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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.
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.
The development of new innovations promises growth towards the economy of Singapore . Specifically, this aims to:
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:
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:
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:
Temporary Bridging Loan Programme - provides assistance to businesses for their working capital needs. Detailed information can be found through the link above.
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:
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.
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.
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:
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:
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:
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:
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: