Introduction

Singapore’s Built Environment Technology and Capability (BETC) Grant is a new government funding scheme launched in 2025 to drive transformation in the Built Environment sector. Backed by a S$100 million budget over five years, BETC supports firms in adopting advanced technologies, developing new capabilities, and upgrading their workforce for long-term competitiveness​. It replaces the earlier Productivity Innovation Project (PIP) grant (which ended in March 2025) to ensure continued support for industry innovation​mnd.gov.sg. BETC is open for applications from 1 April 2025 until 31 March 2030​. This guide details the grant’s purpose, eligibility, funding scope, application process, evaluation criteria, and how RIC (Real Inbound Consulting) can promote BETC to SME prospects in the built environment sector.

Purpose and Strategic Goals of the BETC Grant

The BETC grant is a strategic initiative aligned with Singapore’s Built Environment Industry Transformation Map (ITM). Its key objectives are to encourage firms to transform and achieve outcomes aligned with the ITM, expand support to more ITM focus areas, and emphasize longer-term capability building for sustained industry advancement​. In essence, BETC marks a shift from one-off productivity improvements to holistic, long-term transformation. It specifically aims to cultivate:

• Enterprise Capabilities: New business competencies (e.g. lean construction processes, collaborative contracting practices) that improve how firms operate​realinboundconsulting.com.
• Technology Adoption: Uptake of advanced technologies (e.g. digital solutions, BIM, robotics, automation) to boost efficiency and integration in projects​realinboundconsulting.com.
• Workforce Development: Strategic manpower initiatives (e.g. innovative hiring and training, job redesign, in-house upskilling programs) to build a higher-skilled workforce​.

By funding these areas, the government seeks to advance productivity, sustainability, and innovation in the sector. The BETC grant is “deeply aligned with Singapore’s Built Environment ITM”, pushing goals like widespread digitalization (Integrated Digital Delivery), 70% Design for Manufacturing & Assembly (DfMA) adoption, and greener buildings​realinboundconsulting.com. Ultimately, BETC is designed to help future-proof built environment firms, enabling them to meet rising industry standards and participate in upcoming mega-projects with greater success.

Eligibility Criteria

The BETC grant has broad eligibility within the built environment (BE) sector, ensuring that a wide range of industry players – especially SMEs – can benefit. To qualify, an applicant must:

• Be a BE-sector Company: The firm should be related to the Built Environment sector (examples include developers, construction main contractors, sub-contractors, architectural or engineering consultants, prefabricators, building material suppliers, etc.)​. Essentially all BE firms across the value chain are eligible to apply.
• Be Registered in Singapore: The business entity must be registered and operating in Singapore​ (e.g. incorporated locally with an ACRA UEN). Foreign or overseas-only entities would not qualify.
• Have Financial Capability: The company must be in a financial position to start and complete the proposed project​. This implies having sound financial health and resources to carry out the initiative (since the grant is reimbursed only after costs are incurred).

Both Small and Medium Enterprises (SMEs) and larger firms can apply, as long as they meet the above criteria. There is no explicit restriction on company size, though the funding support level differs by firm size (as detailed below). Note: For BETC, an SME is defined as a group with annual sales turnover ≤ S$100 million OR employment ≤ 200 workers. This means many mid-sized BE firms will still qualify as SMEs under the grant’s definition.

Funding Support and Duration

BETC provides substantial co-funding for approved projects. The exact grant support percentage depends on the applicant’s size (SME vs non-SME) and the application timing:

• Total Funding Pool: S$100 million over 5 years (2025–2030) is allocated to this grant​mnd.gov.sg. There is no stated per-project cap; support is subject to evaluation of the project’s merits and alignment (i.e. funding is not guaranteed up to a fixed dollar amount but rather up to a percentage of qualifying costs).
• Support Rates: For the initial years, SMEs enjoy a higher support rate to accelerate early adoption. (Source: Building and Construction Authority​). SMEs can have as much as 70% of project costs co-funded for applications submitted by end-March 2027​. For larger companies, up to half of the costs can be covered in that period. In the later phase (2027–2030), support tapers to 50% (SMEs) and 30% (non-SMEs)​. This time-bound structure encourages firms – especially SMEs – to embark on transformation projects sooner rather than later, to take advantage of the higher funding while available.

Qualifying Costs and Project Scope

The BETC grant covers a wide scope of activities and cost items, as long as they contribute to capability building in the three key areas (enterprise, technology, manpower). Qualifying costs include: equipment purchases, software and IT systems, materials, consultancy fees, and professional services needed to implement the project​sg.fi-group.com. In other words, expenses from hardware to training services can be subsidized. The funding is provided on a reimbursement basis, meaning the company must first incur and pay for the approved costs, then claim the grant support with proof of payment (e.g. invoices, receipts, bank statements)​mnd.gov.sg. This ensures firms are genuinely investing in the project.

Supported project themes span any initiative that develops new capabilities beyond business-as-usual and pushes the firm toward higher productivity or innovation. For example, projects may involve:

• Adopting advanced digital tools: e.g. implementing an Integrated Digital Delivery (IDD) platform, Building Information Modeling (BIM) systems, project management or monitoring software, IoT devices for construction sites, automation equipment, robotics for fabrication or on-site tasks. These fall under advanced technology adoption.
• Process re-engineering and lean methods: e.g. overhauling project management processes with lean construction techniques, introducing collaborative contracting frameworks, or new supply chain management practices (enterprise capability development).
• Workforce upskilling programs: e.g. setting up an in-house training academy, sending staff for specialized courses (such as Green Mark Manager or BIM certification), job redesign consultancy to enhance roles, or piloting innovative hiring and training models to bring in higher-skilled workers (manpower capability building).

The grant explicitly encourages initiatives that are innovative and go beyond current industry norms​sg.fi-group.com​sg.fi-group.com. Applicants should demonstrate that the project isn’t just routine upgrading but rather a significant step up (e.g. first-of-its-kind for the firm or among peers). The intention is to push firms to exceed prevailing standards, thereby raising the bar for the whole industry over time.

Expected Outcomes and Impact

To ensure the funding leads to meaningful impact, BETC projects are expected to achieve at least one of several key transformation outcomes. BCA has outlined four target outcome areas for BETC initiatives​sg.fi-group.com:

• Productivity Improvement: Measurable gains in efficiency or reduction in resource usage (e.g. faster project delivery, less manpower hours per task, reduced rework or waste).
• Increase in Skilled Workers: Growth in the number of workers with enhanced skills – for instance, employees who complete new training programs or new hires brought in via innovative recruitment methods​mnd.gov.sg​mnd.gov.sg.
• Increase in Local Employees with Higher Wages: An uplift in the count of local (Singaporean/PR) staff earning high salaries (defined as ≥ S$5,000 monthly)​mnd.gov.sg​mnd.gov.sg. This reflects creating more quality jobs and retaining talent in the sector.
• Increase in Upskilled PMETs: More Professionals, Managers, Executives, Technicians (PMETs) in the firm who have been upskilled through the project (e.g. via specialized courses or an in-house training initiative supported by BETC)​.

Applicants must commit to at least one of the above outcome targets in their proposal, and may be required to meet multiple outcomes if the project is broad in scope​. For example, a project implementing a new digital system and workforce training could be expected to deliver both productivity gains and an increase in upskilled PMETs​mnd.gov.sg. The overarching goal is that the project’s benefits persist beyond a single project – i.e. the firm continues using the new capability in future projects and shares knowledge internally (creating a multiplier effect)​. This focus on outcomes ensures the grant isn’t just a subsidy but a catalyst for genuine transformation within the company and the wider industry.

Application Process and Required Documentation

Applying for the BETC grant involves a structured process through Singapore’s central Business Grants Portal (BGP). SMEs should note the following steps and requirements:

1. Plan the Project – First, identify the transformation initiative your company wants to undertake. Make sure it aligns with one or more of the BETC-supported areas (enterprise, tech, manpower) and you can target at least one of the required outcomes. Develop a brief project proposal/plan, including objectives, scope of work, implementation timeline, and how it will bring the company to a new level of capability. It’s important at this stage to articulate how the project will “surpass current industry standards” and tie into your long-term business goals​sg.fi-group.com. Internally, secure management buy-in and ensure you have the resources to carry out the project (since you must front the costs before reimbursement).
2. Gather Supporting Documents – Prepare the necessary documentation to support your application. While BCA hasn’t published an exhaustive list of required documents, typical requirements include:
   • Detailed Project Proposal (detailing the what, why, how, who, when of the project).
   • Cost Breakdown and Quotes for the expenditures you plan to claim (e.g. vendor quotations for equipment/software, training course fees, consultant proposals with fees). This helps justify the budget.
   • Company Financial Statements (recent audited accounts or management accounts) to demonstrate your financial capability to undertake the project​. BCA may review these to ensure the firm is not in financial distress.
   • Projected Outcomes metrics – you may be asked to estimate the outcomes (e.g. expected productivity improvement percentage, number of staff to be trained and salary increments, etc.). These form the commitments that the grant will be evaluated against.
   • ACRA Business Profile or other proof of business registration in Singapore, if not automatically available.
   • Any relevant supporting materials (e.g. resumes of project leads to show capability to execute, letters of support if partnering with another organization, etc.).

Be prepared that BCA might request additional supporting documents during evaluation​. The application is fairly comprehensive, akin to a business case for why the government should co-fund your project. It’s wise to be thorough and precise in your documentation to avoid delays.

