Are you considering to jump start your Company's productivity and cut costs?
Most newly form SMEs may from time to time experience difficulties such as manpower shortage, rising costs and inefficiencies. Read on to find out more on some of the must-know business schemes designed to help you transform your business.
Most newly form SMEs may from time to time experience difficulties such as manpower shortage, rising costs and inefficiencies. Read on to find out more on some of the must-know business schemes designed to help you transform your business.
1. Capability Development Grant (CDG)
Facilitated by SPRING Singapore, it aims to provide financial assistance for SMEs to build capabilities across 10 key business areas listed below. Qualified SMEs can enjoy up to 70% of the expenses of the 10 key business areas.
10 Business Areas
Qualifying Criteria
2. iSPRINT
Receive up to 70% grant capped at S$20,000 for adopting infocomm technology to raise productivity and growth. SMEs can select packaged solutions such as point of sales systems, CFM or Accounting Software from a list of IDA’s pre-qualified list.
SMEs that prefer to utilize specific sector solutions will only need to pay 30% of the expenses upfront to vendors, with IDA reimbursing the remaining costs directly to the vendors.
Qualifying Criteria
3. Productivity & Innovation Credit (PIC) Scheme
The PIC Scheme aims to encourage SMEs to improve their productivity and innovation within their businesses. SMEs that invest in PIC’s qualifying activities defined by the Inland Revenue Authority of Singapore (IRAS) can benefit from tax deductions and cash payouts.
6 Qualifying PIC Activities
Qualifying Criteria
4. Enhanced Training Support Scheme
SMEs will be to send their employees for certificate skills training under this scheme and pay as little as 10% for the courses supported by Workforce Development Authority (WDA) or Academic CET Programmes at Polytechnics and ITE.
Qualifying Criteria
5. SME Micro Loan
It is important for businesses to have a healthy cash flow in order to meet their objectives. SMEs can borrow money to finance their business’s daily operations to automate and upgrade factory and equipment. SMEs may obtain loan up to S$100,000, with a repayment period of 4 years. Interest rates are subjected to participating Financial Institutions’ Assessment of risks involed.
Qualifying Criteria
These are some of many government assistance schemes and grants made available for SMEs to grow their business. It will be helpful to leverage on them to save you thousands of dollars on additional business financing.
To find out more about the above government assistance schemes and grants, please visit the website of the respective agencies processing each project.
Facilitated by SPRING Singapore, it aims to provide financial assistance for SMEs to build capabilities across 10 key business areas listed below. Qualified SMEs can enjoy up to 70% of the expenses of the 10 key business areas.
10 Business Areas
- Brand & Marketing Strategy Development
- Business Excellence
- Business Strategy Innovation
- Enhancing Quality & Standards
- Financial Management
- Human Capital Development
- Intellectual Property & Franchising
- Productivity Development
- Service Excellence
- Technology Innovation
Qualifying Criteria
- Company must be registered and actively operating in Singapore
- Company must possess at least 30% local shareholding
- Group annual sales turnover must be less than or equal to S$100 million or group employment size of maximum 200 employees
2. iSPRINT
Receive up to 70% grant capped at S$20,000 for adopting infocomm technology to raise productivity and growth. SMEs can select packaged solutions such as point of sales systems, CFM or Accounting Software from a list of IDA’s pre-qualified list.
SMEs that prefer to utilize specific sector solutions will only need to pay 30% of the expenses upfront to vendors, with IDA reimbursing the remaining costs directly to the vendors.
Qualifying Criteria
- Company must be registered and actively operating in Singapore
- Company must possess at least 30% local shareholding
- Group annual sales turnover must be less than or equal to S$100 million or group employment size of maximum 200 employees
- Do not own/use any other solutions that will be adopted (i.e., POS Systems, Accounting, Payroll solution)
3. Productivity & Innovation Credit (PIC) Scheme
The PIC Scheme aims to encourage SMEs to improve their productivity and innovation within their businesses. SMEs that invest in PIC’s qualifying activities defined by the Inland Revenue Authority of Singapore (IRAS) can benefit from tax deductions and cash payouts.
6 Qualifying PIC Activities
- PIC IT and Automation Equipment
- Attainment and In-licensing of Intellectual Property Rights (IPRs)
- Approved Design Projects
- Staff Training
- Registering of Patents, Designs, Plant Varieties and Trademarks
- Research and Development Activities
Qualifying Criteria
- Company’s annual sales turnover must be less than or equal to S$100 million or group employment size of maximum 200 employees
- Ensure that the activities fit in the qualifying activities mentioned above making a PIC claim
- Must incur the required qualifying expenditure and must be entitled to PIC during the qualifying YA
- Company must be actively operating in Singapore
- Company must have at least 3 local employees (either Singapore citizens or Permanent Residents) who are actively contributing to their respective CPFs
4. Enhanced Training Support Scheme
SMEs will be to send their employees for certificate skills training under this scheme and pay as little as 10% for the courses supported by Workforce Development Authority (WDA) or Academic CET Programmes at Polytechnics and ITE.
Qualifying Criteria
- Company must be registered and actively operating in Singapore
- Company must possess at least 30% local shareholding
- Company’s annual sales turnover must be less than or equal to S$100 million or group employment size of maximum 200 employees
- These employees must be fully sponsored by their employers to attend training
5. SME Micro Loan
It is important for businesses to have a healthy cash flow in order to meet their objectives. SMEs can borrow money to finance their business’s daily operations to automate and upgrade factory and equipment. SMEs may obtain loan up to S$100,000, with a repayment period of 4 years. Interest rates are subjected to participating Financial Institutions’ Assessment of risks involed.
Qualifying Criteria
- Company must be registered and actively operating in Singapore
- Company must possess at least 30% local shareholding
- Company’s annual sales turnover must be less than or equal to S$1 million or employment size of maximum 10 employees
- Group annual sales turnover must be less than or equal to S$100 million or group employment size of maximum 200 employees
These are some of many government assistance schemes and grants made available for SMEs to grow their business. It will be helpful to leverage on them to save you thousands of dollars on additional business financing.
To find out more about the above government assistance schemes and grants, please visit the website of the respective agencies processing each project.