3 Ways Your Business Can Benefit from Grants
Dubbed as the regional hub for Southeast Asia, the government has proffered several beneficial grants for small and medium enterprises (SMEs) with a vision for internationalisation, technological innovation and enhanced productivity.
The grant offerings, compared to the ones that were first rolled out years ago, are more streamlined to adapt to sector-specific needs of local companies. According to Kurt Wee, president of the Association of Small and Medium Enterprises in Singapore (ASME), these grants are more relevant to the startup scene which encourages SMEs to adopt new solutions that are pertinent to the modern business landscape.
Here’s how your business can benefit from these grants.
- Enterprise Development Grant
Asides from supporting the business’ innovation and productivity growth, the EDG grant is proffered to enterprises, both small and large, which intend to broaden their horizons and enlarge their businesses overseas.
For most companies, the plan to expand further beyond the shores of Singapore is a costly strategy and may be unsuccessful in obtaining other means of gaining funding assistance to do so. The grant helps to fund new businesses to set-up their Singapore division and established businesses to strengthen theirs, while enjoying significant savings.
- Market Readiness Assistance (MRA) Grant
The MRA grant aids in fundamental growth plans and overseas ventures, allowing for opportune business developments for companies looking for key foreign markets for their products and services.
The funding provided for the strategic market planning and establishing overseas subsidiaries allow for a reduction of more than half of the third-party costs required for overseas expansion, and it allows for a smoother and more seamless movement for Singaporean companies.
- Productivity Solutions Grant (PSG)
More and more SMEs are looking to tap into technology solutions to enhance their productivity, boost their business operations or automate it altogether, and the PSG grants just that.
Sector-specific companies are able to take advantage of the grant offering to adopt effective measures to improve their businesses, and these industries include the F&B, retail, construction and logistics. The grant provides a time- and effort-saving approach towards productivity growth for businesses and allow for upgrades and rapid advancements.
Where can I find these grants?
An EDG consultant in Singapore or an MRA grant consultant appointed by SPRING Singapore (now known as Enterprise Singapore), a government body supporting enterprise development, is highly capable of providing professional advice for businesses looking to grow their operations, either in terms of productivity, innovation or overseas business developments.
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