(This blog is a continuation of our previous blog post on Budget 2022 here)
The Singapore Budget 2022 event also highlighted the different ways to achieve the goal of maintaining the economy of Singapore's vibrant and competitive affected by the blunt of COVID-19 pandemic. It includes investment through human capital, innovation, loan and financing, sustainability, and support for business recovery. These will be discussed briefly below.
An enhanced version of Skills Future Enterprise Credit (SFEC) will be made available to help employers venture into enterprise and workforce transformation. Adjustment has been made on the eligibility criteria for this financial scheme. Qualified employers are set to be informed in April 2022 while the deadline for claiming credits has been extended until 30 Jun 2024.
Relevant information about this program is available through this link.
The development of new innovations promises growth towards the economy of Singapore . Specifically, this aims to:
Loan and Financing
To satisfy the financial needs of businesses, a set of loan and financing options will be made available for them. These include the Enterprise Financing Scheme – Merger & Acquisitions (M&A), Enterprise Financing Scheme – Project Loan, Enterprise Financing Scheme – Trade Loan, and Temporary Bridging Loan Programme. The details of each financing option is provided below.
Enterprise Financing Scheme – Merger & Acquisitions (M&A) will expand to including M&A activities such as venturing into complementary businesses and emerging sectors:
Check out this link for relevant information regarding this financial scheme.
Enterprise Financing Scheme – Project Loan aims to assist local businesses involved in the construction enterprises leading to the accomplishment of their domestic projects.
This project supports the enterprises in terms of:
Enterprise Financing Scheme - Trade Loan - pushes assistance for enterprises dealing with trade financing whether domestic or overseas-based. As announced, this scheme will be extended until 30 September 2022. Support will be provided through these:
Temporary Bridging Loan Programme - provides assistance to businesses for their working capital needs. Detailed information can be found through the link above.
Enterprise Sustainability Programme (ESP) supports initiatives tackling sustainability efforts and programs in line with Singapore's Green Economy Strategy in mind. The support comes in forms of workshops and training which will help accelerate the sustainability goals of Singapore.
Relevant information about ESP is provided in the link above.
Support for Business Recovery
Small Business Recovery Grant - supports financial support to businesses whose operations were bogged down by COVID-19 pandemic.
To qualify, the business must meet the the following criteria:
Additional information can be obtained from the website provided.
If your business is considering into securing grants, Real Inbound Consulting (RIC) would love to help you. Helpful blogs or information sheet to guide you on which grant to apply for is also available on our website.
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