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RIC Blogs

Critical Information on the Latest Government Grants and Industry Developments

Singapore's Budget 2022 Support Initiatives for Businesses (Part 2)

4/11/2022

 
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(This blog is a continuation of our previous blog post on Budget 2022 here)

The Singapore Budget 2022 event also highlighted the different ways to achieve the goal of maintaining the economy of Singapore's vibrant and competitive affected by the blunt of COVID-19 pandemic. It includes investment through human capital, innovation, loan and financing, sustainability, and support for business recovery. These will be discussed briefly below.

Human Capital 

An enhanced version of Skills Future Enterprise Credit (SFEC) will be made available to help employers venture into enterprise and workforce transformation. Adjustment has been made on the eligibility criteria for this financial scheme. Qualified employers are set to be informed in April 2022 while the deadline for claiming credits has been extended until 30 Jun 2024. 

Relevant information about this program is available through this link.

Innovation

The development of new innovations promises growth towards the economy of Singapore . Specifically, this aims to:
  • To provide more support to local SMEs undertaking R&D and innovation activities
  • Manpower resourcing to suitable centers within the Polytechnics and ITEs will be increased to enable these centers to undertake more innovation projects with SMEs

Loan and Financing

To satisfy the financial needs of businesses, a set of loan and financing options will be made available for them. These include the Enterprise Financing Scheme – Merger & Acquisitions (M&A), Enterprise Financing Scheme – Project Loan, Enterprise Financing Scheme – Trade Loan, and Temporary Bridging Loan Programme. The details of each financing option is provided below. 

Enterprise Financing Scheme – Merger & Acquisitions (M&A) will expand to including M&A activities such as venturing into complementary businesses and emerging sectors: 
  • To allow enterprises to scale and expand through M&A and venture into complementary businesses and emerging sectors
  • Scheme will be enhanced for four years from 1 Apr 2022 to 31 Mar 2026 to include domestic M&A activities

Check out this link for relevant information regarding this financial scheme. 

Enterprise Financing Scheme – Project Loan  aims to assist local businesses involved in the construction enterprises leading to the accomplishment of their domestic projects. 

This project supports the enterprises in terms of: 
  • Working Capital Loan
  • Factory/ Building/ Land (includes Purchase/ Renovation/ Construction)
  • Equipment/ Machineries/ Vessels/ Other Fixed Assets/ Machinery Hire Purchase
  • Guarantees

Enterprise Financing Scheme - Trade Loan - pushes assistance for enterprises dealing with trade financing whether domestic or overseas-based. As announced, this scheme will be extended until 30 September 2022. Support will be provided through these:
  • Inventory / stock financing
  • Structured pre-delivery working capital (revolving working capital)
  • Factoring (with recourse) / bill of invoice / AR discounting
  • Overseas working capital loan
  • Bank Guarantee (capped at 2 years tenure)

Temporary Bridging Loan Programme - provides assistance to businesses for their working capital needs. Detailed information can be found through the link above. 

Sustainability

Enterprise Sustainability Programme (ESP) supports initiatives tackling sustainability efforts and programs in line with Singapore's Green Economy Strategy in mind. The support comes in forms of workshops and training which will help accelerate the sustainability goals of Singapore. 

Relevant information about ESP is provided in the link above.

Support for Business Recovery

Small Business Recovery Grant - supports financial support to businesses whose operations were bogged down by COVID-19 pandemic. 

To qualify, the business must meet the the following criteria:
  • Firm must be a 'live' business entity physically present in Singapore and registered no later than 31 Dec 2021;
  • Firm must have an annual operating revenue of under S$100 million filed with IRAS in the Year of Assessment 2021 by 31 Dec 2021 or employ fewer than 200 employees as of 31 Dec 2021; and
  • Firm must be in one of the sectors listed in the table in this document

Additional information can be obtained from the website provided. 

If your business is considering into securing grants, Real Inbound Consulting (RIC) would love to help you. Helpful blogs or information sheet to guide you on which grant to apply for is also available on our website. 

Image:https://www.freepik.com/photos/fiscal

Singapore's Budget 2022 - Support Initiatives for Businesses (Part 1)

4/9/2022

 
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As a global leader and financial hubspot in Asia, Singapore unveiled during the Budget 2022 event the new initiatives aimed to restructure the economy and solidify its stature in the world.

