Whether you’re looking to digitalise, adopt AI solutions, or expand into overseas markets, government grants can help reduce costs while supporting business growth. However, many SMEs are unsure whether they qualify or where to begin.
This guide simplifies the eligibility criteria, helping businesses quickly understand if they are eligible and what to look out for.
Why Government Grants Matter
Grants are designed to support businesses in key areas, such as:
- Accelerated Digitalisation and Productivity
Grants such as the Productivity Solutions Grant (PSG) allow SMEs to improve operational efficiency and competitiveness without bearing the full cost of technology adoption. Eligible businesses can receive up to 50% funding support for pre-approved digital solutions and equipment, making it more affordable to adopt technologies that enhance productivity and streamline operations.
- Support for Market Expansion
The Market Readiness Assistance (MRA) grant supports SMEs in expanding overseas by funding qualifying costs, helping to reduce the financial risks of entering new markets. Eligible businesses can receive up to 70% funding support, capped at S$100,000 per company, for eligible overseas market promotion, business development, and market set-up activities.
- Workforce Development and Sustainability
Grants support employee training and skills upgrading, enabling SMEs to build a stronger and more capable workforce. For example, the SkillsFuture Enterprise Credit (SFEC) helps businesses offset eligible costs for enterprise and workforce transformation initiatives, including employee training.
Government grants help SMEs accelerate growth and drive digital transformation without accumulating debt.
Beyond funding, grants help reduce costs, minimise investment risks and support business growth. They also enable businesses to pursue growth initiatives that might otherwise be delayed due to financial constraints.
How to Check If You Are Eligible
Determining your eligibility for government grants can be challenging. Overlooking a single requirement could result in delays or missed funding opportunities.
While each grant has its own eligibility requirements, most government grants in Singapore share several common baseline criteria that businesses can use to assess whether they are likely to qualify.
Contact us today for a personalised eligibility assessment. We will identify the most suitable grants for your business and guide you through the application process.
1. Business Registration
Your business must be registered and operating in Singapore, as most grants are only available to locally incorporated entities.
2. Local Shareholding
Typically, companies need to have at least 30% local shareholding held directly or indirectly by Singaporeans or Permanent Residents, determined based on ultimate individual ownership.
3. Financial Viability
Businesses should be financially stable and able to complete the proposed project, as grants often require companies to co-fund a portion of the costs.
4. Project-Based Requirement
Most government grants are designed to support specific business transformation initiatives, such as digitalisation, workforce development, or overseas expansion. Your proposed project should clearly align with the objectives and intended outcomes of the grant you are applying for.
While these criteria provide a general guideline, businesses should refer to the specific requirements of each grant to confirm their eligibility.
4 Common Mistakes SMEs Make
Many businesses miss out on government grants due to common and avoidable mistakes, such as:
1. Ignoring Guidelines and Eligibility
Applying for grants that do not align with the businesses’ project, or failing to follow key requirements like page limits, formatting and submission deadlines.
2. Missing or Inaccurate Information
Omitting required documents (financial statements, tax information) or providing incorrect data such as UEN numbers.
3. Inflated Project Outcomes
Overestimating the expected benefits of a project, such as cost savings, productivity gains, or revenue growth, without sufficient justification.
4. Starting Too Early
Beginning project activities or signing vendor contracts before receiving approval (e.g. Letter of Offer), which may invalidate the application.
To improve the chances of success, businesses should ensure that proposals are well aligned with grant objectives and that all instructions are followed carefully.
Contact Us
The easiest way to find out if your business qualifies is to contact us at 6515 7906 or enquiry@361dc.com to get started. We will assess your business profile, understand your project objectives, and recommend suitable government grants based on your eligibility.
Whether you’re looking to digitalise, expand overseas, or improve workforce capabilities, we’ll help you maximise the funding opportunities available to your business. Don’t miss out on grants your business may be eligible for!
