and financial support. Through SSGF, first-time founders can access a startup capital grant of S$50,000, with a required commitment of S$10,000 as co-matching funds. The program also offers mentorship from Accredited Mentor Partners (AMPs), pitch training, networking opportunities with investors and corporates, secretarial and accounting support, and access to exclusive programs.

Eligibility:

• At least 2 Singaporean/Permanent Resident applicants
• First-time founders with no prior Private Limited entity on ACRA
• Key decision-makers who contribute meaningfully to the company
• Not employed externally and able to commit full-time to the company
• Have undergone entrepreneurship training
• Hold equity in the company, with a minimum of 30% collectively
• Company must be registered as a private limited entity in Singapore for less than 6 months
• Invest a co-matching amount of S$20,000 as paid-up capital on ACRA

Suited for: First-time entrepreneurs with innovative business ideas.

2. Startup SG Tech

Startup SG Tech is a competitive grant that supports Proof-of-Concept (POC) and Proof-of-Value (POV) projects for the commercialization of innovative technologies. The grant fast-tracks the development of proprietary technology solutions and catalyzes the growth of startups based on proprietary technology and a scalable business model. Successful applicants will receive early-stage funding for the commercialization of proprietary technology.

Eligibility:

• Registered in Singapore within the past 10 years at the time of grant application
• At least 30% local shareholdings
• Not a subsidiary of a corporate entity at the point of incorporation
• Group annual sales turnover not more than $100 million or group employment size not more than 200 workers
• Core R&D activities carried out in Singapore
• Main applicant undertaking a significant role in the company

Suited for: Startup companies with innovative, proprietary technology and a scalable business model.

Here’s a summary of the various grants and support programs for SMEs:

1. Operation & Technology Roadmap (OTR): Up to 70% funding support for developing technology roadmaps.
2. Productivity Solutions Grant (PSG): Up to 70% funding support for adopting pre-scoped productivity solutions.
3. Start Digital: Free adoption of two digital solutions for at least 6 months.
4. Technology for Enterprise Capability Upgrading (T-Up): Access to A*STAR’s Research Institutes for in-house R&D capabilities.

Bring Your Business Overseas:

5. Grow Digital: Funding support for participating in pre-approved e-commerce platforms for overseas expansion.
6. Local Enterprise and Association Development (LEAD) Programme: Up to 70% funding support for TACs driving capability development and internationalization projects.
7. Market Readiness Assistance (MRA) Grant: Up to 70% support for eligible costs when expanding overseas.

For help during COVID-19:

8. Career Trial: Short-term job trials with government-provided training allowance.
9. Jobs Growth Incentive (JGI): Wage support to accelerate local workforce hiring.
10. P-Max: Funding support for recruiting, managing, and retaining local PMETs.
11. Rental Relief for SME Tenants: Cash grants for rent relief.
12. Rental Relief for Tenants in Public Properties: Rental waivers for businesses in government-owned/managed properties.
13. Senior Employment Credit: Wage offsets for employing workers aged 55 and above.
14. SkillsFuture Work-Study Programmes (WSPs): Hiring fresh talent through Work-Study Programmes.

For hiring, training, and upskilling employees:

15. e-Adviser for Skills Training: Personalized recommendations for skills training courses.
16. SkillsFuture for Enterprise User Guide: Steps to get started on your SkillsFuture journey.
17. Citrep+: Up to 90% funding support for building ICT technical skills.
18. Career Trial: Assess jobseekers’ job fit through a short-term trial, before formal employment. Government will provide training allowance to the jobseekers for the trial period (up to 3 months)
19. Company-Led Training (CLT) Programme: On-the-job training for fresh to mid-level professionals.
20. Design Thinking Business Transformation Programme: Support for business transformation and innovation.
21. Employment Support for Ex-Offenders: Tap on ex-offenders as an alternative pool of trained and skilled workers.
22. Employment Support for Persons with Disabilities: Up to 90% course fee subsidies for hiring, training, and integrating Persons with Disabilities.
23. Enhanced Training Support for SMEs (ETSS): Higher course fee grants and absentee payroll funding for SSG-supported courses.

For developing your brand and improving brand awareness:

24. Grow Digital: Funding support for participating in pre-approved e-commerce platforms.
25. Local Enterprise and Association Development (LEAD) Programme: Up to 70% funding support for TACs driving capability development and internationalization projects.
26. Market Readiness Assistance (MRA) Grant: Up to 70% support for eligible costs when expanding overseas.

With numerous grants and funding opportunities available in 2023, Singapore is an ideal location for businesses to innovate, expand, and thrive.

There are numerous government-led initiatives designed to support businesses in various aspects such as technology adoption, overseas expansion, and workforce development. However, if these initiatives do not fully meet your business needs, or if you require additional funding, you can consider traditional business loans from financial institutions. SME Global Funding specializes in helping businesses secure the necessary funding to grow and prosper. We invite you to sign up for a non-obligatory, free consultation to explore how we can assist you in obtaining the right funding for your business. Let our experienced team guide you through the process and help you achieve your business goals.

SME Global Funding is here to help you navigate these opportunities and find the right fit for your business needs. Contact us today to learn more about how we can assist your business in securing the funding it needs to grow and succeed.