1. Submit via Business Grants Portal – All applications must be submitted online through the Business Grants Portal (BGP). Log in to BGP using your company’s CorpPass (corporate digital identity) account​. On the portal, select the BETC grant from the list of available schemes and fill in the online application form. The form will prompt for information about your company, project details, cost estimates, and expected outcomes – essentially capturing the content of your proposal in a structured format. You will attach the supporting documents prepared in the previous step. Note: The BGP system works best on laptop/desktop as recommended by BCA​. Ensure all fields are completed accurately before submission.
2. Observe Pre-Application Conditions – Crucial: Do not start the project or incur any related costs before applying and while waiting for approval​. BCA explicitly states that the applicant must not have commenced work, made payments, or signed any contracts for the project prior to grant approval​. Doing so will likely disqualify the expenses (the grant does not fund retrospective costs or projects already underway). Essentially, you need to apply and get the green light first, then kick off your project. Plan your project timeline with this in mind. Also note that you (the applicant firm) should apply directly – third-party consultants are not allowed to apply on your behalf via the portal​. (Consultants like RIC can advise and help prepare the materials, but the official application must be submitted by the company itself.)
3. Application Submission and Acknowledgment – Once you submit on BGP, you should receive an acknowledgment. At this point, the status is “Submitted/Pending Evaluation”. Submitting an application does not guarantee funding​ – it simply enters your proposal into the evaluation process. The grant is competitive and subject to approval based on its merits and the available budget. BCA may reach out for clarifications or ask for more information during the review, so stay responsive to any queries on the BGP portal or email.
4. Approval and Claim Process – If your application is approved, you will be notified (typically via BGP and an official email/letter) of the grant offer, including the approved cost items and funding quantum. There will be a letter of offer outlining the terms and conditions, which an authorized person in your firm must accept. The project can then commence (if it hasn’t already post-approval). You will need to keep proper records of all expenditures. The grant disbursement works on a reimbursement basis, meaning after you have implemented the project (or key milestones) and paid for the approved costs, you will submit claims to BCA with proof of payment​mnd.gov.sg. Funds will then be disbursed to your company for the agreed percentage of those costs. The claims may be in stages or upon project completion, as stipulated by BCA. Ensure you meet any reporting requirements, such as showing evidence of the achieved outcomes (e.g. report on productivity gains, training completion, etc.), as this will demonstrate compliance with the project’s objectives.

Throughout the process, applicants can refer to BCA’s resources or contact BCA for support. More information and the official guide can be found on BCA’s BETC webpage​, and inquiries can be directed via BCA’s online feedback form or hotline.

Key Deadlines and Timeline

One advantage of the BETC grant is that it is open continuously for a fairly long window (5 years), rather than having very tight application deadlines. Here are the key timeline considerations:

• Application Period: 1 April 2025 to 31 March 2030 is the overall window in which applications can be made​. After 31 March 2030, the grant scheme is slated to end (unless extended or renewed by authorities). Companies can apply at any time within this period; there are no fixed “rounds” or batch closing dates announced for BETC. This means you can submit an application whenever your project plans are ready, subject to the scheme still having funds available. However, applying earlier is beneficial for reasons below.
• Funding Support Tiers: As detailed in the funding section, the support percentage is higher for projects approved by 31 March 2027, then reduced for later applications​. In effect, 31 March 2027 is a soft deadline to target if you want to maximize the grant support (70%/50% tier). Projects commencing in the first two years of the scheme enjoy the higher co-funding. After that date, any new applications will fall under the lower co-funding tier (50%/30%). SMEs should treat Mar 2027 as a key milestone – aiming to apply before this date to leverage the more generous funding. RIC can highlight this urgency to prospects (e.g. “Apply by Mar 2027 to get up to 70% funding – the highest support level!”​).
• Evaluation Timeline: While there is no explicit timeline given by BCA for approval, grant evaluations typically take several weeks to a few months. Companies should plan ahead and apply well in advance of when they hope to start the project. From past experience with similar grants, a reasonable expectation is perhaps ~8 to 12 weeks for processing, though this can vary. Complex projects might undergo longer review or iterations if clarifications are needed. It’s wise for SMEs to start preparing their BETC application as early as possible once the scheme opens. As one commentary put it, “applications aren’t approved overnight – it takes foresight and precision to structure a winning proposal”​realinboundconsulting.com. Rushing a last-minute application could result in missed details and delays.
• Grant Duration and Project Completion: There isn’t a rigid requirement announced for how long each project can last, but typically the project should be completed before the scheme’s end or within a reasonable timeframe set by BCA (often 1-2 years for similar grants). When planning the project schedule, ensure it’s realistic and aligns with BETC’s timeline. If a project runs multiple years, interim progress reporting might be required.
• Budget Availability: With a finite budget of S$100m over 5 years, there is a possibility that if the grant is extremely popular, funds might deplete before 2030. Authorities haven’t stated this explicitly, but as good practice, earlier applications not only get higher funding rates but also avoid the risk of funds running low in later years. This is another reason to not wait until the last minute to apply.

In summary, while there is flexibility in when to apply (no fixed annual deadlines), SMEs should act within the first half of the scheme’s lifespan for maximum benefit. RIC can advise prospects to start planning now – the window is open and every month counts toward catching the higher support tier.

Evaluation Criteria and Approval Process

Every BETC application undergoes careful evaluation by the Building and Construction Authority. Since this is a competitive grant, BCA will approve proposals that clearly demonstrate strong potential for transformative outcomes. The key evaluation criteria include:

• Relevance of Transformation Outcomes: BCA assesses the expected outcomes of the project relative to current industry benchmarks​sg.fi-group.com. In other words, how far ahead of the norm will this initiative take the firm? Projects that pledge significant productivity gains or skill enhancements (clearly quantified) and that align with national targets (e.g. digitalization, sustainability) are viewed favorably. The applicant should articulate the outcomes in concrete terms (for example, “reduce manual work by 30% via automation” or “train 50 engineers in BIM with certification”). The more the outcomes support the BE ITM goals and push the envelope, the stronger the proposal. BCA will compare these against typical industry performance to gauge ambition.
• Level of Innovation: The novelty and innovativeness of the proposed initiative are considered​sg.fi-group.com. If the project involves adopting cutting-edge technology or a new method not widely used in the sector yet, it carries weight. Conversely, a very basic upgrade that many firms have already done might be seen as less impactful. Essentially, BETC is looking for trailblazers, not just followers. SMEs don’t necessarily need to invent new tech, but using advanced solutions in a new way or in a new area of their operations can count as innovative. Highlight any first-in-industry or first-in-company elements of your project.
• Investment and Value for Money: BCA will review the investment cost vs. benefits. Projects should be cost-effective and commensurate with the outcomes promised​sg.fi-group.com. If a proposal requests a large amount of funding but yields only minor improvements, it may be scrutinized or scaled down. Applicants should ensure the budget is reasonable and justified. Co-funding implies the government is a partner in the investment – thus, showing a good return on this investment (in terms of industry impact) is crucial. Also, BCA evaluates the scale of the project relative to the company size. SMEs might not propose multi-million dollar projects (nor need to), but even a smaller project should demonstrate significant relative impact on that SME’s business.
• Company’s Capacity and Commitment: Although not explicitly listed, implicitly the firm’s commitment to change and ability to execute will matter. A track record of past improvements or a strong project team can be advantageous. Conversely, if an applicant has a history of not completing grants or seems to lack a clear plan, it may affect approval. BCA may check that the company is ready to sustain the new capability post-grant – e.g. if buying a new software, do they have a plan to integrate it and train users beyond the vendor’s involvement?

During evaluation, BCA may contact the applicant for clarification or additional information​. This is an opportunity to strengthen the case by providing whatever is asked (e.g. refining outcome targets, providing technical details). Being prompt and thorough in responses can speed up the approval.
If the application meets the criteria and is approved, BCA will inform the applicant of the grant award and terms. The approval will specify the approved cost items, the percentage support, and any specific conditions (such as required outcome targets or reports). For example, BCA might stipulate that certain milestones be met or that they reserve the right to adjust the grant amount if scope changes. The company will then formally accept the offer and proceed with project implementation.
On the other hand, if an application is not approved, BCA typically provides reasons or feedback. Common reasons for rejection could be: insufficient innovation, unclear outcomes, the project being something already required by regulation (hence not “above and beyond”), or the firm’s financials raising concerns. Should that happen, the company can refine the proposal and potentially reapply, addressing the feedback, as long as the scheme is still open.

Approval Timeline: Once all clarifications are done, an official decision is made. As noted earlier, this process can take a couple of months. Companies should wait for the approval before commencing work to ensure their expenditures will be claimable. Patience is necessary – meanwhile, preparing internally so that the project can kick off promptly when the green light comes is advised.
It’s worth noting that the grant funding is disbursed only after proof of costs incurred (i.e. reimbursements)​mnd.gov.sg. Therefore, even post-approval, the company needs to manage cash flow to pay suppliers and staff for the project. Upon completion (or at agreed stages), the firm will submit claim requests to BCA with all necessary evidence of payment and deliverables. BCA will verify that the project stayed on track and delivered the promised outcomes (or is on track to do so) before releasing funds. The final grant amount may be adjusted if the actual costs are lower than planned or if certain outcome targets were not fully met, etc., in accordance with the grant terms.
In summary, BCA’s evaluation looks for impactful, innovative projects with clear benefits, and the approval confirms a partnership – the company does the project and the government co-invests via reimbursement upon success. This ensures accountability and that public funds are used to drive genuine capability uplift.

