Singapore’s government has long supported enterprise growth, digitalisation, productivity improvement, and market expansion through a robust system of business grants. In 2024, SMEs across sectors can continue to access targeted incentives to modernise operations, upgrade capabilities, and internationalise.
In this article, we highlight the Top 5 business grants most relevant to Singapore SMEs in 2024, outlining what each covers, who it’s for, and how to get started.
Top 5 Business Grants for Singapore SMEs (2024)
Enterprise Development Grant (EDG)
What it supports:
EDG funds projects that help Singapore companies grow, innovate, or expand overseas. It covers consultancy, equipment, and software costs in three areas:
- Core capabilities (business strategy, financial management)
- Innovation and productivity (process redesign, automation)
- Market access (overseas expansion, branding)
Funding support: Up to 50% of qualifying costs for SMEs.
Eligibility:
- Registered and operating in Singapore
- Minimum 30% local shareholding
- Financially capable of completing the project
Why it matters: EDG remains Singapore’s flagship grant for business transformation and internationalisation.
Market Readiness Assistance (MRA) Grant
What it supports:
The MRA Grant helps SMEs defray costs when expanding overseas. It covers expenses related to:
- Market entry consultancy
- Business matching services
- Overseas marketing and trade fairs
- In-market promotions
Funding support: Up to 70% of eligible costs, capped at SGD 100,000 per new market per year.
Eligibility:
- Singapore-registered company
- Minimum 30% local shareholding
- Annual sales turnover ≤ SGD 100 million or ≤ 200 employees
Why it matters: MRA is perfect for first-time exporters and regional market entry.
Productivity Solutions Grant (PSG)
What it supports:
PSG helps SMEs adopt pre-approved IT solutions and equipment to improve productivity. It covers solutions like:
- Accounting software
- Inventory management systems
- E-commerce platforms
- Digital marketing tools
Funding support: Up to 50% of qualifying costs.
Eligibility:
- Singapore-registered and operating company
- Minimum 30% local shareholding
- Purchased solutions used in Singapore
Why it matters: Quick-access support for SMEs to digitalise operations.
SkillsFuture Enterprise Credit (SFEC)
What it supports:
SFEC encourages companies to upskill their workforce by subsidising eligible training and capability development initiatives.
Funding support: Up to SGD 10,000 in additional subsidies covering up to 90% of out-of-pocket training expenses.
Eligibility:
- Active contribution to Skills Development Levy (SDL)
- At least three local employees
- No serious employment infringements
Why it matters: Supports talent development, job redesign, and leadership training in tandem with business growth.
Energy Efficiency Grant (EEG)
What it supports:
EEG assists SMEs in adopting energy-efficient equipment for sustainability and operational cost savings, particularly in food services, manufacturing, and retail sectors.
Funding support: Up to 70% of qualifying costs, capped at SGD 30,000 per company per year.
Eligibility:
- Singapore-registered SME in eligible sectors
- Minimum 30% local shareholding
- Compliant with sector-specific regulatory licenses
Why it matters: Aligns operational upgrades with Singapore’s Green Economy drive.
How Vanice Advisory Helps Businesses Secure Grants
At Vanice Advisory, we specialise in Business Grant Advisory services to help SMEs navigate Singapore’s complex grant landscape.
Our services include:
- Identifying suitable grant opportunities for your business goals
- Advising on project scoping to align with grant criteria
- Preparing grant applications, supporting documents, and financial forecasts
- Managing submission deadlines and liaising with grant agencies
- Providing post-approval claims advisory and compliance support
Our goal is to provide structured, professional guidance so you can unlock government funding and grow with confidence.
Final Thoughts
Singapore’s grant ecosystem remains one of the region’s most SME-friendly, but each grant has strict eligibility, documentation, and application requirements. Working with experienced grant advisors ensures your business can maximise funding opportunities while staying compliant.
To explore your business’s grant eligibility or book a grant strategy consultation, contact us at vanice@vaniceadvisory.com.