SME Funding Singapore: Grant Options, Eligibility and Funding Amounts [2025]

If you have a business, you’ll know that running an SME in Singapore can be tricky. To help entrepreneurs flourish, the government offers various grants and support options to growing SMEs. This guide walks through some top options for SME funding in Singapore, including a roundup of the best SME grants you can tap on for support in 2025.

We’ll also introduce a great non-bank business account option - Wise Business - that supports growing businesses just like yours, especially if you are expanding to overseas markets in 2025.

Table of contents

SME grants at a glance What constitutes an SME in Singapore? Budget 2025 updates to SME and business grants Productivity Solutions Grant (PSG) Enterprise Development Grant (EDG) Market Readiness Assistance (MRA) Grant SkillsFuture Enterprise Credit (SFEC) Energy Efficiency Grant (EEG) Startup SG Founder Grant Startup SG Tech Business Improvement Fund (BIF) Agri-Food Cluster Transformation (ACT) Fund Infocomm Media Development Authority (IMDA) Grants RegTech grant (MAS) How to apply for SME grants in Singapore

SME grants at a glance

We’ve picked out the key grants available for Singapore SMEs here and compiled them into a table for easy comparison - there’s more detail coming up later on each.

Grant name	Grant description	Funding amount	Who is eligible
Productivity Solutions Grant (PSG)¹	For local SMEs looking for IT solutions and equipment to improve productivity	Up to 50% of eligible costs to a maximum of 30,000 SGD	Turnover < 100 million SGD, or 200 or fewer employees At least 30% local equity held by Singaporeans or PRs Business entity is registered and operating in Singapore
Enterprise Development Grant (EDG)²	Tailored grants for local businesses starting new projects to upgrade their business, explore new growth, or expand overseas	Up to 50% of eligible costs	Business must be financially ready to undertake the project At least 30% local equity held by Singaporeans or PRs Business entity is registered and operating in Singapore
Market Readiness Assistance (MRA) Grant³	Support for business development, promotion and set-up costs for businesses entering a new overseas market	Up to 50% of eligible costs with a maximum of 100,000 SGD per company per new market	Turnover < 100 million SGD, or 200 or fewer employees At least 30% local equity held by Singaporeans or PRs Business entity is registered and operating in Singapore, and expanding to a new market
SkillsFuture Enterprise Credit (SFEC)⁴	Support for businesses investing in developing employees through training	One off payment of 10,000 SGD to cover up to 90% of out-of-pocket expenses for eligible training	By invitation only
Energy Efficiency Grant (EEG)⁵	Co-funding to help businesses investing in energy-efficient equipment	2 tiers of funding available - base tier to 30,000 SGD, advanced tier for large businesses runs to 350,000 SGD in total	Eligible businesses in Construction, Data Centre, Food Services, Manufacturing Maritime and Retail sectors Different criteria apply based on sector
Startup SG Founder Grant⁶	First time entrepreneurs with a viable business idea	Mentorship and grant of 20,000 SGD to 50,000 SGD, subject to capital matching	Singaporean or PR First applicant can not be employed elsewhere First and second applicants must own 30% or more of the business being launched Both need to show they’ve had training in entrepreneurship.
Startup SG Tech⁷	Grant for the commercialisation of innovative technologies	Maximum grant levels of 400,000 SGD to 800,000 SGD, subject to capital matching which depends on the project type	Turnover < 100 million SGD, or 200 or fewer employees At least 30% local equity held by Singaporeans or PRs Commercially viable Proof-of-Concept (POC) and Proof-of-Value (POV) projects Other criteria apply based on project type
Business Improvement Fund (BIF)⁸	Supports tourism businesses to boost productivity through technology, model and process enhancements, and sustainability initiatives	Grant level depends on project and business type	Turnover < 100 million SGD, or 200 or fewer employees At least 30% local equity held by Singaporeans or PRs
Agri-Food Cluster Transformation (ACT) Fund⁹	SFA-licensed farms looking to be more productive, resilient to climate change, and efficient	Up to 6 million SGD for farming infrastructure, technology or systems	You must have a farm in Singapore with a valid farm licence issued by SFA
Infocomm Media Development Authority (IMDA) Grants¹⁰	SMEs Go Digital grants support adoption of advanced digital solutions technologies	Various different grant and support options based on business type and needs	Different criteria may apply depending on the business and project type
RegTech grant (MAS)¹¹	For financial institutions to enhance risk management and compliance through technology	Up to 30% of qualifying expenses, to 100,000 SGD in total	MAS regulated financial businesses with a headcount in Singapore of less than 200

*Details correct at time of research - 19th February 2025

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What constitutes an SME in Singapore?

Different grants will define an SME in different ways, often referring to the business’ annual sales turnover and the number of employees. For grants issued in Singapore there’s also usually a local shareholding minimum percentage to ensure the money is going back into the local economy most effectively.