Government Bodies Involved and Support Resources
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The BETC grant is a government initiative primarily under the Building and Construction Authority (BCA), which is a statutory board under the Ministry of National Development (MND). The key parties and platforms involved include:

• Building and Construction Authority (BCA): BCA is the administering agency for BETC. It developed and launched the scheme as part of its BuildSG Transformation Fund efforts to spur industry improvement​. BCA is responsible for evaluating applications, approving funding, and monitoring project outcomes. The Deputy CEO of BCA (Communications & Engagement), Mr. Heng Teck Thai, introduced the grant via an industry circular​, and Minister Desmond Lee (MND) announced it during the Committee of Supply debates in Parliament​mnd.gov.sg – highlighting its strategic importance. BCA will be the main point of contact for queries and administration.
• Enterprise Singapore (EnterpriseSG): While EnterpriseSG is not directly managing BETC (since BETC is sector-specific), it plays an indirect role by hosting information on the GoBusiness “Gov Assist” portal and the Business Grants Portal. EnterpriseSG co-developed the BGP platform which streamlines grants from various agencies. On the GoBusiness site, BETC is listed among available grants, with a brief description and a link to find out more​gobusiness.gov.sg. This helps businesses discover the scheme. However, unlike broad-based grants like the Enterprise Development Grant (EDG) which EnterpriseSG runs, BETC’s policy and approval lie with BCA. Still, an SME might first learn of BETC through EnterpriseSG’s outreach or the central business grant resources.
• Ministry of National Development (MND): MND oversees BCA and the transformation of the Built Environment sector at the policy level. The BETC grant is part of MND’s strategy to support the Built Environment Industry Transformation Map (ITM)​mnd.gov.sg. MND’s involvement is at the strategic funding level (e.g., approving the $100m budget) and tracking outcomes on an industry scale. In news releases, MND has highlighted how BETC complements other initiatives (like taskforces to improve business sustainability and talent pipelines in BE)​mnd.gov.sg​mnd.gov.sg. For an applicant’s perspective, direct dealings will be with BCA, but it’s useful to know this is a national agenda backed by the Ministry.
• Business Grants Portal (BGP): The online portal (accessible at go.gov.sg via CorpPass) is the one-stop application system for BETC. It is a government digital service that connects to various agencies. BGP is managed by MTI/EnterpriseSG in collaboration with agencies like BCA. All submissions and correspondences will happen through BGP​. The portal also provides some guidance and a standard form that ensures applicants provide the needed information.
• Supporting Materials from Authorities: BCA has provided several resources to help companies understand BETC. These include:
  • The official BETC Grant webpage on the BCA site, which outlines the grant details, criteria, and contains the link to apply.
  • An industry circular (BCA Circular dated 7 Apr 2025) distributed to firms, which concisely explains the objectives, criteria, and application info​. This circular is a handy reference for official information and can be shared with interested companies.
  • Press releases / Speeches: MND’s newsroom release (Mar 5, 2025) titled “Built Environment Sector gets a $100m boost to drive next phase of Industry Transformation…” introduced the BETC grant and provided context and encouragement for firms to tap on it​mnd.gov.sg​mnd.gov.sg. Such public statements can be cited by RIC in marketing materials to lend credibility (e.g., quoting the Minister on why BETC is important).
  • GoBusiness Grant Portal listing: As mentioned, BETC is listed on the GoBusiness grants page with a short summary: “The BETC grant encourages built environment firms to develop new capabilities in enterprise, technology and manpower and strive for longer-term and more holistic transformation.”​gobusiness.gov.sg. This is essentially a distilled purpose statement from the government that RIC can use in explaining the grant in simple terms.
  • Guides and FAQs: BCA might update their site with FAQs or clarifications as applications roll in. While none are published yet beyond what’s in the circular, companies can check the BCA BuildSG Transformation Fund page for any added documents or FAQs.
  • Contact Channels: BCA has provided a contact number and an online enquiry form for grant-related questions. This support is available for companies needing clarification on eligibility or process. In addition, BCA often engages industry associations (like the Singapore Contractors Association, or professional bodies) to spread awareness – for instance, seminars or briefings might be organized. Any presentation decks from such outreach would also be useful materials for SMEs to learn about BETC.

In summary, BCA is the lead agency for BETC, with EnterpriseSG providing the application infrastructure and MND providing policy oversight. Official materials are readily available and should be leveraged to ensure accurate understanding. SMEs are encouraged to rely on these sources or contact BCA directly if unsure about any aspect of the grant.

How SMEs Can Benefit from the BETC Grant

For Small and Medium Enterprises in the built environment sector, the BETC grant represents a timely opportunity to accelerate growth and enhance competitiveness with significant government support. Here are the key benefits and implications for SMEs:

• Financial Support for Innovation: SMEs often face budget constraints in investing in new technology or processes. BETC’s generous co-funding (up to 70% for qualifying costs) dramatically lowers the financial barrier to innovation​. This means an SME can undertake a major upgrade – for example, implementing a costly digital project management system or purchasing automation equipment – at only 30% of the usual cost to the company. It frees up capital and reduces risk, allowing SMEs to experiment with advanced solutions that might otherwise be out of reach. Essentially, the government is sharing the cost of trying something new, which encourages bolder moves by the business.
• Comprehensive Capability Development: Unlike narrow grants that focus on one aspect (e.g., only IT or only training), BETC supports a holistic approach. An SME can design a project that simultaneously addresses multiple areas – perhaps integrating software adoption with staff upskilling and process re-engineering. All these can be funded under one umbrella if they are part of a cohesive transformation plan. This integrated support helps the company achieve step-change improvements rather than piecemeal tweaks. For instance, an SME builder could use BETC to revamp their entire construction management workflow: adopt cloud software (technology), train project managers in lean techniques (manpower), and implement new project delivery practices (enterprise capability). The outcome would be a significantly more productive and future-ready operation.
• Staying Competitive and Relevant: The construction and built environment industry is rapidly evolving – with digitalization, prefabrication, and green building trends redefining how business is done. SMEs that do not keep up could be left behind in bidding for projects. By leveraging BETC, an SME can upskill and modernize quickly, positioning itself to meet the new standards required in the industry. For example, as noted by industry observers, upcoming large projects (like Jurong Lake District and the Greater Southern Waterfront development) will likely demand firms that can integrate with digital platforms and demonstrate high productivity and sustainability standards​realinboundconsulting.com. An SME that has used BETC to implement BIM and train its staff in Integrated Digital Delivery could have a competitive edge in securing such contracts. In short, the grant helps SMEs level the playing field with bigger firms by boosting their capabilities.
• Workforce Enhancement and Talent Attraction: Through BETC-funded training and job redesign, SMEs can develop a more skilled workforce. This has multiple benefits: employees become more efficient and can take on higher-value roles (improving job satisfaction), and the company can potentially command better project margins with skilled labor. Moreover, being able to raise local employees’ wages (with higher productivity to justify it) helps SMEs attract and retain talent – a persistent challenge in the sector. An SME that invests in its people via a BETC project may become an employer of choice in its niche, reducing turnover and building stronger institutional knowledge. Government co-funding of training means SMEs can afford to send staff for certifications or bring in experts for on-site coaching that they might not otherwise budget for.
• Long-term Growth and Resilience: The strategic nature of BETC (focus on long-term capability) means SMEs are not just getting a one-time boost, but setting themselves up for continuous improvement. By adopting a culture of innovation through the grant project, the SME can continue to iterate and improve beyond the grant period. Essentially, BETC can kick-start an internal transformation journey. The knowledge transfer and new practices gained are permanent benefits. For example, if an SME establishes a new digital department or an R&D unit as part of a BETC initiative, that becomes a growth engine for new services or solutions the SME can offer, potentially opening new revenue streams (such as a contractor moving into prefab module design, or an engineering firm developing its own software tools after mastering them). This makes the business more resilient to market changes.
• Alignment with National Agenda and Recognition: By participating in the BETC program, SMEs align themselves with Singapore’s national agenda of productivity and innovation. This alignment can bring reputational advantages. Successful BETC projects could be showcased by BCA or industry bodies as case studies, giving the SME publicity as an industry leader. There may also be follow-on support – for instance, a company that proves a concept under BETC might then qualify for larger scale-up grants or be invited to share at industry forums. Additionally, knowing that the government supports their initiatives can boost confidence among the SME’s stakeholders (investors, clients, employees). It sends a message that the company is forward-looking and has the backing to execute improvements.

In summary, SMEs stand to gain significantly from the BETC grant: financially (through cost sharing), operationally (through new tech and skills), and strategically (through improved market positioning). The grant effectively de-risks innovation for SMEs. It enables them to adopt cutting-edge solutions and practices that drive efficiency and quality, which in turn can lead to higher profits and new business opportunities. RIC should communicate these benefits to SME prospects, framing BETC as not just free money, but as a partnership with the government to future-proof their business.

Sources:

• Building and Construction Authority – “Built Environment Technology and Capability (BETC) Grant” (2025)​www1.bca.gov.sg​www1.bca.gov.sg​www1.bca.gov.sg​www1.bca.gov.sg.
• Ministry of National Development – MND Press Release, 5 Mar 2025: $100m boost to drive next phase of BE transformation​mnd.gov.sg​mnd.gov.sg​mnd.gov.sg.
• BCA Circular (7 Apr 2025) – “Circular on BETC Grant for Built Environment Firms”​www1.bca.gov.sg​www1.bca.gov.sg​www1.bca.gov.sg.
• FI Group Singapore – “BETC Grant – Description & Criteria” (Apr 2025)​sg.fi-group.com​sg.fi-group.com.
• Real Inbound Consulting Blog – “The BETC Grant: Game Changer for Built Environment Firms” (Mar 2025)​realinboundconsulting.com​realinboundconsulting.com.
• GoBusiness Gov Assist Portal – Grant listing for BETC​gobusiness.gov.sg.

If you're leading a firm in Singapore’s built environment sector, the clock just started ticking. Quietly, but firmly. The Built Environment Technology and Capability (BETC) Grant, launching 1 April 2025, is the government’s biggest signal yet that transformation is no longer optional—it’s urgent.

With S$100 million committed over five years, BETC isn’t just a policy nudge—it’s a full-on push. And it’s designed for companies that are ready to lead.​

What Is the BETC Grant, Really?

On paper, BETC replaces the outgoing Productivity Innovation Project (PIP) grant. But calling it a replacement would be like saying the iPhone replaced the pager.

BETC represents a fundamental shift—from subsidizing piecemeal tech upgrades to cultivating long-term, strategic transformation. It supports:

• Enterprise capabilities like lean construction and collaborative contracting.
• Advanced Technologies think robotics, digital twin platforms, modular automation.
• Manpower Development  such as job redesign and innovative upskilling strategies.
  
  

The grant is deeply aligned with Singapore’s Built Environment Industry Transformation Map—pushing toward Smart FM, 70% DfMA adoption, and Super Low Energy buildings. In short? This is how Singapore builds future-ready companies.

Why This Matters—Now More Than Ever

The backdrop? Mega-developments like the Jurong Lake District and Greater Southern Waterfront  are no longer concepts—they’re happening. And the bar’s rising fast.

To qualify for major government-linked projects in the coming years, firms will need to show tech maturity, sustainability readiness, and the ability to integrate with digital platforms and high-efficiency workflows.

If you’re still running on spreadsheets and siloed teams, you’ll be edged out.

BETC is your entry ticket—not just to survive this shift, but to lead it.

How Much Can You Get?

Let’s talk numbers.

• SMEs: Up to 70% funding until 2027 (then 50%)
• Non-SMEs: Up to 50%, dropping to 30% thereafter
  
  

The grant covers qualifying project costs—from systems to training to deployment. But here’s the thing: it's not guaranteed.

Funding is tied to real outcomes. You’ll need to demonstrate:

• Measurable productivity improvements
• Upskilled, better-compensated employees
• Stronger local hiring pipelines
• Proof that your project isn't just a flashy experiment—but a replicable model for the future

Here’s the Catch (Yes, There’s One)

BETC isn’t a plug-and-play scheme. This isn’t a “submit a quote, get a cheque” situation.

What BCA wants is clear: detailed roadmaps, integrated execution plans, and long-term transformation metrics. Not just a shiny proposal—but a story that makes sense, holds up under scrutiny, and fits into national objectives.

And that’s where many firms stumble.

Where RIC Comes In

At Real Inbound Consulting (RIC), we’ve built our reputation on one thing—getting results.

With over a decade of experience across grants like EDG, MRA, CCP and now BETC, we’ve secured funding from S$30K to S$7 million per application—serving tech-driven SMEs, scaling mid-sized firms, and global innovators.

But we’re not just paperwork pushers.

We plan the roadmap, build the business case, engage with evaluators, manage your project and handle claims. We work like your in-house grant team—minus the headcount.

Our clients don’t worry about grant lingo, document formatting, or audit readiness. They focus on growth. We handle the rest.

Thinking of Applying? Start Yesterday.

BETC is for firms that want to automate, upskill, scale, and green their operations. But applications aren’t approved overnight. It takes foresight, precision, and insider knowledge to structure a winning proposal.

If your project’s still on a napkin sketch or buried in a manager’s to-do list—it’s time to move.

Final Thoughts: You Don’t Want to Miss This Window

Singapore’s built environment is evolving. Policy is aligning with capital. Demand is coming. But support like BETC won’t be around forever—and competition will only intensify.

So the real question isn’t “Should we apply?”

It’s “Who’s helping us get this right?”

Let RIC be your edge.
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👉 Get in touch to explore how we can help you craft a BETC proposal that doesn’t just tick boxes—but wins.

In an ever-evolving global landscape, businesses need to innovate continuously to remain competitive. In Singapore, the Research, Innovation, and Enterprise (RIE) 2025 plan serves as a robust roadmap, aimed at advancing the nation's technological capabilities and economic growth. With an investment of $25 billion, the RIE 2025 focuses on fostering innovation, addressing national challenges, and ensuring Singapore's competitiveness in the global market. As an R&D grant consultancy firm, RIC is uniquely positioned to help businesses tap into these opportunities by aligning their projects with the strategic priorities outlined in the RIE 2025 plan.
In this comprehensive guide, we’ll explore how RIC can assist companies in securing R&D funding, commercializing innovations, and driving sustainable growth.

1. Targeting Strategic Sectors: Manufacturing, Health, and Digital InnovationSingapore's RIE 2025 plan centers on transformative growth areas, including Manufacturing, Human Health, and the Digital Economy. For each of these sectors, RIC provides expertise and tailored strategies to help clients leverage available grants and fuel sector-specific growth:

• Manufacturing and Connectivity: As Singapore aims to strengthen its advanced manufacturing and resilient supply chains, businesses have unique funding opportunities in Industry 4.0 technologies like AI, robotics, and IoT. RIC empowers manufacturers to tap into these grants, helping them modernize and stay competitive in the global market.
• Healthcare and Biomedical Sciences: RIE 2025 prioritizes advancements in biomedical sciences, digital health, and precision medicine. RIC aids healthcare startups and SMEs in securing funds to drive innovations that enhance health outcomes and support Singapore’s vision for cutting-edge health solutions.
  
  

2. Enabling Technology Translation and Commercialization One core objective of RIE 2025 is the translation of public sector R&D into viable market products. Initiatives like the National Additive Manufacturing Innovation Cluster (NAMIC) and the Diagnostic Development (DxD) Hub play crucial roles in this transition. RIC stands as a strategic partner for businesses looking to bridge the gap between R&D and commercialization:

• From Lab to Market: RIC guides clients through the funding landscape, connecting them with the right resources and partners to bring research-driven innovations to market. With our support, businesses can maximize funding opportunities and accelerate their journey from concept to commercialization.
  
  

3. Tapping into Emerging Opportunities in Sustainability and Digitalization. The twin pillars of sustainability and digitalization are pivotal to Singapore's economic strategy. As these trends reshape business landscapes, RIC helps clients capture emerging funding opportunities in sustainable manufacturing and the digital economy.

• Sustainable Manufacturing: With sustainability now integral to manufacturing, RIC supports clients in securing grants for initiatives such as circular economy practices and carbon reduction. These projects align with RIE’s environmental goals and position businesses as leaders in sustainable practices.
• Digital Economy and Smart Nation: As Singapore grows as a digital innovation hub, there are abundant opportunities in cybersecurity, AI, and IoT. RIC assists clients in accessing funds to drive their digital transformation, keeping them at the forefront of the digital economy.
  
  

4. Building Innovation-Ready Talent. A skilled workforce is essential for driving innovation, and RIE 2025 emphasizes the need for bilingual talent with both technical and commercial skills. RIC offers support for businesses seeking grants to develop their workforce, fostering a talent pipeline that fuels innovation:

• Upskilling with Purpose: RIC connects clients to funding programs designed to enhance workforce capabilities, ensuring businesses have the skilled talent necessary for growth and innovation.
• Bilingual Talent Development: RIE 2025 underscores the importance of bilingual talent development. By connecting businesses to grants that foster technical and commercial skills, RIC ensures that clients are equipped to link R&D with market impact effectively.
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5. Customizing Grant Roadmaps for Success One of RIC’s strengths lies in developing customized grant roadmaps tailored to each client’s unique goals. By aligning these plans with RIE 2025 objectives, RIC helps businesses secure impactful funding for their projects:

• Success-Based Consulting: With success-based fee structures, RIC reduces risk, allowing businesses to pursue funding confidently. Our tailored roadmaps provide a clear path through the complex grant landscape, ensuring clients make the most of available resources with minimized financial exposure.

Conclusion: Why Now is the Time to Act- As Singapore continues to push forward with its RIE 2025 agenda, the opportunities for businesses to secure funding, innovate, and grow are immense. By leveraging RIC’s expertise, businesses can position themselves at the forefront of technological transformation and sustainable growth.

RIC’s tailored approach to securing grants and facilitating technology commercialization ensures that clients not only meet the rigorous standards of the RIE 2025 plan but also maximize their growth potential in an increasingly competitive global landscape.
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Now is the time to partner with RIC and unlock the opportunities presented by the RIE 2025 plan to ensure your business thrives in the innovation-driven economy of tomorrow.

18th Dec 2023

​The Capability Transfer Programme (CTP) is a grant introduced by the Singapore government to facilitate the transfer of global capabilities and skills into Singapore. The goal is to build deep capabilities in Singapore's local workforce and drive innovation across sectors.

Eligibility for CTP Grant To be eligible for the CTP grant, companies, associations, or professional bodies need to be locally registered or incorporated, and operating in Singapore. Applications are open to entities across all sectors, including the 23 Industry Transformation Map sectors identified as growth areas.

The CTP evaluates proposals on a case-by-case basis. Strong CTP project proposals should:

• Enable the transfer of overseas capabilities not commonly found in Singapore
• Have concrete plans to impart the capabilities to locals
• Aim to improve local-foreign workforce complementarity

Support Levels
The level of support under the CTP grant varies based on:

• Type of entity - SMEs can receive up to 70% funding support while non-SMEs can receive up to 50%. Industry-level projects can receive up to 90% funding.
• Impact level of the project - Projects with higher impact receive greater funding support.

In addition, the CTP grant may support time-limited work pass concessions to facilitate entry of foreign specialists.

Supportable Costs The CTP grant can fund:

• Salary support for foreign specialists conducting training in Singapore
• Salary support for local specialists conducting follow-on training
• Salary and attachment-related costs (e.g. airfare, COLA) for locals sent overseas for training
• Venue and equipment costs for industry-level projects

​Below table lists out the above in greater detail:

Applying for the CTP Grant
Interested companies can apply for the CTP grant by filling up an online enquiry form through go.gov.sg/wsg-ctp-enquiry-1. A Workforce Singapore (WSG) officer will then contact the applicant to discuss the proposal in greater detail.
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Conclusion
The CTP grant presents a valuable opportunity for companies in Singapore looking to quickly obtain globally competitive capabilities. With generous government support and simple application process, the CTP facilitates skills transfer to boost innovation and workforce development.

Please feel free to reach out to us if you are keen in applying for the CTP scheme.

The Cyber Security Agency of Singapore (CSA) has launched a new grant called the Cybersecurity Co-Innovation and Development Fund (CCDF) to support local cybersecurity companies. This grant provides up to S$1 million in funding per project for up to 24 months.

The CCDF aims to catalyze the development of innovative cybersecurity solutions that enhance cybersecurity and address national security needs. The grant encourages collaborations between cybersecurity companies and end-users by facilitating the matching of industry proposals to end-user challenges.

Cybersecurity companies that are registered in Singapore are eligible to apply. Overseas companies can also qualify if they partner with a Singapore-registered company. At least 50% of the project team must comprise Singapore residents or permanent residents.

The grant covers costs related to manpower, equipment, professional services, and software required for developing the cybersecurity solution. Funding is provided on a reimbursement basis upon achievement of project milestones and submission of relevant supporting documents.
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Proposals are evaluated based on several criteria including the uniqueness and innovation of the proposed solution, its applicability and benefit to the wider cybersecurity industry, and the competency of the project team.

The CCDF is now open for applications under the Cybersecurity Industry Call for Innovation (CyberCall 2023). Interested companies can visit the CSA website for more details and submission instructions.

This is an excellent opportunity for cybersecurity companies looking to develop cutting-edge solutions that tackle current and emerging threats. The grant provides substantial support for the high costs of research and development. It allows companies to focus their resources on innovation rather than worrying about funding constraints.

For companies looking to tap on grants and incentives to grow your cybersecurity business, consult an experienced grant consultant in Singapore. They can advise you on available grants, help you with the application process, and ensure you put your best foot forward to win the grant. Reach out to us today for a consultation!

​RIC is partnering with a leading webflow technology developer, RMD HK, to help Hong Kong companies implement the latest technology stacks to maximise productivity with significant support from government grants.
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The partnership between RIC and RMD is a unique one. RIC has a deep understanding of the grant landscape with over eight years of track record in helping businesses secure grant financing, while RMD has a proven track record in delivering solutions in these areas:

• UX/UI design
• Webflow development
• Advanced CMS creation
• Web-App creation
• Automation and Tech Stack creation

This combination of expertise will allow both companies to offer their clients a truly unique and valuable service of enabling the adoption of the latest technologies to improve productivity with support from government grants.

This is a fireside chat with the founder of Real Inbound Consulting, Gerald Yap. It showcases his views on the SME consulting landscape, how he runs his team, as well as his future plans for the company.

Profile of RIC:
Real Inbound Consulting (RIC) is a management consultancy firm headquartered in Singapore which helps businesses commercialize new technology, expand overseas, digitalize operations, and automate production lines. RIC also supports its clients in securing financing that supports the above-mentioned initiatives and projects, where such financing can be secured from government grants, commercial loans, or equity investments. RIC serves companies across a wide range of industries and growth-stages (SMEs, MNCs, start-ups), and handles projects of value ranging from USD thousands to millions.

1. How do you see the SME consulting market developing in Asia? What are the major factors that have been driving the market’s growth?

To answer this question, we firstly define the market that RIC plays in. For RIC, we serve SMEs in two areas - helping SMEs plan and make recommendations for projects relating to company transformation and expansion (see the four areas mentioned in the profile section), as well as support them in securing external financing to fund the execution of such projects - be it grant financing, commercial loans or equity investments. We see the market for such a combination of services growing very well in the recent years for us.

Factors that have been driving market’s growth:

• With the slowdown of business following COVID19, we see many SME owners taking the downtime to re-think their business models, introspect on how to improve productivity via automation and digitisation, and think of ways to scale, expand, and develop new offerings. This has resulted in an increased demand for our management consultancy services. 
• While such SME owners see the need to embark on projects to grow and scale, they typically lack the financing to execute such projects, as cashflow is usually tight and operational cash flow is limited – unlike MNCs or listed companies which have relatively easier access to financing. This has all along been a key factor in driving the growth of our services in supporting SME raise financing for their projects. 
• We are starting to encounter more and more next-generation SME owners in the market these days. They typically have a keen drive to revitalise and improve the business, the courage to ‘shake-things-up’ and are open at looking at technology to automate processes and develop new offerings. This drives demand for our services.
• We are also increasingly seeing a few bright spots in the grant financing sector, where governments are becoming savvier and more targeted in using grants and financing schemes to spur companies to grow and transform. Interesting case studies to look at would be Singapore, Hong Kong and Australia. For example, in Singapore, the Enterprise Development Grants and Market Readiness Assistance grants are very well-designed grants to help SMEs build all-rounded capabilities in many areas. These are augmented by a suite of SME loans under the Enterprise Financing Scheme, where the government makes debt financing more accessible to SMEs by sharing the loan default risk in the event of enterprise insolvency with financial institutions. All in all, this trend has been a key factor in driving the growth of our services in supporting SME raise financing for their projects.
• Asia's tech and start-up scene has undergone major positive transformations over the last decade. Thanks to the rise of these technology start-ups, we are now seeing these start-ups emerging as viable SMEs. Despite becoming SMEs, it’s still in the DNA of the founders to constantly innovate on their products, increase productivity and keep scaling. As RIC’s services are very aligned with what these founders are consistently seeking to do with their business, the start-up trend has (and is still) a major driving factor for the growth of our market. 

2. What are the major problems and expectations that customers have from the players of this segment? How do you strategize to meet those?

One of the problems we see in this segment is that SME owners perceive management consultants negatively due to previous encounters with some which displayed unprofessional conduct. They have also become hyper-aware of consultants due to previous experiences with scams and the consultants ‘ghosting’ them after collection of pre-paid fees.

Correspondingly, we see that most SMEs today expect that the consultants they work with be a  professional company with an experienced team and good track record, instead of just a one-man-show business. SMEs may also expect that the consulting company hold some certification that is recognised by an industry-body in the field of their specialty. Importantly, SMEs need to be convinced that the consulting firm they work with is sincere in helping the company and serve as a valuable partner in growing the business for the long haul- and not just ‘here to make a quick buck’. 
At RIC, while we are no way near perfect, we try our best each day to provide our services in the most professional manner possible; and to create to most value for our clients as we reasonably can. To ensure we meet the above objectives, we ensure that this mindset is constantly manifested by our team in whatever we do. We make it part of our DNA. In every engagement and action with a client, we ask ourselves: “Is doing this in the best interest of the client? Would doing this allow us to become a valuable partner of our client that can guide them through various stages of growth and capital requirement, and not just fulfilling a one-off ad hoc project alone?”

This mindset has benefitted us in enabling continual, long-term business relationships with our clients. For example, one of our clients is a developer of offshore renewable energy projects which has been partnering us for more than three years. RIC started off by helping them with the R&D of a new offshore solar floating platform technology and raising grant financing to build a prototype. We were then brought in to do the same for other R&D projects in the pipeline. Thereafter, we helped them commercialise their productised technology in overseas markets like US and Korea. Currently, we are still engaged with this client, exploring potential in helping them raise project financing for the offshore renewable projects they are looking to develop. This type of engagement is what keeps the RIC team passionate about what we do.

3. How is Real Inbound Consulting positioned in the SME consulting market?

We believe we have a unique positioning- as we are not only able to help companies with planning their projects and making recommendations on how best to approach them, but also raising external financing for the companies to execute on them. For example, if a company is looking to digitise their inventory management operations, we first do a detailed study of their current processes and identify inefficiencies and wastages. We then consult with stakeholders and develop a future desired process flow, along with detailed process map diagrams. We then do a technology scan to identify suitable tools or software systems that can fulfil the identified needs and to-be processes; and help them find and evaluate technology vendors. If the client goes ahead with our recommendations, we can help them secure financing (grants or loans) to purchase and implement the solution.

In addition, we see that the business areas that our services address (overseas expansion, new product development, automation, digitisation) are all aligned with the critical areas any company needs to look at to achieve meaningful growth and scale. We have deliberately positioned our services to embody the essence of what companies need to thrive. 

As our services can apply to companies in any industry, we also need to ensure our team possesses a good breadth of knowledge across many industry domains. Some examples of the interesting industry domains that we have developed expertise (in addition to the traditional industry verticals) include telecommunications technology, agritech, biotech, cleantech, fintech, renewable energy technologies and alternative proteins. 

Since our service relates to raising external financing for SMEs to execute on their projects, we also ensure that our team is well verse with the SME funding schemes available, especially in relation to grant financing. This is an area we put considerable effort in keeping ourselves abreast on, as such schemes are constantly updated and replaced with newer schemes by the funding agencies.

4. Walk us through the approach of the firm in delivering quality services to the clients. What are the key benefactors helping you attain the same?

I would list the following approaches we take to delivering quality service:

• Being very responsive to our client’s needs and wants
• Spending the time and money to educate ourselves with our client’s industry landscape and technology; ensuring that we understand their business well enough before we commit to serve them
• Always charging clients a fair rate, in favour of winning a long-term relationship. 
• Always seeing through our commitments to clients fully, and to their satisfaction. I recall a time where we were supporting a hotel brand operator client in securing grant funding to implement a centralised hotels management platform for multiples properties. The funding agency approved the grant funding, but at a level of support that was lower than expected. Whilst RIC has technically fulfilled its obligation, we saw an opportunity to put in the extra effort to ensure our clients’ satisfaction and that they get the full value out of our engagement. The RIC team quickly prioritised putting together a report specifying all grounds for appeal to justify a higher support within a couple of days. After multiple rounds of to-and-fro with the funding agency, the grant support was revised to be much higher than what was initially offered. This episode gave us the confidence and conviction that we will always have the ability and options to achieve a desired outcome for our clients despite challenges.

The key benefactors that help us in continually delivering quality services:

Our clients themselves: 

• It helps a lot when our clients are proactive in sharing information and availing themselves to engage with us. Since the quality of our consultancy output is highly dependent on the information our clients share about their business, such forthcoming sharing of information puts us in good stead to deliver good consulting outcomes. 
• More importantly, our clients help us in the continuation of our business when they serve as our advocates and provide us with word-of-mouth referrals. A funny example was when RIC managed to secure a major client (which we raised financing of over US$5M for) via word-of-mouth referral by someone whom we did not even know about before! This was very encouraging for us, as it meant that word of our service has spread quite well- and we have our clients to thank for that. This reinforces our belief that we need to do everything we reasonably can for clients to feel that they got a lot more value than what they paid for, and for us to continually exceed expectations. The benefits from this extend way beyond a single deal.

Our staff:

• Without the dedication of our valued team of staff, we will not be where we are today. 
• The team at RIC has shown commitment to seeing through challenging periods, and are all fully onboard in doing their best to deliver beyond expectations for our clients and the company
• In return, RIC does whatever it can within reasonable means to help our staff out in their personal lives. We extend company loans to staff in need, and offer fully remote and flexitime work arrangement so that some of them can fulfil their personal commitments. We want to help them sort things out outside of work- so they are able, happy and willing to give their best to their work. 

Our partners:

• We are thankful to business partners who provide us with leads. Such partners are usually synergistic with our services- in the sense that by referring us the clients, they win as well. 
• Examples of such partners include technology providers whose clients need help raising external financing to purchase their solutions. After the introduction to their client is made, RIC would come in to guide the client in exploring external financing options, and then successfully securing such financing to fund the purchase of the partner’s solutions. RIC could also support the client in the solution implementation and post-implementation consulting.

5. What are the key specifications of the range of services delivered by the firm? Highlight the USP.

The set of services we offer is split into two parts:

1. Management consultancy services aimed at helping clients develop and commercialize new technology, expand overseas, digitalize operations, and automate production lines
2. Support clients in securing external financing to fund the execution of the above projects - be it grant financing, commercial loans, or equity investments.

For (i), these are examples of what we can consult on for clients:

Develop and Commercialize New Technology

• Planning of R&D costs and resources
• Co-ordinating development of prototype design and manufacturing
• Review of intellectual property considerations
• Business development support for launching in new markets

Expand Overseas

• Business Matching to potential partners and B2B clients for specific countries
• In-market Business Development services for specific countries
• Co-ordinating service providers for smooth market entry and setup

Digitalise Operations

• Review and streamline of workflows and processes to reduce or remove redundant processes
• Explore the use of technology to automate processes
• Review and/or development of performance measures
• Development of detailed roadmap of actions for further improvement and sustainability
• Sourcing and evaluation of suitable software technology providers

Automate Production Lines

• Same as above under ‘Digitalise Operations’
• Sourcing and evaluation of suitable automation technology providers which can provide machinery/robotics and integration of systems

USPs: 
We are not only able to help companies with planning their projects and making recommendations on how best to approach them, but also raising external financing for the companies to execute on them.

6. Tell us about the team of Real Inbound Consulting. How are your combined skills and experience helping the firm to grow?

We currently have a team of 7 of us (as of Jan 2023). This is split into different roles: BD, Client Operations (which includes Technical Writers and Project Managers) and Finance & HR.

In helping the firm grow, proper teamwork and a tight understanding between divisions is critical. While each of us in RIC specialises in different divisions involved in the consulting value chain, we working closely with each other to ensure clients get a unified consultancy delivery that does not seem disconnected at any parts. A common issue faced by professional services firms is that the sales team overpromises and puts undue pressure on operations and the execution team to deliver. Clients then find misalignment between what sales has committed versus what the operations team eventually delivers. We are especially cognisant of this, and constantly try our best to ensure that our sales team is closely aligned with our operations team on what we can or cannot do for any particular client, and making sure Sales is meticulous in handing over every deal well to Ops for execution. We constantly try to grease the interface between divisions so as to ensure everyone internally is on the same page on what and how to deliver to the client. 

In addition, we tap on a network of competent advisors, leveraging their experience and connections to help us grow. Such advisors have been critical in helping us connect our clients to funding sources like investors, banks, government agencies. More importantly, they have also contributed technical knowledge to help RIC deliver successful consulting projects to clients in niche industries and with uncommon requirements. A good example would be time where RIC was helping a NASDAQ-listed company enter the Singapore market with a product that had a comprehensive set of technical features. With the help of advisors with the relevant domain knowledge with similar types of products as well as the right connections into the relevant government authority, RIC was able to help the client have their product pre-approved by the government for fast-track grant support for the benefit of customers looking to buy their product. This aided the client significantly in accelerating their product roll-out in Singapore.

7. Please elaborate, what are the key points that differentiate your company from other players in this segment?

1. Unique combination of being able to execute project along with securing financing.
2. Flexibility in fee structure that accommodate the needs of our clients: we offer various options: Per Hour, Milestone basis, Success basis, and even Sweat-for-Equity (to be friendly towards high-potential start-ups which need to conserve cast at the moment). We do not mind having ‘skin in the game’ with clients which show promise for fast traction of growth.
3. Ability to learn and understand technical topics and new industry verticals quickly so as to be in a strong position to help any type of clients
4. Sense of mission:

• The RIC management and shareholders are in this for the long haul – so, to us it’s more important than anything to grow this business right and finding the right people with the right mindset alignment in wanting to help good businesses grow. In helping good businesses grow, the world can become a better place thanks to the services and products they provide. 
• Examples of how this mindset is manifested in the work that RIC does: 

          (i) A client that RIC helped commercialise new technology is today ensuring there are no                    worksite accidents and fatalities in shipping ports and construction sites across several                    countries by using advanced visual analytics technology coupled with machine learning. 
          (ii) An Agritech company which RIC served is today helping farmers in third-world countries               significantly improve their crop yields, fetch the better prices for their crops by connecting                 them to global buyers, and improving the efficiency of the agricultural supply chain between             nations. 
For us, being in RIC is about making a commitment to consistently improve and grow ourselves so that we can better serve good companies to make a positive impact in the world.

8. How has been the journey of the company since its inception? Walk us through the growth it has received in terms of clients and geographical expansions. 

The story of RIC started all the way back when I was still in university. Back then, I saw a clear need for a consultancy service like this after interning with a few companies. I started out as a one-man show, serving our first few clients which are mostly traditional businesses. Apparently, what I learnt in university and across multiple internships was already able to provide value to these businesses.
After graduation, while I went on to work under several companies in the technology space, I kept RIC running as a side hustle as a freelancer (while ensuring that I do not flout any terms under my full-time employment contract). Faced with the challenge of juggling RIC commitments with a full-time corporate job, I started building up a small team and delegated responsibilities. RIC was no longer a one-man show.

RIC started to serve more clients, and it got to a point where the take-home profits from RIC exceeded the income of my full-time job. It was then I made the switch to do RIC as a proper business, full time. Our client base and team size expanded significantly, and we started to secure projects of higher value and larger scope. We also started to onboard more stakeholders and partners. Many years have passed since, and I’ve never looked back. 

Life today is constantly charged with drive and sense of mission to help good companies do better. I am privileged in knowing that every second spent on RIC is contributing towards building something of long-lasting value and helping deserving companies actualise projects that can bring a positive impact to economies and societies.

Today, RIC mainly operates in the Singapore market. However, one key agenda I am pursing right now is to make our consulting operations scalable in order to facilitate overseas expansion. We are now looking at the Hong Kong and Australian markets with interest.

9. Where do you see this market in the near future? What is the future roadmap for your Company?

The market should continue to be strong- as almost all companies will see the need to expand overseas, develop new innovative products, digitise, and automate their production for increased efficiency. In addition, such companies will likely also consider help to raise external financing (on favourable terms) to fund the above project as much as they can so as not to disrupt day-to-day operational cashflow or having to draw-down from their ‘war chest’.

One direction our future roadmap can head towards is in the development of new, scalable B2B services in addition to what we already provide to SMEs. If we can do this successfully, it can strengthen our position as a one-stop consultancy partner of choice for many of our clients. For our clients, it is easier for them to just go with a preferred trusted service provider to meet as many needs as possible, instead of having to spend time evaluating and trying out new service providers for new needs all the time.

10. Is there anything you think that the audience must know about your company?

​People are often curious about how the name of the company was conceived. One first glance, ‘Real Inbound’ it seems pretty unrelated to a management consulting business.

However, this term was intentionally selected to highlight the firms’ commitment to the ‘Inbound Methodology’. According to Hubspot, the inbound methodology in business is ‘the method of growing your organization by building meaningful, lasting relationships with consumers, prospects, and customers. It's about valuing and empowering these people to reach their goals at any stage in their journey with you.’

That perfecting sums up what we embody as an organisation, and hence the name ‘Real Inbound’.
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The Singapore Tourism Board (STB) is a statutory board under the Ministry of Trade and Industry of Singapore. It champions the development of Singapore's tourism sector, one of the country's key service sectors and economic pillars, and undertakes the marketing and promotion of Singapore as a tourism destination.

