Unlocking Opportunities: The Top SME Grants in Singapore (2025)

Name: Holistic-E
Address: Singapore

Key Takeaways

Singapore offers various SME grants to support business growth, digitalisation, and overseas expansion.
Key grants include the EDG, PSG, MRA, Energy Efficiency Grant, SkillsFuture Singapore Grants (SSG) and Startup SG Founder.
These grants help companies improve productivity, adopt technology, and access new markets.
Most grants fund 50–70% of project costs but require businesses to meet eligibility criteria.
Applications must be approved before the project begins, and claims are reimbursed after completion.

For many Small and Medium-sized Enterprises (SMEs) in Singapore, securing capital is essential for transformation, innovation, and growth. This is where government support becomes a critical advantage. SME grants are a cornerstone of this support, providing vital funding for SMEs to upgrade their capabilities, adopt new technologies, or expand into new markets.

Unlike traditional business financing, like an SME loan in Singapore, a government grant for SMEs is typically non-repayable, making it a highly desirable option for businesses aiming to scale without incurring debt. That said, navigating the landscape of available grants can be complex.

This article will serve as your comprehensive guide, breaking down exactly what SME grants are, how they work, the major types available in Singapore, and the steps to successfully apply, and more.

What are SME Grants?

SME grants are financial awards provided to SMEs in support of their growth and development. These grants can be used for various purposes, such as research and development, innovation, and expanding business operations.

Importance of SME Grants for Business Growth

SME grants play a crucial role in fostering business growth. These financial aids offer the much-needed resources to innovate, expand, and compete in the market.

Access to grants allows SMEs to invest in new technologies, improve their products, and enhance operational efficiency. This financial support can also help businesses hire additional staff, which contributes to job creation and economic development.

Moreover, SME grants often encourage entrepreneurship by reducing the financial risks associated with starting or scaling a business. They empower entrepreneurs to pursue their ideas and bring them to fruition, ultimately driving economic growth in their communities.

What Is Considered an SME in Singapore?

In Singapore, an SME is defined based on its employee count and annual revenue.

For manufacturing and services sectors, an SME typically has fewer than 200 employees and an annual revenue of less than S$100 million.

In the retail and food services sectors, the thresholds are fewer than 200 employees and annual revenue of less than S$7 million.

How Do SME Grants work?

Funding for SMEs can be accessed through different grant schemes offered by the government. These include support for technology adoption, skills development, and market expansion.

To apply for SME grants in Singapore, businesses need to meet specific eligibility criteria and submit a detailed proposal outlining their project plans. The application process may involve documentation and assessments to ensure that the funding aligns with the grant’s objectives.

How Do SME Grants Differ From Regular Business Financing?

Unlike regular business financing solutions, such as business expansion loans, working capital loans, or hire purchase, SME grants do not require repayment, making them a valuable resource for businesses seeking to enhance their capabilities and competitiveness.

Why Do the Government Provide SME Grants in Singapore?

The Singapore government provides SME grants to help businesses enhance their capabilities, boost productivity, and innovate. In fact, SME grants play a crucial role in fostering a vibrant and competitive business ecosystem in Singapore, enabling SMEs to thrive, create jobs, and drive overall economic growth.

Types of SME Grants in Singapore

Here’s an overview of the SME grant landscape in Singapore

Enterprise Development Grant (EDG)

The Enterprise Development Grant (EDG) is a government initiative designed to support businesses in their efforts to innovate, grow, and transform. It offers financial assistance for projects that fall under three key categories:

Core Capabilities: These projects aim to help companies build foundational strengths for future growth and transformation. This goes beyond routine operational tasks like sales or accounting, focusing instead on developing strategic business functions.
Innovation & Productivity: This pillar supports businesses in exploring new avenues for growth, optimising resource utilisation, and enhancing sustainability practices. Examples include redesigning workflow processes to improve efficiency or adopting new technologies.
Market Access: Projects under this category are for firms ready to expand their operations or establish a presence in international markets.

