- September 28, 2023
- Updated 4:01 pm
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A Guide To SME Grants To Support Business In Singapore
The Singapore government has been very keen on promoting business in the country as of late. It has realised that if the business organisations are encouraged to do better, it will directly impact the country’s economy. Out of various grants that they are providing to these business organisations, SME grants have a crucial role to play. There are all sorts of grants available for SMEs to boost their business. We are going to talk about these grants one by one:-
Enterprise Development Grant
Out of all the SME grants in Singapore, this has to be one of the most common types of grants. You can cover close to 80% of the entire project’s costs under this grant. If any company wants to spread its business overseas and needs an effective marketing strategy to do so, this is one avenue through which to attain funds. With the help of SME grants, it is possible for a business to experience enormous growth.
International Co-Innovation Programmes
In this grant, cross-border collaboration takes place. Under this SME grant, a company can boost technological developments in the company. As we all know, technology plays an important part in the growth of a business. With the help of these advanced tools, you can encourage innovation in your company, a highly valuable resource. In such cases, the funds required for the project can be substantial. That is why this SME grant in Singapore is that much more important to new organisations. The more funds you can allocate to improve technology in your organisation, the better your chances are to make a mark in the marketplace.
Land Productivity Grant is mainly useful for companies who are specifically looking for land to use through domestic or overseas relocation in Singapore. This support is based on the lease term remaining and the area of freed upland. It is a one-time assistance which will help with the finance in meeting the costs that are incurred during the start of relocation. The companies usually get somewhere between the range of 10% to 70% of the qualifying costs.
Market Readiness Assistance Grant
MRA Grant is meant to help organisations expand their business into overseas markets. Smaller companies often find it challenging to make a name for themselves, even in the local market. Then how would they be able to find their feet in the overseas market? They will incur heavy marketing and setup costs. With the help of this SME grant, they can spend on promoting their content, and building offices and factories in foreign countries. A company may get as much as 70% of the entire project cost through these grants.
Skills Future Enterprise Credit
If an organisation wants to grow big, its employees have to play a big part in its growth. But what if those employees are not well-equipped to do so? You will have to introduce training sessions for them to be efficient at their job. You can use this SME grant in Singapore to invest in the development of your employees’ capabilities.
The Singapore Government has made sure that those organisations can feel motivated regarding their work. As long as they use these SME grants to their maximum potential, things are going to work smoothly!