While the rules can vary a lot, the Enterprise SG grants will often use the following criteria to define an SME:

• Turnover not exceeding 100 million SGD, or 200 or fewer employees
• At least 30% local equity held by Singaporeans or PRs
• Business entity is registered and operating in Singapore

Budget 2025 updates to SME and business grants

The 2025 budget announcements which were made on 18th February 2025, have included extensions and additions to the government’s ongoing drive to support Singapore businesses.

For example, the Corporate Income Tax (“CIT”) Rebate and Cash Grant is slated to continue through the YA 2025. There’s also a promise of a redesigned SkillsFuture Enterprise Credit (SFEC) from 2026, although the existing scheme, which we highlight below, will continue until then.

You can read more about the updates and changes announced for business in Budget 2025 in the government’s handy budget navigator document¹², and in the press. For now, let’s dive into the main SME grants details below.

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Productivity Solutions Grant (PSG)

• Aimed at local SMEs looking for IT solutions and equipment which will automate existing processes and improve productivity.
• Funds which are received through this grant can be used only with a pre-approved list of vendors.
• Could be reimbursed up to 50% of eligible costs to a maximum of 30,000 SGD.

If you’re looking for ways to improve your business productivity, you might also want to look at streamlining your financial operations with solutions like Wise Business. Here’s what one Wise Business customer - Novelship - says about how Wise helped them:

"We saved around $20,000 and 20 hours per month by using Wise to do the remittance as compared to traditional banks. The fee is low and allows batch upload. It is a reliable remittance tool when working with overseas partners.”

➡️ Read how Novelship used Wise Business to save time and money while expanding globally ⬅️

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Enterprise Development Grant (EDG)

• Offers tailored grants for local businesses starting new projects to upgrade their business, explore new growth, or expand overseas.
• To be eligible you must meet local ownership requirements, and
• Your business must be financially ready to undertake the project you intend to use the grant for.
• Can be used for a diverse range of projects and businesses could get up to 50% reimbursement of eligible costs.

Market Readiness Assistance (MRA) Grant

You may be eligible for a Market Readiness Assistance (MRA) Grant if you’re planning to expand into a new overseas market, and need support for business development, promotion and set-up costs.

This grant could offer up to 50% of eligible costs with a maximum of 100,000 SGD per company per new market. Other limits also apply which means you can only apply for reimbursement to the following levels:

• Overseas market promotion up to 20,000 SGD
• Overseas business development up to 50,000 SGD
• Overseas market set-up up to 30,000 SGD

💡 If you’re about to expand to a new country, why not also look at how Wise Business can help you cut your exposure to foreign exchange markup fees and maximise your profits?

Take your business global with Wise Business
🚀 Always Get the Mid-Market Rate No more hidden markup fees or foreign transaction fees - We give you the exact mid-market exchange rate + a transparent, low conversion fee.	🌍 Global Multi-Currency Account that Feels Local Send money to over 70 countries and manage multiple currencies without breaking a sweat. Get account details to receive payments in GBP, EUR, AUD and more currencies just like a local
💸 Pay Once, Unlock Forever Forget about monthly charges or annual fees. With Wise Business, you can unlock the full suite of features for a one-time fee of 99 SGD	💼 Batch Payments Brilliance Too many invoices? Power through up to 1,000 invoices in just one click with our Batch Payments Tool
💳 Command Your Cash Flow with Wise Business Cards Give your team their own corporate debit cards to keep expenses clean and easy to monitor. Need more control? Approve payments, set spending limits, and freeze your card if you've lost it.	📄 Free Invoicing Tool Level up your invoicing game with our free tool. Create and send professional invoices that not only get noticed but get paid.

Learn more about Wise Business

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SkillsFuture Enterprise Credit (SFEC)

• The SkillsFuture Enterprise Credit (SFEC) exists to encourage employers to invest in employee development.
• Could receive a one-off credit of 10,000 SGD to cover up to 90% of out-of-pocket expenses for eligible training offered to employees.

You do not apply for this grant - if you are eligible you will be notified.

Energy Efficiency Grant (EEG)

The Energy Efficiency Grant (EEG) offers co-funding to help businesses investing in energy-efficient equipment and is available to businesses across the following sectors:

• Construction
• Data Centre
• Food Services
• Manufacturing (including Food Manufacturing)
• Maritime
• Retail

The eligibility criteria are quite complex and vary depending on your sector and the equipment you intend to invest in.

Overall there are 2 tiers of funding available - the base tier which is capped at 30,000 SGD and which is for use with pre-approved vendors, and the advanced tier for large businesses which runs to reimbursements of up to 350,000 SGD in total.