Grant Support: SMEs are eligible for grant support of up to 50% of qualifying project costs as of April 1, 2023. For projects specifically focused on sustainability, this support can be extended up to 70% from April 1, 2023, to March 31, 2026.

For comprehensive details and application guidelines, please refer to the official Enterprise Development Grant website.

Energy Efficiency Grant

The Energy Efficiency Grant (EEG) aims to help businesses in specific sectors adopt more energy-efficient practices and equipment.

This grant is designed to incentivise companies within the food services, food manufacturing, and retail sectors to invest in energy-saving equipment.

Grant Support: As of January 4, 2023 (according to Enterprise Singapore), eligible businesses can receive support for up to 70% of the cost of approved energy-efficient equipment. There is a maximum cap of S$30,000 per company annually.

Supported Equipment: The EEG covers purchases of various types of pre-approved, energy-efficient equipment. These categories typically include:

LED lighting systems
Air-conditioning units
Cooking hobs
Refrigeration systems
Water heaters
Clothes dryers

For further details and application specifics, please visit the official Energy Efficiency Grant webpage.

Market Readiness Assistance (MRA)

The Market Readiness Assistance (MRA) Grant is designed to support Singaporean firms that are prepared to expand into new international markets.

Grant Support: Eligible companies can receive funding for up to 50% of qualifying costs. This grant is capped at S$100,000 per company for each new market they enter.

Details: The grant support is divided across three main categories, each with its own sub-cap:

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

You can find more information on the official Market Readiness Assistance Grant webpage.

Productivity Solutions Grant (PSG)

The Productivity Solutions Grant (PSG) is designed to support businesses in their efforts to boost productivity by adopting pre-approved Information Technology (IT) solutions and equipment. The grant encourages companies to enhance their existing processes by integrating technology.

Grant Support: According to Enterprise Singapore (as of June 3, 2024), eligible companies can receive funding for up to 50% of qualifying project costs. This support is capped at S$30,000 per company, per financial year.

Details & Scope: The PSG covers a wide range of pre-scoped solutions, which are categorised in two ways:

Sector-Specific: Solutions tailored for specific industries, including but not limited to retail, food, logistics, precision engineering, wholesale, landscaping, and construction.
General Solutions: Solutions that apply across all sectors to improve general business functions. Examples include customer management systems (CRM), data analytics tools, financial management software, and inventory tracking.

You can learn more by visiting the official Productivity Solutions Grant webpage.

Enterprise Development Grant (Co-Innovation Programme)

This programme supports Singapore-based companies that collaborate on innovation projects with international partners designated by Enterprise Singapore.

Grant Support: Based on guidelines from April 1, 2023, this programme funds up to 50% of eligible project costs. For projects specifically related to sustainability, the funding level is increased to 70% (this enhanced rate is valid from April 1, 2023, to March 31, 2026).

Details: Support is available for joint R&D projects, typically aimed at developing new products or solutions. These projects are usually initiated through specific “calls for proposals.”

Enterprise Singapore’s collaboration partners for this programme include the Eureka Network and partners in various countries and regions, such as France, Germany, Israel, Korea, the UK, Jiangsu, Shanghai, and Zhejiang.

For complete details, please refer to the official Enterprise Development Grant webpage.

Workforce Singapore (WSG) & SkillsFuture Singapore (SSG) Grants

Workforce Singapore (WSG) offers various business grants designed to assist SMEs in Singapore with enhancing their workforce’s competitiveness. These initiatives help businesses address manpower needs, assess potential hires, and upskill their existing employees.

a) Career Trial

Objective: This program assists employers in evaluating a candidate’s suitability for a role through a short-term work trial before committing to formal employment. It is applicable for full-time positions offering at least S$1,500/month and part-time roles paying a minimum of S$750/month.
Grant Support: As of June 4, 2024 (per WSG), companies can receive salary support for jobseekers ranging from S$7.50 to S$15 per hour. Additionally, firms may qualify for retention incentives: S$500 for a 3-month retention period or S$1,000 for a 6-month retention period (subject to specific criteria).
Key Details: SMEs can implement a customised trial for each Career Trial position. The trial duration is capped at 480 hours for full-time roles and 240 hours (or up to 80 hours per month) for part-time positions. The hiring salaries must meet the minimum thresholds mentioned above.

