Running a business in Singapore is rewarding, but support is essential. Fortunately, government-backed business grants are available for digital upgrades, expansion, or overseas market access, giving your business the boost it needs.
In this blog, we’ll guide you through the top grants available to help you unlock new growth opportunities in Singapore:
- Company Training Committee (CTC)
- Enterprise Development Grant (EDG)
- Productivity Solutions Grant (PSG)
1. Company Training Committee (CTC)
The CTC Grant by NTUC, managed by e2i, helps businesses improve productivity, redesign jobs, and support employee growth. It promotes sustainable business transformation by covering up to 70% of eligible costs, including equipment, software, training, and consultancy.
Who is Eligible?
- Entities legally registered or incorporated in Singapore
Companies, societies, and non-profit organizations
- Unionized and United
Companies with NTUC partnerships and a Company Training Committee.
- Transformative Projects
Businesses were actively working on skill-building and productivity improvements.
Application Process
- Step 1: Form Your Committee
Create a Company Training Committee (CTC) with NTUC, including senior management and a workforce or union rep.
- Step 2: Plan Your Transformation
Develop a plan aligning with the grant’s business and workforce improvement goals.
- Step 3: Consult e2i
Discuss your plan with e2i and get approval before applying.
- Step 4: Submit Online
Apply through the e2i Grant Portal from August 2022 to July 2026.
2. Enterprise Development Grant (EDG)
The Enterprise Development Grant (EDG) helps Singaporean companies grow and expand internationally. It covers projects in three areas: core capabilities, innovation & productivity and market access. Eligible SMEs can get up to 70% support for costs like consultancy, software, equipment, and manpower, until 31 March 2026.
Who is Eligible?
- Local Ownership
Must be a Singapore-registered company with at least 30% local ownership.
- Financial Capability
The company must be financially capable of starting and completing the project.
- Project Focus
The project should align with the areas supported by the EDG grant: core capabilities, innovation & productivity, and market access.
Application Process
- Step 1: Confirm Eligibility
Verify that your business meets the required criteria.
- Step 2: Select a Project Category
Pick the category that best matches your business objectives.
- Step 3: Gather Required Documents
Prepare essential documents like project proposals, financial statements, and company registration details.
- Step 4: Submit via Business Grants Portal (BGP)
Apply through the portal using your Corppass account.
- Step 5: Application Review
The review process usually takes 8-12 weeks.
3. Productivity Solutions Grant (PSG)
The Productivity Solutions Grant (PSG) helps Singapore businesses improve productivity by funding IT solutions, equipment, and services. It covers tools like digital marketing, e-commerce, and automation. Since April 2023, PSG has offered up to 50% funding, with a cap of SGD 30,000 per business.
Who is Eligible?
- Registered in Singapore
Your business must be officially registered and operating within Singapore.
- Local Ownership
At least 30% of the company must be owned by Singaporeans.
- Business Size
Your company should have an annual turnover of less than SGD 100 million or fewer than 200 employees.
- In-country Use
The solutions or equipment purchased must be used within Singapore.
Application Process
- Step 1: Choose Approved Solutions
Select the appropriate solutions from the list of approved vendors such as SiteGiant
- Step 2: Get a Quotation
Obtain a quotation from your chosen vendor.
- Step 3: Submit Application
Apply through the Business Grants Portal using your Corppass account.
- Step 4: Claim Reimbursement
Submit your claim after using the solution for 30 days. The process takes about 6 weeks.
In conclusion, take the time to research the available grants, understand their requirements, and take action to support your business’s growth today. These opportunities are right at your fingertips. Sign up for SiteGiant’s Smart eCommerce Solution today to unlock up to 50% funding through the Productivity Solutions Grant (PSG) and elevate your business to new heights.
Transform your business with SiteGiant’s Smart eCommerce Solution!
Image Credits and References: Company Training Committee (CTC), Enterprise Development Grant (EDG), Productivity Solutions Grant (PSG)
