Singapore government has always been very supportive of SMEs, in the form of providing Singapore SME grants. In this article, we have gathered the 7 most popular Singapore SME grants to help boost business growth.

1. Capability Development Grant (CDG).

CDG grants is one of the most popular Singapore SME grants.  These Singapore SME grants are to encourage and support SMEs to build business capabilities for the below development area.

Agency: Spring

Amount: Up to 70% / cap at S$30,000

Eligibility:

• Registered and operating in Singapore
• At least 30% local shareholding
• Group annual sales turnover less than S$100m or less than 200 employees

Read more here

2. Enhanced iSPRINT

The purpose of Enhanced iSPRINT grant is to encourage SMEs’ use of technology to improve productivity. Followings are the available solutions

a. Promote deployment of solutions by SMEs

Packaged solutions:

o Intermediate solution – ready to deploy solution

o Sector solution – proven sector-specific solution

Customised solutions: tailor made solution

b. Boost supply of sector solutions from vendors

o Piloting New Sector Solutions: Lead a group of SMEs to pioneer the new solutions

o Scaling Up Proven Sector Solutions

Agency: iDA

Amount: Up to 80% / cap at case by case basis

Eligibility:

• Registered and operating in Singapore
• At least 30% local shareholding
• Group annual sales turnover less than S$100mor less than 200 employees

Read more here

3. Market Readiness Assistance (MRA) Grant

MRA grant supports Singapore SMEs in international expansion.  It covers activities like

• Overseas market set-up
• Identification of business partners
• Overseas market promotion

Agency: IE Singapore

Amount: 70% / cap at S$20,000

Eligibility:

• Global HQ anchored in Singapore
• Annual Sales turnover of less than S$100 million per annum based on the most recent audited report

Read more here

4. ACE Startups Grant

ACE Grant provides support for the first time entrepreneur in setting up its business.

Agency: Spring

Amount: SPRING will match S$7 to every S$3 raised by the entrepreneur to a maximum of S$50,000

Eligibility:

• First time entrepreneur
• Hold at least 51% shareholding of the company
• Key decision maker
• Committed on full time basis
• Have parental consent if below 18 years old.

Read more here

5. Innovation & Capability Voucher (ICV)

IVC grants are to encourage SMEs to upgrade or strengthen their business capabilities in the areas of innovation, productivity, HR and financial management through consultancy.

Agency: Spring

Amount: $5,000

Eligibility:

• Registered and operating in Singapore
• At least 30% local shareholding
• Group annual sales turnover less than S$100mor less than 200 employees

Read more here

6. Productivity-Max (P-Max) Programme

The purpose of P-Max Programme is to assist SMEs in the recruitment of Professionals, Managers and Executives (PMEs), as well as to retain them.

Agency: Singapore Workforce Development Agency (WDA)

Amount: Reimburse up to 90% of course fee, one off $5,000 assistant grant if SMEs retain the new hire PME for at least 6 months and SMEs successfully complete a 6-month follow up and receive the endorsement of the programme manager

Eligibility:

• Registered and operating in Singapore
• At least 30% local shareholding
• Group annual sales turnover less than S$100m or less than 200 employees

Read more here

7. Productivity Innovation Project (PIP) Scheme

Agency: Singapore Workforce Development Agency (WDA)

Amount: Co-funded up to 70%, maximum cap at S$1M per application

Eligibility:

• Registered and operating in Singapore
• Construction business with projects that generate savings in man-days or improve productivity by at least 20% for standard PIP scheme or 30%-40% for enhanced PIP scheme

Read more here

Bridging Cash Flow while waiting for Singapore SME grants Reimbursement 

All available Singapore SME grants are definitely very welcomed by SMEs. However, many SMEs are continually facing challenges and difficulties even after successfully applying for the Singapore SME grants. It usually takes up to 10 weeks before the cash can be disbursed. InvoiceInterchange can help you bridge that cash flow gap. Talk to us to find out more.