b) Career Conversion Programmes (CCPs)

Objective: CCPs help businesses address skill gaps and manpower demands by facilitating the training of either existing employees or new mid-career hires for in-demand job roles.
Grant Support: According to WSG data from February 28, 2024, companies can receive subsidies of up to 90% for both the salary component and training course fees.
Programme Types: There are three main structures for CCPs:
- Place-and-Train: Mid-career individuals are hired by a company first and then undergo relevant training.
- Attach-and-Train: Mid-career individuals receive training before being placed into a job.
- Job Redesign (JR) Reskilling: This specifically targets companies undergoing business transformation. It helps retrain existing employees whose roles might become redundant or vulnerable, equipping them for new or redesigned positions within the same organisation.

c) Enhanced Training Support for SMEs

Objective: This grant, overseen by SkillsFuture Singapore (SSG), aims to encourage and support SMEs in sending their employees for continuous training and development.
Grant Support: As of January 4, 2023 (per SSG), eligible SMEs can receive up to 90% of the course fees as a subsidy.
Eligibility & Details: The subsidy is available for SMEs that sponsor their employees, provided the employees are Singapore Citizens or Permanent Residents. The training courses must be offered by approved Continuing Education and Training (CET) Centres, Autonomous Universities, Polytechnics, the Institute of Technical Education (ITE), and the National Institute of Early Childhood Development (NIEC).

SkillsFuture Enterprise Credit (SFEC)

Objective: The SkillsFuture Enterprise Credit (SFEC) aims to encourage SMEs to invest in transforming both their business operations and their workforce capabilities. It provides financial support for specific programmes focused on these two areas.

Financial Support: According to Enterprise Singapore (as of April 5, 2024), eligible companies receive a one-off credit of S$10,000. This credit can cover up to 90% of a company’s out-of-pocket expenses for qualifying costs.

Allocation of Credit: A minimum of S$3,000 from the SFEC must be utilised for workforce transformation programmes. The remaining up to S$7,000 can be allocated towards enterprise transformation initiatives.

Eligible Programmes: The SFEC supports a wide array of approved programmes, which include:

Courses aligned with the Skills Framework, specifically those supporting the broader Industry Transformation Maps (ITMs).
The Market Readiness Assistance (MRA) Grant, which helps businesses expand overseas.
The Business Improvement Fund (BIF) offered by the Singapore Tourism Board.

For more detailed information on this government business grant for SMEs, please visit the official SFEC website.

Infocomm Media Development Authority (IMDA) Grants and Programmes

Objective: The Infocomm Media Development Authority (IMDA) is committed to simplifying the digitalisation journey for SMEs in Singapore. To achieve this, IMDA offers a range of grants and specialised programmes.

Financial Support: The specific grant amounts and types of financial assistance provided by IMDA vary depending on the particular programme and the digital solution being adopted.

Key Initiatives and Support:

Digital Project Management Services: SMEs can access subsidised services from a pool of qualified digital project managers. These experts help ensure that digital solutions are implemented accurately and efficiently.
SME Digital Tech Hub: For businesses with more sophisticated digital requirements, such as advanced data analytics or robust cybersecurity, the SME Digital Tech Hub offers specialised assistance. This hub was established by IMDA and is operated in partnership with the Association of Small and Medium Enterprises (ASME).
Specific Programmes: IMDA also provides targeted support through initiatives like GoCloud (to facilitate cloud adoption) and GoSecure (to enhance cybersecurity capabilities).

For comprehensive details on IMDA’s various grants and programmes for SMEs, businesses should refer to the official IMDA website.

Monetary Authority of Singapore (MAS) Grants

The Monetary Authority of Singapore (MAS) offers various grants to foster innovation and technological adoption within the financial sector. These initiatives aim to strengthen Singapore’s position as a leading financial hub.

