Businesses in Singapore are very fortunate to have access to a multitude of grants, initiatives and schemes that provide them with opportunities to grow and become more successful. SMEs in particular can take advantage of so many financial assistance programs that it can often be overwhelming to know which one they can obtain the most benefit from, and what their eligibility is.
With the guidance of Authors Consulting, a professional services agency, we have summarised three financial assistance initiatives that SMEs can tap into:
Capability Development Grant (CDG)
Who is the CDG aimed at?
Companies must be registered in Singapore (at least 30% local shareholding) with group annual sales of not more than S$100 million or have fewer than 200 employees in group employment.
How can the CDG help SMEs?
There are 9 main focus areas that the CDG aims to help businesses with. These focus areas are usually where SMEs struggle the most because they are not often seen as immediate priorities, but, with some support, they can help a struggling small business develop a sustainable future:
- Brand development – important for marketing to craft your company’s brand story
- Business innovation and design – helps you to embed design thinking across your organisation – Blue Ocean Systems has also benefitted from Design Thinking in our strategic planning
- Business strategy development – to identify gaps within the business and help to put together sustainable plans
- Quality – to help with international or industry compliance
- Financial management – assists you in getting your organisational finances in order, ready for the next growth stage
- Human capital development – another area that SMEs often struggle with – corporate culture, attracting, hiring and retaining the right talent
- Intellectual property – helps to protect your Intellectual Property (IP) and guides you through franchising if that’s a goal for your business
- Productivity improvement – the core of any business – how to optimise and improve your processes for better efficiencies
- Service excellence – an increasingly important component for successful businesses; support to develop and deliver excellent service standards to meet the growing needs of the empowered customer
What can eligible companies receive through the CDG?
Up to 70% of qualifying business costs, which could include;
- Training and certification
- Upgrading productivity
- Developing business capabilities for process improvement
- Product development and market access
How can I obtain more information and apply for the CDG?
Innovation Capability Voucher (ICV)
Who is the ICV aimed at?
Like the CDG, companies must be registered in Singapore (at least 30% local shareholding) with group annual sales of not more than S$100 million or have fewer than 200 employees in group employment.
How can the ICV help SMEs?
The ICV helps SMEs to take their first steps towards capability development and to strengthen their core operations. This is often done with the support of external consultants. The aim of the ICV is to help SMEs identify and implement simple solutions that will set them up for being more efficient and productive.
The consultancy projects the ICV could help with also include innovation, HR and financial management as well as supported services, such as equipment and hardware and technical solutions.
Since July 2014, SMEs have also been able to combine integrated solutions that include hardware/equipment as well training and consultancy.
What can eligible companies receive through the ICV?
Eligible companies can apply for up to 8 vouchers worth S$5,000 each to pay for the above solutions. There are some restrictions around the combination of vouchers companies can obtain, so always check the latest eligibility information.
How can I obtain more information and apply for the ICV?
Who is the Enhanced iSPRINT aimed at?
Companies must be registered or incorporated in Singapore and to qualify as an SME the company must:
- have 30% – 100% of local shareholding AND
- have an annual group sales turnover less than S$100 million OR
- have 0-200 employees
How can the Enhanced iSPRINT help SMEs?
The Enhanced iSPRINT initiative aims to increase SME productivity with infocomm adoption and transformation to encourage the use of technology to improve or innovate their business operations.
For SMEs, technology can often be a costly investment that they cannot always afford, even though they know it would propel their operations and capabilities. The Enhanced iSPRINT can help to bridge that gap and support SMEs in becoming more efficient with the right technology platforms.
What can eligible companies receive through the Enhanced iSPRINT?
iSPRINT supports a few types of projects, including;
- Packaged Solutions for basic business functions – including off-the-shelf solutions, subscriptions and training
- Customised Solutions that are tailored to your business needs – including consultancy and training
- Piloting New Sector Solutions – a new enhancement for sector-specific solutions
- Scaling Up Proven Sector Solutions – a new enhancement for qualifying and proven packaged solutions
How can I obtain more information and apply for the Enhanced iSPRINT?
Any business can benefit from support, especially in the early days and the application processes for these initiatives are simple and easy – so what is there to hold you back from taking advantage?
Did you know that deploying enterprise systems solutions powered by SAP Business One Version for HANA (SAP B1HANA) can be supported by government grants and initiatives such as these? Contact Blue Ocean Systems to learn more.