The Singapore Tourist Promotion Board (STPB) was first established in 1964 with the mandate to promote Singapore as a tourist destination. It signaled the government’s recognition of tourism’s potential as an important contributor to the country’s economy.

The tourism sector currently contributes 4 percent to Singapore’s gross domestic product. Tourism plays an essential role in reinforcing Singapore’s status as a vibrant global city that is a magnet for capital, businesses and talent. It also enhances the quality and diversity of leisure options for local residents and helps to create a living environment that Singaporeans can be proud to call home.

To reflect a major shift in the way tourism was championed as a key economic driver, STPB was renamed the STB in 1997. STB expanded its role beyond destination promotion and started to establish Singapore as a regional tourism hub for both tourism companies and tourists. It marked a decisive move towards tourism industry development, an approach that continues to distinguish STB from many other national tourism organisations that focus almost exclusively on marketing and promotional activities.
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STB strives to ensure that tourism remains an important economic pillar through long-term strategic planning, and by forging partnerships, driving innovation and ensuring excellence in the tourism sector. It continues to market Singapore’s mult​i-faceted appeal as a premier business and leisure destination, and offer empowering and customised experiences. STB strives to bring the Passion Made Possible brand to life by differentiating Singapore as a vibrant destination that inspires people to share and deepen their passions. This is a unified brand between STB and Economic Development Board (EDB) which will allow the international marketing of Singapore for tourism and business purposes. STB also regularly reviews and updates the tourism regulatory framework to ensure its relevance in the current business environment, while providing support and incentives to catalyse the private sector to take the lead in investing for growth.

Top Grants by STB

To support the industry in the drive towards quality tourism growth, Singapore Tourism Board (STB) offers assistance in the form of various grant schemes for tourism-related industries and events. STB, as the lead agency for tourism, can facilitate the application of other grants by other Singapore government agencies such as the Economic Development Board, and Enterprise Singapore, if the projects support quality tourism outcomes.

STB recently unveils a new four-year Tourism Development Fund (TDF), designed to catalyse the creation of innovative and quality tourism products and experiences, and capability and employee upgrading efforts among tourism-related enterprises. 

​With the enhancements made to TDF, STB is committed to partnering the tourism sector in driving tourism recovery and transformation efforts.

​In the sections that follow, we introduce the top few grants from STB which are the most relevant and accessible for tourism-related businesses:

Details of Funding Schemes:

1. Tourism Product Development Scheme > Experience Step-up Fund (ESF)

The Experience Step-Up Fund (ESF) supports the development and enhancement of Singapore’s tourism experiences that increase the attractiveness of Singapore to visitors.

Eligibility Criteria:
The ESF grant is open to all legal entities and Singapore government agencies. Proposed projects should fall under one of the following categories:                                     
● Development of new products and experiences (including virtual experiences)
● Content enhancements
● Technology enablers
● Amenities enhancements
● Infrastructure enhancements 

Grant Support:
Successful applicants will receive funding support for qualifying costs, subject to the scope of the project and STB's evaluation of the merits of the project. Qualifying costs may include third-party project-related costs such as professional services, hardware/equipment and software, materials and consumables, production (1), and/or marketing (2) costs; and internal manpower costs (only applicable for tour development and tech enabler projects).
(1) For production costs of new products and/or new packaging for souvenirs, funding support is only applicable to the first run of production                                                                                                (2) For marketing costs of qualifying media (print, digital and video) for overseas promotion/distribution, funding support is only applicable for a maximum period of 6 months

Application Process:                                                                                                                                   
Step 1: Pre-Application                                                                                                                            Interested applicants are advised to provide an executive summary/ brief description of the proposed project to [email protected].  An STB officer will be in touch to assist further. The STB officer in-charge of the project will advise the applicant if the proposed project is eligible for ESF and to proceed with the application.                           
Step 2: Application                                                                                                                                         
The applicant prepares the project proposal and estimated breakdown of project costs for submission with the application. To apply for the grant, the applicant needs to log in to the Business Grants Portal (BGP) using a CorpPass. 

Application Evaluation:                                                                                                                        Proposed projects will be assessed on how they develop tourism experiences to improve visitor satisfaction (especially tourists), increase footfall, increase revenue and/or enhancing the overall destination branding.


2. Tourism Event Development Scheme >  Kickstart Fund (KF)
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The Kickstart Fund supports the creation and test-bedding of innovative consumer-focused concepts and events with strong tourism potential and scalability. This is with the aim of adding to the existing quality tourism software and enhancing the vibrancy of Singapore as a tourist destination.

Eligibility Criteria:  
The Kickstart Fund is open to all legal entities, for e.g. businesses, companies, associations, institutes, etc. 
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Qualifying projects include customer-focused events and concepts (including pop-ups), such as multi-disciplinary/ hybrid/ virtual events which can cut across multiple lifestyle and/or ​business sectors, including B2B2C events.​

Grant Support:                                                                                                                                        Successful applicants will receive funding support for qualifying costs, capped at a maximum grant of up to $250,000 per edition (multi-edition supported, up to 3 editions over maximum 3 years). Examples of qualifying costs include costs for professional services, equipment & materials, production and marketing costs, as well as internal manpower costs.  Funding support is awarded based on STB's evaluation of the scope and merits of the project.   

Application Process:                                                                                                                                      The applicant should submit a scanned copy of the completed and signed grant application form, along with relevant supporting documents such as a project concept proposal, a detailed business plan, project budget and CV of key team members as well as track record (if any), to [email protected]. (Please note that digital signatures are not allowed.)    

Only complete applications will qualify for evaluation. A project should not commence prior to STB's offer of the grant. Similarly, project qualifying costs should only be incurred after STB's grant offer. Applicants are encouraged to contact STB at least three months before project commencement.                 
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Application Evaluation:                                                                                                                            Funding support is awarded based on the scope and merits of the application. STB will evaluate the application/proposal based on the following evaluation considerations:

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3. Tourism Capability Development Scheme > Local Enterprise and Association Development Programme (LEAD)

The Local Enterprise and Association Development Programme (LEAD) is overseen by Enterprise Singapore and Singapore Tourism Board (STB) to support efforts by Trade Associations and Chambers (TACs) to drive industry initiatives, focusing on areas like technology and infrastructure, business collaborations, as well as intelligence and research.                                                                                                                                                     
​STB supports tourism-related associations by strengthening their capabilities to enable them to take on a greater leadership role to drive the development and growth of their respective industries and precincts.

Eligibility Criteria:
​LEAD is open to trade associations and chambers (TACs) which can include Singapore-registered societies, professional bodies, unions of employers, overseas business chambers and companies limited by guarantee.                                                      

These include Singapore-registered tourism-related associations from industries (such as Attractions, Hotels, Travel Agents, Tourist Guides, MICE, Cruise) and from precincts (such as Orchard Road, Chinatown and Little India).                                                                      

Proposed projects should involve areas such as training, technology & infrastructure development, business capabilities development, as well as market & channel development and brand development.

Grant Support:                                                                                                                                          Successful applicants will receive funding support for qualifying costs, subject to the scope of the project and STB's evaluation of the merits of the project. Examples of qualifying costs include third-party costs related to professional services, equipment and materials, business development, training and manpower-related costs.

Application Process:                                                                                                                                    Interested tourism-related associations should email to [email protected] with a brief description of the association's aims and the proposed project(s). An STB officer will be in touch to assist the applicant further. The STB officer in-charge of the project will advise the applicant if the proposed project is eligible for LEAD and to proceed with the application.  (Please note that projects that have commenced prior to STB’s offer of the grant may not be eligible.)

Application Evaluation:                                                                                                                                 Each application will be assessed on a case-by-case basis. Generally, STB would take into account various factors including, but not limited to, the association's financial position and operating track record, developmental plans for the industry or precinct, and the nature of the projects.

Conclusion:
In its pursuit of Quality Tourism, STB understands it can neither work in isolation nor spearhead all aspects of development in Singapore's tourism sector alone. Collaborating with and supporting other public agencies and the private sector is vital for the sector's success. STB supports, incentivises and catalyses the private sector to take the lead in investing for sector growth and industry competitiveness. 

If you need help applying for any grants from the STB, feel free to check out how RIC can help here.

5. Energy Efficiency Fund - Energy Efficient Technology

This is another fund from the National Environment Agency which supports companies to adopt energy efficient equipment or technologies.

The grant quantum will be calculated based on the total amount of carbon abatement achieved by the project, subject to a cap of 70% of the qualifying costs.

Eligible applicants must be a Singapore-registered owner or operator of a manufacturing facility sited in Singapore with SSIC code 10XXX to 32XXX, and has annual group sales turnover of less than $500 million. 

Eligible projects must involve installation and use of energy efficient equipment or technologies with proven track record of energy savings in an industrial facility. The project must result in measurable and verifiable energy savings; and shall be completed within 36 months from the approval of grant.

Disbursement is on a reimbursement basis. Companies can claim the full grant amount after project completion and energy savings are measured and verified.

6. Energy Efficiency Fund - Energy Management Information System (EMIS)

Another NEA grant supports companies to install EMIS to monitor and manage energy consumption in a structured manner to achieve efficiency improvements.

Energy Management Information System grant co-funds up to 50% of the qualifying costs capped at:

• $250,000 per energy-intensive facility (i.e. consuming more than 54TJ of energy annually)
• $125,000 per facility for other facilities

The applicant must be a Singapore-registered owner or operator of an industrial facility sited in Singapore with SSIC code 10XXX to 32XXX or 35XXX to 38XXX. Project EMIS must only involve energy management-related functions and should be commissioned within 2 years from grant approval. The EMIS should cover all major energy consuming systems or energy streams in the facility.

