Multiply Team
Multiply brings a fresh perspective to financial services. We offer simple and flexible financing for smaller businesses.
Contributing 48% to Singapore’s GDP and employing an estimated 65% of the workforce, Small and Medium Enterprises (SMEs) are incredibly vital to the growth of the country’s economy. The government has come up with many schemes to provide assistance and support to SMEs in Singapore.
Here’s a list of the most popular government grants for SMEs, designed to help SMEs grow and expand.
For current SMEs in operation, there are plenty of grants provided by the government to help businesses grow and expand into overseas markets. Below are four of the most popular. Each grant has a specialised funding for a specific area to enable companies with further progression. There is also capital funding available for entrepreneurs who wish to embark on a new business venture.
The Enterprise Development Grant (EDG) provides support for Singapore companies to grow and revamp their business.
Projects are eligible for funding if they are defined by their ability to either improve business foundations, explore new opportunities of growth and increased efficiency, or if SMEs are prepared and seeking to expand into overseas markets.
Primarily, this grant funds projects that help to upgrade businesses, innovate, or progress overseas, under three categories: core capabilities, innovation and productivity, and market access.
Eligibility:
More information can be found here.
The Market Readiness Assistance grant, or MRA, is designed with the sole purpose of helping Singapore SMEs gain exposure to overseas opportunities for possible expansion.
What Eligible SMEs Will Receive:
There is a limit of one activity per application.
Eligibility:
More information can be found here.
SMEs looking to employ PMETs or improve their HR practices can consider this grant.
The P-Max programme helps to defray costs in the recruitment of Professionals, Managers, and Executives (PMEs) and the retainment of employees.
Participating SMEs can be compensated up to 90% course fee subsidy for PMET, SME training workshops, and Age Management workshops.
Upon completion of the programme and six-month retention of the newly hired PMETs, eligible SMEs will receive a one-time S$5,000 Assistance Grant or $10,000 Assistance Grant (P-Max for Older Workers only).
Eligibility:
More information can be found here.
This scheme aims to boost SME’s productivity and growth, provide SMEs with broader coverage, simplify the application process, and eliminate the need for claim submissions by SMEs. The new, improved factors include piloting new sector solutions, institutionalise proven sector solutions, and high-speed connectivity that SMEs can enjoy.
IT vendors and SMEs looking to develop new solutions that transform a particular sector are eligible for the scheme. SMEs will be able to receive up to 80%, capped at S$1 million per SME for their solution, depending on the expected sector impact.
There is also funding for SMEs seeking to establish proven solutions. SMES may deploy solutions from IDA’s list of Packaged Solutions, with support from IDA of up to 70%.
SMEs can enjoy high-speed connectivity with IDA’s support if they are to implement any of the solutions in the enhanced iSPRINT. However, this excludes basic solutions. IDA will subsidise SME’s fibre subscription plans of at least 100Mbps and provide additional support by supplying Wireless@SG services at their premises.
More information on the grant and pre-qualified productivity and growth solutions are available at https://www.imda.gov.sg/sme.
This scheme provides start-up capital grants for first-time entrepreneurs. Start-ups are required to make and commit S$10,000 as a co-matching fund to the grant.
Enterprise Singapore has appointed Accredited Mentor Partners (AMP) to select applicants and aid them by giving advice, conducting learning programs, and networking contacts.
Eligibility:
Start-up Company Requirements:
More information can be found here.
This grant provides funding to support Singaporeans who are seeking to establish a business of their own.
ACE will match $7 to every $3 raised by the entrepreneur, for up to S$50,000.
For capital-intensive industries, the individual can consider applying for an additional S$50,000, which ACE will match $3 for every $7 raised.
Eligibility:
More information can be found here.
Multiply brings a fresh perspective to financial services. We offer simple and flexible financing for smaller businesses.