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Startup SG Founder Grant

• Provides mentorship and financial support to first-time entrepreneurs to start their own innovative businesses.
• If you qualify you may be eligible to be matched with an appropriate mentor and to get a grant of 20,000 SGD to 50,000 SGD, subject to capital matching.
• First and second applicants must own 30% or more of the business being launched, and both need to show they’ve had training in entrepreneurship.

That means that if you’re granted 20,000 SGD you must also find 20,000 SGD in capital to go into your business yourself.

Applicants must be Singaporean or PR, and the first applicant can not be employed elsewhere.

Startup SG Tech

• Grant for the commercialisation of innovative technologies which are commercially viable and at the Proof-of-Concept (POC) and Proof-of-Value (POV) stages.
• Intended for companies investing in research and development in Singapore, and
• Generous maximum grant levels of 400,000 SGD to 800,000 SGD, subject to capital matching which depends on the project type.

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Business Improvement Fund (BIF)

• Supports tourism businesses to boost productivity through technology, model and process enhancements, and sustainability initiatives.
• Costs can be covered to a varying amount depending on the project and business type, and the level of returns you may reasonably expect.
• Costs could include training, travel, hardware, consultancy and materials needed to implement your improvement project.

Note that even though the intention of this grant is to support tourism businesses, technology companies creating innovative products and services that support tourism businesses could also be eligible.⁸

Here are some examples that come to mind:

1. Virtual Reality (VR) Applications that simulate travel experiences, allowing potential tourists to "explore" destinations or attractions virtually before booking a trip.
2. Augmented Reality (AR) Applications that enhance in-person tours with interactive elements, historical context, or language translations.
3. Smart Booking Platforms that intelligently recommend accommodations, activities, or itineraries based on user preferences and past behaviours.

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Agri-Food Cluster Transformation (ACT) Fund

• Offers grants of up to 6 million SGD for farming infrastructure, technology or systems for owners of farms in Singapore with a valid farm licence issued by SFA.
• The broad criteria make this suited to farms looking to be more productive, resilient to climate change, and efficient through upscaling technology or upgrading capability.

Infocomm Media Development Authority (IMDA) Grants

• Offers different grants through their SMEs Go Digital programme.
• The options open depend on your business type and needs, and can include support with setting up InvoiceNow if you’re a newly GST registered company.
• There are also various tools to help your business digitise through IMDA’s CTO-as-a-Service website.

➡️ Further Reading: InvoiceNow Singapore: What are the Benefits and How to Get Started

📈 Singapore's government has multiple ongoing initiatives that help businesses go digital to improve efficiency and reduce costs. While you’re looking at grants, check out Wise Business which can help your company to streamline expense management, make paying invoices simple even with foreign currencies, and reduce the costs of transacting internationally.

Learn how to pay vendors and bills for less with Wise Business

RegTech grant (MAS)

• From the Monetary Authority of Singapore (MAS)
• Intended for financial institutions to enhance risk management and compliance through technology.
• Projects must meet strict criteria to qualify, and reimbursement can then be up to 30% of qualifying expenses, to 100,000 SGD in total.

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How to apply for SME grants in Singapore

You’ll often need to apply for your SME grant through the Business Grants Portal (BGP)¹³ which brings together the application processes for all government grants into one place. The basic steps for application are as follows:

• Log into the Business Grants Portal with your CorpPass
• Click on Get New Grant and follow the steps to answer questions about the project and application
• Complete the application - the site will link to ACRA to pre-populate information where possible, to save on admin
• You can view your application and track its progress on the Business Grants Portal after submission

Conclusion

There are a very broad range of grants available for SMEs in Singapore, but not all are suitable for every business. You’ll need to study each grant’s details and eligibility criteria before applying, to avoid wasting time with rejections.

🚀 As Singapore pursues a strategy of digitisation and expansion, many grants are geared towards market expansion and digitalisation for productivity. If your SME is pursuing these goals in 2025, you will be well-supported. While you’re getting your business growth plans and partners in place, why not also let Wise Business support you with a fully digital business account?

• Hold and manage over 40+ currencies for all your international transactions
• Pay suppliers and receive payments internationally without the hefty foreign transaction fees
• Always get the mid-market rate with zero markup
• Seamless integrations with popular accounting software
• Say goodbye to monthly fees

Get Started with Wise Business today

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Sources:

1. Productivity Solutions Grant (PSG)
2. Enterprise Development Grant (EDG)
3. Market Readiness Assistance (MRA) Grant
4. SkillsFuture Enterprise Credit (SFEC)
5. Energy Efficiency Grant (EEG)
6. Startup SG Founder Grant
7. Startup SG Tech
8. Business Improvement Fund (BIF)
9. Agri-Food Cluster Transformation (ACT) Fund
10. Infocomm Media Development Authority (IMDA) Grants
11. RegTech grant (MAS)
12. Budget 2025 navigator
13. Business Grants Portal (BGP)

Sources checked on 19 February 2025