Regulatory Technology (RegTech) Grant (under the FSTI Scheme)

Objective: This grant, part of the Financial Sector Technology and Innovation (FSTI) scheme, is designed to enhance financial institutions’ risk management and regulatory compliance by encouraging the adoption and development of technological solutions.
Financial Support: As of August 7, 2023 (according to MAS), the grant offers funding for up to 30% of qualifying expenses. An exception applies to manpower costs for non-Singapore Citizens (including Permanent Residents), which are funded at a lower rate of up to 15%. The total grant quantum is capped at a maximum of S$100,000 and can cover project durations of up to 18 months from the start date.
Grant Tracks: The RegTech grant is structured into two distinct tracks:
- Production Level Project Track: This track supports RegTech solutions developed in-house or commercial solutions customised for a specific financial institution. Eligible costs include hardware, software, professional services, manpower, and external auditor certifications.
- Pilot Track: This track focuses on supporting the prototyping and testing of new RegTech solutions. It covers expenses related to hardware, software, professional services, and manpower costs.

Other MAS Grants and Initiatives

MAS provides a broader suite of grants under its FSTI scheme and other initiatives to drive specific areas of financial innovation. These include:

MAS FSTI Centre of Excellence Grant: Supports the establishment of innovation labs.
MAS FSTI Industry-wide Technological Infrastructure or Utility Project Grant: For foundational financial infrastructure projects.
MAS FSTI Innovation Acceleration Track: To fast-track promising FinTech projects.
MAS Artificial Intelligence (AI) and Data Analytics (DA) Grant: Specifically for projects leveraging AI and data analytics.
MAS FSTI ESG FinTech Grant: To encourage FinTech solutions supporting Environmental, Social, and Governance (ESG) objectives.
MAS Grant for Equity Market Singapore (GEMS): Aimed at enhancing Singapore’s equity market.

For detailed information on all MAS grants and their specific eligibility criteria, financial institutions should consult the official MAS website.

Health Promotion Board (HPB) Grants

Objective: The Health Promotion Board (HPB) offers a range of grants and initiatives aimed at partnering with the F&B industry to promote healthier eating habits and contribute to a healthier nation. These programmes encourage F&B establishments to provide nutritious and high-quality food options.

Financial Support: The specific grant amounts and types of financial assistance provided by HPB vary depending on the particular scheme and the scope of the healthier eating initiatives undertaken by the F&B partners.

Key Initiatives and Details: Examples of HPB’s supportive programmes for F&B businesses include:

Healthier Dining Grant Schemes: These schemes typically provide financial incentives to F&B operators who commit to offering healthier food choices, such as dishes with lower sugar, salt, or healthier cooking oils.
Healthier Ingredient Development Schemes: These initiatives encourage food manufacturers and F&B businesses to develop and use healthier ingredients in their products and menus, supporting the overall availability of nutritious food options.

For comprehensive details on HPB’s grants and partnerships with the F&B sector, businesses should refer to the official Health Promotion Board website.

Singapore Tourism Board (STB) Grants

Objective: The Singapore Tourism Board (STB) is committed to rejuvenating Singapore’s tourism sector. To achieve this, STB has established the Tourism Development Fund (TDF), a four-year initiative designed to support the creation of innovative and high-quality tourism offerings. The fund also aims to enhance the capabilities of tourism-related businesses and facilitate the upskilling of their employees.

Financial Support: The specific grant amounts and the level of financial support provided by STB vary significantly. This depends on the particular scheme, the scope of the project, and the strategic alignment with STB’s tourism development goals.

