Navigating the array of business grants offered by the Singapore government can be overwhelming, particularly for entrepreneurs juggling various responsibilities. However, these grants can be invaluable resources, offering financial support and valuable expertise to fuel business growth. Beyond financial aid, these grants offer tailored support, fostering innovation, operational efficiency, and global expansion. Join us in exploring the avenues of transformation and growth that await enterprises in Singapore.
What is Productivity Solutions Grant (PSG)?
Under the guidance of Enterprise Singapore, PSG is designed to facilitate the integration of pre-approved digital solutions and technology, PSG generously covers up to 50% of the allowable costs associated with commercially accessible digital technologies.
Solutions Coverage: ERP, CRM, E-Invoicing, e-procurement, e-payment, warehouse management systems and other automation solutions depending on their specific functions and alignment with PSG’s objectives.
From streamlining accounting processes to enhancing inventory, customer, and human resource management, PSG caters to a myriad of essential business functions. This comprehensive support system empowers businesses to embrace the digital age by providing vital financial assistance for the adoption of necessary digital solutions. PSG grants, a gateway to digital transformation, invite businesses to propel themselves into a future of efficiency and innovation.
Who is eligible for PSG?
- Registered & operating company in SG
- IT services must be used in SG
- Minimum of 30% local shareholding
- Turnover < S$100 million, OR < 200 employees
What is Enterprise Development Grant (EDG)?
Step into a realm of growth with the Enterprise Development Grant (EDG) by Enterprise Singapore. It’s your go-to for significant transformations, offering support to upgrade capabilities, innovate, and go global. What sets it apart from PSG? EDG is all about flexibility.
Solutions Coverage: ERP & CRM implementation, technology adoption (e-commerce platforms, data analytics tools, cloud computing) that contribute to capability development and innovation.
Forget one-size-fits-all – the Enterprise Development Grant (EDG) is all about personalised support. It caters to your business’s unique needs, backing projects like process redesign, tech adoption, market expansion, and innovation. EDG grants chip in for a chunk of qualifying project costs, fueling substantial and impactful digital transformations
Who is eligible for EDG?
- Business entity registered and operating in Singapore
- Company has at least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership
- Company is financially ready to start and complete the project. Commonly used financial indicators, such as the current ratio, will be used for assessment.
What is Skills Future Enterprise Credit (SFEC)?
Business Evolution – Programs that foster the growth and productivity of your enterprise.
Workforce Evolution – Explore job redesign efforts and curated training programs offered by SkillsFuture Singapore and Workforce Singapore. These include courses tailored to the Skills Framework, Career Conversion Programs, and sector-specific training initiatives.
Eligible employers receive a one-off credit of up to $10,000 per entity to cover up to 90% of out-of-pocket expenses (refer to Q5 for illustration) on qualifying costs for enterprise transformation programmes and workforce transformation programmes.
- Enterprise Transformation (up to $7,000 only) – Schemes by various agencies hosted on the Business Grant Portal (BGP); and/or
- Workforce Transformation (up to the full $10,000) – Training courses aligned to the various Industry Skills Frameworks by SkillsFuture Singapore (SSG), Job Redesign initiatives, and Career Conversion Programmes etc. by Workforce Singapore (WSG)
Who is eligible for SFEC?
Eligible employers have been qualified for SFEC over 5 qualifying periods. Employers that have fulfilled the eligibility criteria for SFEC will be informed by Enterprise Singapore.
How to apply for government grants
- Assess Your Eligibility
PSG: Is your business incorporated in Singapore? Do you have less than 200 employees? Do you need automation solutions to improve efficiency?
EDP: Does your business have at least 30% local shareholding? Are you committed to innovation or internationalization?
SFEC: Is your startup registered and operating in Singapore? Do you have innovative technology-based products or services?
- Gather Necessary Documents
PSG: Financial statements, business plans, vendor quotes for automation solutions.
EDP: Financial statements, business plans, technology roadmaps, letters of support.
SFEC: Financial statements, business plan, technology roadmap, letters of support, pitch deck.
- Consider Pre-Approved Partner Assistance (Optional)
Working with pre-approved partners like Microlabs can simplify the process.
Microlabs, as a pre-approved IMDA vendor, has extensive experience with PSG applications and can assist you throughout the process. Schedule a free consultation today!
- Complete the Online Application Form
Visit the respective program website (PSG – businessgrants.gov.sg, EDP – enterprisedb.gov.sg, SFEC – sfei.sg).
Fill out the online application form accurately, comprehensively and provide all required information and upload the supporting documents.
- Submit Your Application
Review your application for errors or missing information, submit your application before the deadline and keep a copy of your application for your records.
- Await Approval
The approval process can take several weeks. You may be contacted for additional information or clarification.
- Post-Approval
PSG: Claim your grant funds by submitting invoices and related documents.
EDP & SFEC: Use the grant funds as per the program guidelines and report on your progress.
All Programs: Adhere to the program’s terms and conditions.
- Leverage Expert Support (Optional)
Microlabs offers 100% free consultation to assess your eligibility, recommend the best grant program for your needs and take care of all the legwork so you can focus on your business.
Contact Microlabs to explore how they can help you secure valuable government funding and accelerate your business growth. Click here to schedule a free consultation.
Ready to unlock your business potential with government grants?
- Validate your eligibility instantly – no commitment, 100% free.
- Get a personalized budget & grant consultation with our experts.
- Receive tailored recommendations for maximizing your funding opportunities.
Choose Microlabs for a journey to success, backed by our lifetime after-sales support. Contact us today!
