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Grants, subsidies and financial support for SMEs
Singapore has always taken a very pro-SME stance when it comes to supporting and developing our local grown companies. Over the years, there have been many government initiatives that allow us to tap on.
- Professional Conversion Programmes (PCPs) are part of Workforce Singapore’s (WSG) Adapt and Grow Initiative that aims to help Professionals, Managers, Executives and Technicians (PMETs), including mid-career switchers, to undergo skills conversion to take on new job roles - be it in a different industry, or within the same company that provides different job opportunities for progression.
PCP allows SMEs to tap on Government funding through Course Fee Grant and Salary Support / Training Allowance
Interested employers can visit www.wsg.gov.sg/pcp for more information.
2. Career Support Programme (CSP) is also part of the Adapt and Grow Initiative to encourage employers to hire eligible Singapore Citizen PMETs who are a) aged 40 years and above, and has been made redundant or unemployed and actively looking for jobs for 6 months or more, or b) aged below 40 years and has been Unemployed and actively looking for jobs for 6 months or more.
CSP encourages employers to hire experienced PMETs by providing salary support of up to $42,000.
SMEs that employs an eligible PMET and offers a permanent job or an employment contract of at least 12 months with a gross monthly salary of at least $3,600 can apply for CSP.
Submission can be made via WSG feedback portal within 3 months from date of work commencement.https://portal.ssg-wsg.gov.sg/feedback
3. SkillsFuture Enterprise credits (SFEC) provides funding support to encourage employers to embrace Workforce and Enterprise transformation initiatives.
Eligible employers will receive a one-off $10,000 credit to cover up to 90% of out-of-pocket expenses on qualifying costs for Enterprise development and Workforce transformation programmes. $3,000 of the SFEC will be reserved for Workforce transformation programmes to reskill and upskill employees, and the remaining $7,000 can be used for both Workforce and Enterprise transformation programmes.
The list of supportable programmes can be found on https://www.skillsfuture.sg/sfec
To be eligible, employers must contribute at least $750 Skills Development Levy over a qualifying period; Have employed at least three Singapore Citizens (SCs) or Permanent Residents (PRs) every month over the same period; and have not been qualified at any of the earlier periods.
The four qualifying periods are:
a. 1 April 2019 – 31 March 2020
b. 1 July 2019 – 30 June 2020
c. 1 October 2019 – 30 September 2020
d. 1 January 2020 – 31 December 2020
For more information, please refer to https://www.skillsfuture.sg/-/media/Budget-2020/FAQs/FAQs-on-SkillsFuture-Enterprise-Credit.pdf
4. Special employment credits (SEC) provides wage offset for employers who hire Singaporean workers aged 55 and above, and earning up to $4,000 a month. This scheme helps to boost reemployment of those who are above the reemployment age.
Employers who make regular CPF contributions for eligible employees do not need to take further action. MOM will assess their eligibility and notify employers before payments are made in March and September (twice a year).
5. Productivity Solution Grant (PSG) provides up to 70% funding support (capped at $30,000) for businesses that are keen to adopt IT solutions and equipment to improve business productivity and to enhance operational efficiency. Technology can range from customer management software, inventory tracking system, accounting management to data analytics.
To be eligible, SMEs need to be registered and operating in Singapore, and the purchase/lease/subscription of the IT solutions or equipment must be used in Singapore.
Read more about 7 Government Support and Grants that Help SMEs Stay Afloat
Read more about How SMEs can Benefit from Work Life Grant 2020
Not sure whether your company can be qualified for bank loans or alternative lending? Try our A.I assisted loan, and Smart Towkay team will send you a lending report within 24 hours' time. With the lending report, we aggregate and recommend the highest chance of approval be it with BANKS / FINANCIAL INSTITUTIONS or Alternative lenders like Peer to Peer Lenders or even B2B lender!
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