Key Schemes and Details: The comprehensive Tourism Development Fund supports a diverse range of schemes, each targeting specific areas of tourism growth and development. These include, but are not limited to:

Business Improvement Fund (BIF): To encourage productivity, innovation, and digital transformation within tourism businesses.
Local Enterprise and Association Development Programme (LEAD): To help local tourism enterprises and trade associations enhance their capabilities.
Training Industry Professionals in Tourism (TIP-iT): Focuses on upskilling and professional development for the tourism workforce.
Business Events in Singapore (BEiS): Supports the attraction and growth of business events (MICE – Meetings, Incentives, Conferences, Exhibitions).
Kickstart Fund (KF): Provides seed funding for innovative tourism concepts.
Leisure Events Fund (LEF): Supports the creation and hosting of leisure events that enhance Singapore’s appeal.
Cruise Development Fund (CDF): Aimed at developing and promoting Singapore as a cruise hub.
Experience Step-Up Fund (ESF): To enhance and refresh existing tourism experiences.
Tourism Product Development Fund (TPDF): Supports the development of new and distinctive tourism products.

For detailed information on all of STB’s funding schemes, their objectives, and eligibility criteria, interested parties should refer to the official Singapore Tourism Board website.

Eligibility Criteria for Funding for SMEs in Singapore

In Singapore, grant applications typically require applicants to meet specific criteria. These may include being a registered entity, such as a company or non-profit organisation, and demonstrating a clear alignment with the selected grant’s objectives.

Applicants often need to showcase their project’s potential impact on the community or industry. Additionally, financial stability and the ability to manage funds responsibly are crucial.

Collaboration with other organisations or stakeholders may enhance eligibility. Lastly, adherence to deadlines and submission guidelines is essential for consideration.

The Application Process for SME Grants

Step 1: Find your grant and get quotes by visiting the GoBusiness portal.

Step 2: Apply on the Business Grants Portal using your company’s CorpPass.

Step 3: Wait for approval, accept the Letter of Offer.

Step 4: Start the project with your chosen vendor and pay in full first. Keep all invoices and payment receipts (e.g., bank statements).

Step 5: Submit a claim to get a reimbursement to your company’s bank account. Be sure to upload all invoices and proof of payment.

How to Increase Your Chances for a Successful SME Grant Application?

Getting your grant application approved is about more than just filling out a form. It’s about presenting a clear, strong, and compliant business case.

Do NOT start your project before you’ve received and formally accepted the official Letter of Offer on the Business Grants Portal.
Pick the right grant for your business.
Ensure you meet all eligibility requirements.
Prove you can afford the project. Grants are on a reimbursement basis.
Write and quantify a strong business proposal. Focus on what you intend to achieve, not what you’d like to purchase or your activities.
Ensure no administrative errors in your application.

Are There SME Grants in Singapore for Startups?

Yes, there are several SME grants in Singapore designed for startups.

The Startup SG Founder Grant is the primary grant you should look at if you’ve got a new, innovative business idea and you’re a first-time entrepreneur. Apart from providing capital, you’ll benefit from invaluable mentorship from the Startup SG Founder programme.

Grants for Newly Incorporated SMEs

Once your startup is registered as a company and meets the general SME criteria (e.g., registered in Singapore with at least 30% local shareholding), you can also apply for other startup-friendly SME grants, such as:

Productivity Solutions Grant (PSG): This is the most popular grant for adopting pre-approved digital solutions and equipment. It helps cover the cost of things like accounting software, CRM systems, or e-commerce platforms.
Enterprise Development Grant (EDG): This grant is for larger, more transformative projects in areas like developing core capabilities, improving productivity, or expanding into overseas markets.

Need Instant Business Financing While Waiting for Your SME Grant?

While SME grants are an invaluable resource for long-term business development, the application and approval process can be lengthy. This waiting period—compounded by the fact that most grants are disbursed on a reimbursement basis—can create a significant cash flow gap, potentially stalling your project’s momentum.

You don’t have to put your business growth on hold. This is where the easy accessibility of a business loan becomes a powerful strategic tool. A key business loan benefit, it provides the immediate capital needed to pay vendor deposits and start your project confidently, ensuring you meet your timelines.

As your swift business financing partner, Holistic Enterprise is here to bridge that gap. We specialise in fast, unsecured business loans for SMEs, providing the working capital you need in days, not months. Let us handle the immediate funding so you can kickstart your other projects now, while you await your grant approval. Contact us today or apply now!