Disbursement is on a reimbursement basis. Companies can claim the disbursement requests as follows:

• Disbursement of the first 80% of the grant upon commissioning of EMIS and submission of commissioning report
• Disbursement of the final 20% of the grant upon submission of post-implementation report

 7. Research and Innovation Scheme for Companies (RIS(C))

This scheme encourages companies in Singapore to conduct or expand their Research & Development (R&D) activities in science and technology.

The co-funding support is up to 30% qualifying project costs such as manpower, training, consultancy, equipment, software, intellectual property, and materials costs.

Local manpower may be accorded support of up to 50%.

The timing for project execution is 3 years

8. Enterprise Development Grant (EDG) - Innovation & Productivity: Automation
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Enterprise Singapore offers this grant to support eligible company’s usage of automation and technology which can result in tangible benefits, significant growth and resource efficiency, such as automation of production lines using robotics, artificial Intelligence, or implementing customized ERP and production management software, etc.

Eligible businesses can also apply for the 100% Investment Allowance (IA) on the qualifying equipment costs net of grant, capped at S$10 million per project. The 100% IA grant scheme is available until 31 March 2023.

Companies keen to apply for the Enterprise Development Grant (EDG) must be registered and operating in Singapore, have a minimum of 30% local shareholding, traced to ultimate individual shareholders level, and be in a financially viable position to start and complete the project
Support level: SMEs up to 70%; non-SMEs up to 50% of qualified costs.
Most projects undertaken by companies should be completed within 12 to 18 months upon successful grant application.

9. Enterprise Development Grant (EDG) - Core Capabilities: Strategic Brand and Marketing Development

This is another noteworthy grant from Enterprise Singapore, it co-funds costs of professional marketing and branding consultants to help your company better capture target audiences and markets by differentiating your brand, and your products and services.

The grant can cover diagnosis and assessment of company financial value and competition, then research, recommend, and develop strategy plans to optimize marketing resources and improve customer communications.

Companies need to be registered and operating in Singapore to apply for this grant. Additionally, the company must have a minimum of 30% local shareholding, and be in a financially viable position to start and complete the project.

Support level is similar to automation, SMEs up to 70%; non-SMEs up to 50% of qualified costs.

10. Market Readiness Assistance (MRA) Grant

This is a popular grant to help Small and Medium enterprises (SMEs) expand overseas.

Support is limited to one activity in a single overseas market with up to 70% of eligible costs, capped at S$100,000 per company per new market: 

• Overseas market promotion (capped at S$20,000)
• Overseas business development (capped at S$50,000)
• Overseas market set-up (capped at S$30,000)

To be eligible, a business entity must be registered/incorporated in Singapore, and have at least 30% local shareholding. Company's Group Annual Sales Turnover should be not more than S$100 million, OR Company's Group Employment Size should be not more than 200 employees. The last requirement is new market entry criteria, i.e. target overseas country whereby the applicant has not exceeded S$100,000 in overseas sales in each of the last three preceding years. 

Companies must submit their applications no earlier than six months after the project start date. All claims will be disbursed on a reimbursement basis. The processing time for MRA is about 8 to 12 weeks from the submission of all required information. 

The Singapore Government offers a great variety of grants to support local farming business. If your business is eligible for any of the grants above, please contact us to get a free consultation to identify suitable grant support and. Thereafter, should you decide to engage us, we can assist you in your end-to-end grant application and claims journey.

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What is Startup SG Tech?

Do you have an idea to develop breakthrough technology or thinking of start up a business in technology in Singapore? Then the Startup SG Tech grant is what you need to kick start your business.

Founded in 2017, Startup SG Tech supports the local development of proprietary technology solutions with early-stage funding for the successful applicants.

Companies may apply for Proof Of Concept (POC) or Proof Of Value (POV) grants depending on the stage of development of the technology/concept. A POC project is a tech solution at the conceptualization stage, you need to clearly explain and prove the concept behind the technology solution. While POV project is a tested concept, which need to carry out development of a prototype, and demonstrate its’ commercial merit.

The Startup SG Tech scheme will include share subscription rights of 50% of the awarded grant amount to EnterpriseSG or its selected nominee, up to 49% of the total shareholding of the company. This share subscription rights will take effect when a qualifying equity financing round take place.

The grants will be awarded upon the completion of each milestone and cap for POC will remain at $250,000 and POV at $500,000.
 
How to apply for Startup SG Tech?

The procedure involves a three-stage application. In the first stage, a summary of the project is submitted to Enterprise Singapore. If after the initial review the project is found to be eligible, a more detailed application has to be submitted in the second stage. Shortlisted applicants from the second stage are invited to present their proposals to a final evaluation panel comprising industry experts. The decision of the evaluation panel is final.

There are 3 stages to the application process for Startup SG Tech:

• Submit Registration of Interest, and summary of your proposed project to Enterprise Singapore, you may find the form and link on official page https://www.startupsg.gov.sg/programmes/4897/startup-sg-tech
• If your project is eligible, a more detailed application has to be submitted, include of a full business proposal and cost breakdown of your project. Your application will then be evaluated for its innovativeness, technical feasibility, and commercialization potential.
• Shortlisted applicants will present their proposals to a final evaluation panel of industry experts.

Once again, if you are offered the grant, bear in mind that the grant will carry an equity component where you will be required to increase your paid-up capital by an additional 10% and 20% for the POC and POV grants respectively.

For projects that pass all three stages, it takes approximately three months from the date of the second Stage’s submission to receiving Offer letter of the Startup SG Tech grant.
After registering the interest, it takes approximately three months, for all three stages of evaluation, before the letter of offer of the grant is received.

​Who is eligible for this grant?

In order to apply for this grant, companies must meet the following requirements:

• The company must be a registered Singapore company less than 10 years old
• The company main operation must be in Singapore
• The company must have at least 30% local shareholding
• Annual revenue must be less than S$100 million or the company must employ fewer than 200 people

The product or solution that your company plans to offer must:

• Clearly demonstrate how science or technology is applied;
• Be of a breakthrough level of innovation;
• Lead to or build on proprietary know-how or IP;
• Be commercially viable.
• Must not have commenced at the time of application
• Should be done by the applicant (company), in Singapore, unless otherwise justified.

Additionally, your project should fall under one of the following 9 categories:

• Advanced Manufacturing / Robotics
• Biomedical Sciences and Healthcare
• Clean Technology
• Information & Communications Technologies
• New Industries
• Precision Engineering
• Transport Engineering / Engineering Services
• Food Science and Technology
• Agritech

 
We can help apply for Startup SG Tech
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Not sure where to start? Or wonder what is the chance for your company to receive this grant? Real Inbound Consulting (RIC) is here to help you.

With over 7 years of continued success in helping companies implement & secure grant funding for grant-supportable projects, you can count on us to be your best partner toward not only Startup SG Tech Grant, but also to achieve ultimate success in your business.

Please feel free to Contact Us for free consultation!

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The government of Singapore lures local businesses whether SMEs or MNCs to pursue sustainable production and efficient use of energy resources. Programs that promote sustainable ways in energy production are in place allowing eligible businesses to receive financial incentives in return. An example of this is the use of solar panels . 

The Energy Market Authority (EMA), Building and Construction Authority (BCA) and Economic Development Board (EDB) are the three funding agencies that provide the financial support and assistance to businesses seeking to go green. In a nutshell, the programs are divided into three–financial incentives for solar, followed by schemes for energy efficiency, and lastly for “green” buildings.

EMA, BCA, and EDB–the formidable trio schemes

                                Metering credit schemes

Solar energy generated by businesses that have adopted solar panels technology allows them to sell the excess electricity generated to the authorized grid authority. To qualify for this, they must first register with SP Services or the Energy Market Company to enjoy this privilege. 

Three metering credit schemes exist such as Simplified Credit Treatment Scheme (SCT), Enhanced Central Intermediary Scheme (ECIS), and the Market Participant scheme. But only ECIS and the Market Participant scheme are applicable to businesses. 

Detailed information about these metering credit schemes are available on this website. 

                  Let’s talk about energy efficiency

The Building and Construction Authority (BCA) and Economic Development Board (EDB) oversee this program by inspiring building owners and investors to adopt energy efficient technologies meaning they switch to green technologies. Since Singapore is aiming to become a Smart Nation, energy consumption in the city-state is expected to spike up, hence, adopting energy efficient technologies is highly encouraged among business entities. 

To beef up the program, BCA offers two incentives schemes such as–for existing  buildings (thru $63 million Green Mark Incentive Scheme) and new buildings (Enhanced $20 million Green Mark Incentive Scheme).  To know more, visit their websites GMIS-EB 2.0 and GMIS-NB. 

Energy Efficient Fund (E2F) by NEA is also available for investors keen to establish new industrial facilities or undertake expansions. This scheme encourages builders to incorporate energy efficient or improving technologies before construction takes place. 

Detailed information about this scheme is available on this website. 

Energy Development Board (EDB)

The granting agency for the Resource Efficiency Grant for Energy (REG(E)) program promotes energy efficiency especially for manufacturing facilities and data centers. Interested companies are required to submit their project proposal including Pre-Project M&V plan and a post-project M&V report. The grant quantum will be evaluated against the complete carbon abatement upon project completion. 

To apply to this grant, visit their website.

Meanwhile, BCA alongside selected financial institutions collaboratively offer the Building Retrofit Energy Efficiency Financing (BREEF) program which helps qualified businesses shoulder the upfront costs of energy retrofits of existing buildings through an arrangement. 

To know more about this program, check it out here.

(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. 

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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. 
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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. 
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