Singapore offers various government grants and schemes to support new startups and small businesses. Please note that the availability, criteria, and details of these grants may change over time. Therefore, it’s essential to check the latest information on the official websites of relevant government agencies or consult with a business advisor for the most up-to-date information. Here are some of the common grants and schemes for startups and small businesses in Singapore:
- Startup SG Founder:
- This scheme provides funding to first-time entrepreneurs with innovative business ideas.
- Eligible startups can receive mentorship and grants of up to SGD 50,000 for proof-of-concept and development.
- Startup SG Tech:
- Designed to support technology startups, this scheme provides co-funding for research and development (R&D) projects.
- It helps startups develop proprietary technology and intellectual property.
- Enterprise Development Grant (EDG):
- The EDG supports businesses in upgrading capabilities, innovating, and internationalization.
- Eligible companies can receive co-funding for qualifying project costs in areas like consultancy, training, and overseas expansion.
- Productivity Solutions Grant (PSG):
- PSG assists businesses in adopting pre-approved productivity-enhancing solutions and equipment.
- Companies can receive funding for eligible hardware and software solutions to improve their operations.
- Market Readiness Assistance (MRA) Grant:
- MRA helps companies expand into overseas markets by providing funding for market entry and market promotion activities.
- This grant supports activities like market assessment, marketing, and participation in overseas trade fairs.
- SkillsFuture Enterprise Credit (SFEC):
- SFEC encourages employers to invest in the skills development of their employees.
- Eligible employers can receive credits to defray out-of-pocket expenses on qualifying employee training.
- Enhanced Training Support Package (ETSP):
- ETSP supports employers in sending their employees for training to acquire new skills.
- The government co-funds a significant portion of the training costs.
- Capability Development Grant (CDG):
- The CDG assists businesses in upgrading their capabilities across various areas, such as technology adoption, business process improvement, and brand development.
- It offers co-funding for consultancy projects.
- SME Working Capital Loan:
- This loan scheme provides working capital financing for SMEs to support their daily operations and growth.
- It is a government-assisted loan offered through participating financial institutions.
- Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) Scheme:
- Targeted at fintech startups, this scheme provides funding for POC projects that demonstrate innovative solutions in the financial industry.
- SG-Innovate:
- SG-Innovate is a government-backed initiative that supports deep tech startups in various fields, including artificial intelligence, robotics, and digital health.
- Various Industry-Specific Grants: Depending on the industry, there may be additional grants and incentives available, such as grants for the healthcare sector, manufacturing, and logistics.
Please keep in mind that the eligibility criteria and application processes for these grants can be complex and subject to change. It’s advisable to visit the official websites of agencies like Enterprise Singapore, Singapore Tourism Board, and others to access the latest information and guidance on government grants for startups and small businesses in Singapore. Additionally, consider seeking assistance from a business advisor or consulting with relevant government agencies for personalized support and advice.