Dealing with Rising Costs? See If You Qualify for Government Grants in 2024

Running a small or medium-sized enterprise (SME) in Singapore? The government offers a range of grants to fuel your business growth. However, finding the right grant can be challenging due to the need to navigate multiple websites and sift through layers of information. We’ve consolidated all relevant grants and eligibility criteria in one place for your easy reference. Let's take a look at how and where you can apply for these sources of funding.

What Grants are Available for Small Businesses?

The Singapore government offers a range of grants for SMEs tailored to various business needs. Here is a quick overview of the key funds available:

Each of these grants offers unique benefits that can help drive business growth. Let’s explore the eligibility criteria:

1. Business Capabilities Development and Digital Transformation

Productivity Solutions Grant (PSG)

The Productivity Solutions Grant (PSG) helps SMEs adopt technology solutions to improve productivity and efficiency, such as automating tasks, enhancing customer management, or improving data analytics.

Eligibility:

• Registered and operating in Singapore
• The IT solution or equipment will be used in Singapore
• Minimum 30% local shareholding
• Company's Group annual sales turnover is less than S$100 million OR has less than 200 employees (for selected solutions)

How to apply for the PSG SME grant:

Visit Enterprise Singapore PSG to find out more and apply.

Enterprise Development Grant (EDG)

The Enterprise Development Grant (EDG) is designed for SMEs looking to grow and transform beyond basic functions. Whether it's enhancing core capabilities, fostering innovation, or expanding overseas, EDG can help fund qualifying projects.

Eligibility:

• Business entity registered and operating in Singapore
• Minimum 30% local shareholding
• Financially viable to start and complete the project

How to apply for EDG SME funding:

Visit Enterprise Singapore EDG to find out more and apply.

2. Sustainability

Energy Efficiency Fund (E2F)

The Energy Efficiency Fund (E2F) aims to help manufacturing SMEs improve energy efficiency by adopting energy-efficient equipment or technologies. E2F co-funds up to 70% of the qualifying costs, which include external manpower, equipment or technology, and professional services.

Eligibility:

• Applicant is a Singapore-registered owner or operator of a manufacturing facility sited in Singapore with SSIC code 10XXX to 32XXX
• Applicant has annual group sales turnover not exceeding S$500 million
• Eligible projects must involve installation and use of pre-approved energy-efficient technologies or other technologies with a proven track record of energy savings
• Project must be completed within 36 months from the approval of the grant

How to apply for E2F funding for SMEs:

For application and enquiries, email NEA_E2F@nea.gov.sg. Participation is on a first-come, first-served basis and subject to the availability of funds.

CIMB is also committed to supporting SMEs in their sustainability journey. Our SME Sustainability-Linked Loan provides financing for businesses that are purchasing or refinancing a property, with interest rebates awarded upon achieving pre-agreed sustainability performance targets.

3. Workforce and Human Capital Development

SkillsFuture Enterprise Credit (SFEC)

The SkillsFuture Enterprise Credit (SFEC) encourages employers to invest in enterprise transformation and the capabilities of their employees. Eligible employers will receive a one-off S$10,000 credit to cover up to 90% of out-of-pocket expenses on qualifying costs for supportable initiatives.

Eligibility:

• Enterprise Transformation: Schemes by various agencies hosted on the Business Grant Portal (BGP)
  
• Workforce Transformation: Training courses aligned to the various Industry Skills Frameworks by SkillsFuture Singapore (SSG), job redesign initiatives, Career Conversion Programmes, and more by Workforce Singapore (WSG)

How to apply for SFEC funding for SMEs:

Visit the SkillsFuture Enterprise Credit (SFEC) page to find out more and apply.

Business Loans and Financing Support

Enterprise Singapore also offers an Enterprise Financing Scheme (EFS) that provides Singapore businesses with easier access to financing throughout their growth stages, covering their financing needs in multiple areas. Here are the various types of loans available under EFS:

• Green Loan: Finance green growth projects.
• SME Fixed Assets Loan: Finance the investment of domestic and overseas fixed assets.
• Venture Debt Loan: Finance the growth of innovative enterprises using Venture Debt and warrants or redeemable convertible preference shares.
• Trade Loan: A loan for finance trade needs.
• Project Loan: Finance the fulfilment of secured overseas projects.
• Mergers & Acquisitions Loan: Finance the acquisition of target enterprises with the intent of internationalisation.
• SME Working Capital Loan: Finance daily operational cash flow needs.

For businesses focused on maintaining operational cash flow and smooth operations, the SME Working Capital Loan offers crucial financial support.

CIMB Working Capital Loan

Need a cash injection to manage daily operations or expand your business? CIMB offers working capital loans in Singapore supported by EFS.

Eligibility:

• Business entity registered and operating in Singapore
• Company has at least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership
• For “SME Working Capital”, an SME is defined as having a Group revenue of up to S$100 million or a maximum employment size of 200 employees

How to apply for CIMB BizAssist: Working capital loan in Singapore

Apply for a CIMB BizAssist working capital loan in Singapore supported by EFS, and receive a collateral-free loan of up to S$500,000 with a repayment period of up to 5 years. Learn more at CIMB BizAssist.