How businesses can benefit from the Singapore Budget 2021
Deputy Prime Minister and Finance Minister, Mr Heng Swee Keat revealed a SGD$24 billion plan on 16 Feb 2021 to the people, which includes raising grants and extending training initiatives for all local businesses.
This uplifting would greatly benefit businesses that have been impacted due to the pandemic where common challenges faced were:
1. Financial-related issues such as delays in receiving payments from clients, cashflow and capital constraints to acquire new technology and innovation, and loan restrictions from the bank
2. Postponement of R&D projects due to lack of funding and
3. Loss in revenue due to decline in spending from clients
To alleviate the situation, the government has allocated SGD$1 billion to extend existing business-focused schemes such as the Productivity Solutions Grant and Enterprise Development Grant to end-March 2022, as well as to launch new schemes.
With the enhancements to the co-funding programmes, opportunities are now made available for businesses to continuously innovate and scale.
Schemes include:
Digital Leaders Programme
Helps promising businesses or firms to hire a digital team to design, develop and implement a detailed digital transformation road map to digitalize their businesses.
Chief Technology Officer as a Service
Allows companies to access professional IT consultancies which can value-add to the IT capabilities of the business.
Production Solutions Grant (PSG) & Enterprise Development Grant (EDG)
Local SMEs can leverage on up to 80% funding support till end March 2022.
Emerging Technology Programme
Co-funds the cost of testing and adopting to new technologies, such as 5G network and artificial intelligence.
Corporate Venture Launchpad
Co-funds companies in building new ventures through pre-qualified venture studios.
Enterprise Financing Scheme Venture
Benefits Singapore startups in funding support, where the Government takes up 70% of risk on loans with participating financial institutions and its quantum cap to be increased from SGD$5 million to SGD$8 million.
Here’s the infograph that summarizes it all:
Hashtaqs uplifts business through brand transformation and marketing advisory and implementation online and offline, internationalisation through business matching and community development.
Our consultancy work is supportable with the funding scheme of up to 80% for local businesses. Contact us for a consultation at +65 8868 1418 or email us at contact@hashtaqs.com. For more info, visit www.hashtaqs.com.
Reference to: https://www.channelnewsasia.com/news/singapore/budget-2021-24-billion-transform-business-workers-spore-economy-14208700
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