Business Loans And Grants – The Government of Singapore has actively implemented policies to support and develop the business landscape. From grants, subsidies to financing and tax breaks, we’ve put together a comprehensive list of programs you can take advantage of.
Whether you are looking for funding support, local hiring grants, use of digital solutions, tax grants or angel funding, there is sure to be something for you!
Business Loans And Grants
BIF targets Singapore-registered companies in the tourism sector to encourage innovation and technology adoption, as well as the re-engineering of business models and processes.
Enterprise Development Grant
Depending on the size of your business, the level of support provided by BIF will vary. Applicants from small and medium-sized enterprises (SMEs) receive funding support of up to 70% of the qualifying costs; Non-SME applicants receive up to 50% funding support.
The Enterprise Development Grant is designed to help Singapore companies build in-house capabilities in 3 key areas with corresponding sub-areas.
EFS is Enterprise Singapore’s umbrella program that provides companies with better access to finance at different stages of their growth.
EDB Singapore offers a range of incentives and programs for companies looking to expand the scope of their operations in Singapore.
Get A Business Grant. Business Loans And Grants Stock Image
Entrepreneurs are encouraged to improve their business skills through the incentives and programs on offer. Here are some schemes:
Do you have questions about getting started? Get it all answered with a free Singapore corporate structure and compliance consultation.
MRA grants support Singaporean companies that are taking their operations overseas for the first time. Receive up to 70% of eligible third-party costs, covering steps such as preparing the foreign market, identifying business partners and promoting the foreign market.
As part of SG’s startup equity program, the government will invest in eligible startup companies alongside independent and qualified third-party investors.
What’s The Difference Between Government Grants And Loans?
The program offers a co-investment ratio of 7:3 (up to S$250,000). A ratio of 1:1 applies for up to S$2 million. These are the numbers for general technology investment.
A co-investment ratio of 7:3 (up to S$500,000) applies to deep tech investments, while a 1:1 ratio applies to investments up to S$4 million.
The program aims to stimulate private sector investment in Singapore-based innovative technology start-ups with intellectual property and global market potential.
The Temporary Bridge Loan Program (TBLP) makes it easier for SMEs to access working capital. Loans of up to S$1 million per borrower can be granted at an interest rate capped at 5.5% p.a.
How A Government Grant Works, How To Apply, With An Example
Trade credit is aimed at young companies and those trading in challenging markets. It offers loans of up to S$5 million per borrower with a risk share of 70%.
VFG grants are available to new and existing social enterprises that need funding to either start or expand their operations. Applicants can receive grants of up to $300,000.
In light of COVID-19, specific grant funding to support solutions to address community issues that will be prevalent in Singapore during the post-COVID-19 recovery period may receive grants of up to S$100,000.
This program aims to provide your company with a trial period to assess the employability of a Singapore job seeker. During the probationary period, the job seeker’s salary may be paid by the government.
Ultimate List Of U.s Small Business Grants
As an employer, you can assess a job seeker’s suitability through a short-term work trial before offering a job to a suitable Singaporean citizen.
The Job Growth Incentive (JGI) encourages hiring of local workers (i.e. Singapore nationals and PR) through significant salary support in tiered payments. The phases of the JGI are:
Please note that the level of support also depends on the maturity of your local workforce, with older workers receiving higher subsidies.
The Employment Support Scheme (JSS) provides wage support to employers to keep their local workers (Singaporean citizens and permanent residents) during this time of economic uncertainty.
Grants Vs. Loans: What’s The Difference?
The amount and duration of support each employer receives depends on the industry in which the employer operates. The government subsidizes 50% of each employee’s monthly salary applied to the first S$4600 earned by each employee.
The company will receive a one-time grant of S$5,000 upon successful retention of new hires for at least 6 months after completion of the workshop under the program and evidence of internal training.
SFEC is a S$10,000 loan subsidy that reduces extraordinary expenses for business and workforce restructuring by up to 90%. This is to encourage employers to upskill their teams through supportable initiatives.
The Skills Development Levy waiver is granted for the funding period January 1, 2021 to December 31, 2021.
Small Business Loan Program
If you are new to Singapore and planning to start a business here, download our free whitepaper covering everything a business owner needs to get started.
The SG Tech Startup Grant accelerates the development of proprietary technology solutions and accelerates the growth of startups built on proprietary technologies and scalable business models.
DTDi offers eligible companies a 200% tax deduction for eligible expenses for international market expansion and investment development activities such as market preparation, market exploration, market promotion and market presence.
For seed investments or Series A you can refer here. This shows that most VC investors are active in Singapore. Here you can find a map of the financing conditions.
The Best Government Grants For Your Business Ebook By Matthew Lesko
For a more customized free 1-to-1 consultation, you can contact the SME Center here where a business consultant will meet you to share with you the relevant programs and Singapore start-up grants you may be eligible for.
If you want to learn more about how to fund your startup, you can read our article on 6 main sources of funding for your startup in Singapore.
Please note that the information provided is subject to change. Please check their respective websites for the latest updates.
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