2020 drove many companies to go digital with their business operations and processes. Doing so has enabled them to navigate through the pandemic's ongoing restrictions.
The good thing is that governments worldwide are taking initiatives to help the business landscape-scale digitally and prepare them for upcoming challenges.
In fact, the Singaporean government released the 2021 budget to fund various schemes that aim to help local companies that meet a specific criterion – to embrace digital transformation.
Leverage these grants to scale your business and capture new growth opportunities. Learn more about them and how you can apply.
The Enterprise Development Grant (EDG) helps Singaporean SMEs upgrade and grow their business, such as embracing technology and expanding their global presence.
The 2021 budget increases the EDG support level of up to 80% from 30 September 2021 to 31 March 2022.
The program works under three pillars:
1. Core Capabilities
This pillar focuses on projects that’ll help businesses strengthen their business foundations, which include:
2. Innovation and Productivity
Innovation and Productivity focus on projects that’ll assist businesses in improving their workflow and processes. This includes automation integration, process redesign, and product development.
3. Market Access
Market Access aids local companies in venturing overseas, including building your track record, evaluating possible mergers and acquisitions, and adopting internationally accepted standards.
How to qualify for EDG?
How to apply for EDG?
Step 1: Check if you qualify for the Enterprise Development Grant.
Step 2: Prepare a project proposal.
Click here to check the complete Pre-Application process
Step 3: Prepare the needed documents. Click here to download the EDG Application Checklist.
SkillsFuture Enterprise Credit (SFEC) supports enterprise and workforce transformation, including job redesign and training programmes to help upskill workers.
Eligible employers will receive a one-time S$10,000 credit. S$3,000 should be spent on the workforce while the remaining S$7,000 goes to enterprise transformation.
How to qualify for SFEC?
Note: Employers can start applying for supported programmes until 30 June 2023. Companies will receive reimbursements starting 1 April 2021. Final claims need to be submitted by 30 June 2025.
How to apply for SFEC?
Enterprise Singapore will inform eligible employers in writing. No need to apply.
Got more questions? Click here.
The Productivity Solutions Grant (PSG) supports businesses in adopting digital solutions to improve productivity and processes.
The government increased the funding to up to 80% until 31 March 2022 to motivate SMEs to capture more growth opportunities online.
How to qualify for PSG?
How to apply for PSG?
Step 1: Check the list of supportable solutions eligible here.
Step 2: Get a quotation based on the solution you need.
For IT Solutions: A quotation from a pre-qualified vendor for PSG IT solutions
For Equipment: A quotation from the supplier of the equipment you’re sourcing for
For Consultancy Service: A quotation from a pre-qualified consultant
Note: Applications submitted after 1 Feb 2021 may tap on the grant cap for the next financial year.
Digitalisation has provided an avenue for businesses to survive and thrive amid the ongoing pandemic's economic challenges. But it's more than that — the need to go online has continually been growing in this highly digital era.
Leverage these grants to make your digital transformation successful and reach greater heights.