The new initiatives will enable eligible businesses to explore untapped market opportunities. The program will also ensure businesses rise up to the challenge of fast-changing business landscape by investing in digital technology, innovations, and upskilling of talents among others. 

Further, to speed up the recovery of challenged segments of the economy, a number of initiatives are also in store to provide targeted assistance to eligible businesses. 

Businesses Capabilities

The Our Heartlands 2025 Programme was developed by Enterprise Singapore. Relevant information about the programs such as Heartlands Go Digital Programme and Visual Merchandising Programme can be accessed through the links provided.

​However, the Our Heartlands 2025 Programme will continue to provide support to eligible businesses through the following:
  • Deepening digital capabilities and upskill the heartland workforce through initiatives such as the Heartlands Go Digital Programme and Visual Merchandising Programme.
  • Upgrading capabilities of Heartland Trade Associations and Chambers to amplify and multiply government initiatives through manpower support and internal digital capability development.
  • Enhancing the liveliness of the heartlands through upgrading the precincts and stores, as well as organizing events such as the Heartlands Festival, which will raise the profile of heartland merchants, and attract new customers to the heartlands.

New initiatives will be launched such as Food Services and Retail Business Revitalisation Package, Singapore Global Enterprise (SGE) Initiative, Trade 2030 Strategy, and Trade Associations and Chambers (TACs) Partnerships. The details of each initiative is specified below. 

A. Food Services and Retail Business Revitalisation Package

Application period for this package begins on 1 Apr 2022 until 31 Mar 2023. This package will prioritize the following: 
  • ​Extension of the enhanced maximum support level for Enterprise Development Grant projects that support business model transformation at 80%. 
  • Enhanced support through the sector trade associations to train and hire local job seekers through programmes such as the SG United Mid-Career Pathways Programme and Career Conversion Programmes

Businesses are encouraged to inquire about Productivity Solutions Grants and Enterprise Development Grant through the links provided. 
 
B. Singapore Global Enterprise (SGE) Initiative

Promising local enterprises will be prioritized to make them become part of the Singapore Global Enterprise. Businesses affiliated to SGE are recognized locally and around the world. Assistance will be channeled through (a) developing global-ready executives; (b) creating new corporate ventures; (c) facilitating mergers & acquisitions; and (d) creating enhanced access to financing. 
 
Under this initiative, local businesses can enjoy the Singapore Global Executive Programme (SGEP) which will prepare them to go global through the following:
  • Providing expertise: Provides dedicated support and guidance to enterprises, such as access to human resource expertise and benchmarking data, to help enterprises strengthen their human capital capabilities and elevate their talent management practices. 
  • Branding partnership: Supports enterprises in their branding and outreach efforts to position them as attractive employers offering exciting career opportunities.
  • Curating a holistic talent development programme: Works with enterprises to create a curated career development pathway and expose young local talent to growth opportunities, and provides support to build in-house HR team to implement talent development programmes.
 
C. Trade 2030 Strategy

This program aims to augment all aspects of trading and introduce Singapore to the world in the trading industry. Companies will get the support of Singapore to further intensify the trading industry. Employees working in the trading industry will also be empowered through upskilling efforts. 
 
This will be carried out through these activities: 
  • To boost efforts in attracting leading global traders and anchoring more of their upstream, downstream, and innovation activities in Singapore, thereby providing platforms for other Singapore enterprises to expand overseas.
  • To accelerate efforts to grow a strong core of Singapore Global Traders – locally-grown traders that command global scale and are highly innovative
 
D. Trade Associations and Chambers (TACs) Partnerships

This initiative covers these programs such as Digitalisation of TACs (Digi-TAC) Programme, TAC Fellowship Programme for Leadership Development (TFP), and TAC Leadership Accelerator Programme (TLAP). Its main goal is to solidify the business relationship with key intermediaries and multipliers. 
​

Digitalisation of TACs (Digi-TAC) Programme will assist the shift to digital technology through:
  • Adopting digital solutions to improve and boost capabilities in key corporate functions
  • Training TAC secretariat staff to equip them with foundational digital capabilities to enable them to support their respective industries and members

Meanwhile, AC Fellowship Programme for Leadership Development (TFP) will focus on empowering and upskilling TAC leaders in the future and TAC Leadership Accelerator Programme (TLAP) will take the lead in camping for talents and prepare them for leadership and managerial positions in TAC. 
Image:https://www.freepik.com/photos/business-finance

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