Jumpstart with grants

1. Start Digital programme – digital solutions

This scheme under Infocomm Media Development Authority (IMDA) and Enterprise Singapore (ESG) helps SMEs adopt digital solutions at no cost for at least the first six months. Business owners can sign up for the programme through partners like Maybank, where they will be provided access to business efficiency tools like Financio, a cloud accounting software, or cybersecurity solutions provided by Singtel.

2. Market Readiness Assistance (MRA) – overseas expansion

Looking to expand overseas? Under Enterprise Singapore (ESG), the MRA grant gives SMEs a boost by defraying the costs of marketing, business development and set-up.

Eligible businesses can expect up to 50 per cent coverage of eligible costs, capped at S$100,000 per company per new market. This amount is spread across three activities –    market promotion (capped at S$20,000), business development (capped at S$50,000) and market set-up (capped at S$30,000).

Business owners should note that every application is limited to one activity in the overseas market of your choice, and sales must not have exceeded S$100,000 in your target overseas market for three years prior to your application.

Find out if your company qualifies for the grant here.  

3. T-UP Programme by A*STAR – technology expertise 

Launched by the Agency for Science, Technology and Research (A*STAR) and AI Singapore (AISG), the T-UP Programme assists local companies in their research and development (R&D) projects to enhance business competitiveness. Project areas range from microelectronics to artificial intelligence, bioprocessing and more.

Eligible businesses can receive support of up to S$250,000 for eligible costs for R&D projects and enjoy up to two years of collaborative work on projects with scientists and research engineers from A*STAR. If the project is conducted overseas, living allowances and airfare of the contracted individuals are also covered by the grant.

Find out if your business qualifies for the grant here.

Level up with loans

Besides grants, you may also be looking at cash injections for your business, whether for investment in new capital or for training or renovation costs. These loans may serve as a good option to boost your business.

1. SME Working Capital Loan – no collateral loan

Need cash quickly for your day-to-day business expenses? This unsecured loan is a low-risk funding option that does not require collateral. The government works with banks like Maybank to offer financing of up to S$500,000, with a repayment period of up to five years.

2. Maybank’s e-financing programme – Shariah-compliant loans in minutes

Providing both conventional and Shariah-compliant financing, Maybank SME e-Financing solution allows you to get funding of up to $150,000 in just a few minutes.

Unlike the normal business-as-usual requirement of at least two years of operations, you can apply for this loan as long as your company has been operating for at least a year.

Solve your cash flow issues quickly and easily with Maybank.