Top SME Grants in Singapore for 2025: PSG, BGP and More Explained

Singapore remains one of the best places for SMEs to tap into government support. The range of SME grants on offer gives small and mid-sized businesses a real shot at upgrading, expanding, and building their teams without sinking into debt.

For many business owners, SME grants Singapore go beyond extra help; they make it possible for these small businesses to invest in new technology, explore new markets, or train staff without draining the company’s revenue.

With the government pushing harder on digitalisation through initiatives like SMEs Go Digital, the spotlight is firmly on tools and automation that make everyday operations, especially HR, faster and smarter.

In this article, we’ll walk through SME grants in Singapore, including the well-known Productivity Solutions Grant (PSG) and how to navigate the Business Grants Portal (BGP) to fuel your business growth.

Understanding SME Grants in Singapore

Running a small or mid-sized business in Singapore? Chances are, you have heard about the SME grants Singapore offers, or maybe even applied for one. These grants are government-funded support schemes designed to help businesses take their next step. Unlike loans, they don’t require repayment, making them an attractive option for companies looking to grow without impacting cash flow.

SME grants are designed to give businesses a leg up in areas that matter most: adopting new technologies, expanding into overseas markets, or improving day-to-day operations. These SME grant Singapore also aligns closely with Singapore’s national priorities, such as digital transformation, innovation, and workforce upskilling, serving as a key driver of the country’s economic growth.

The idea was straightforward: by helping cover part of the costs, the government enables SMEs in Singapore to scale and innovate faster while reducing financial pressure.

Common eligibility criteria

While each scheme has its own rules, here’s how you can commonly qualify:

• Your business is registered and operating in Singapore.
• At least 30% of the company is locally owned.
• You meet the SME size definition (usually under S$100M in annual sales or fewer than 200 employees).
• The company is in a financially sound position to carry out the project.

Meeting these basic criteria is the first step before you can tap into any SME grants. Beyond the basics, different SME grants Singapore are aimed at different goals. 

Some provide funding to adopt IT solutions and equipment that improve productivity (e.g. PSG). Others co-fund business growth projects like process automation, overseas expansion, or product development (e.g. EDG). There are also grants focusing on workforce upskilling and job redesign (e.g. SFEC, CCPs) to help companies build human capital. 

Top 5 SME Grants Singapore Businesses Commonly Use

Although there are plenty of SME grants Singapore, a few stand out due to their popularity, practicality, and clear track record of boosting businesses and getting results. Let’s dive into the five most commonly used schemes, what they cover, and how to get started.

1. Productivity Solutions Grant (PSG)

Launched in 2018, the Productivity Solutions Grant, or PSG grant Singapore is a key initiative by the Singapore government to help local businesses boost productivity through the adoption of pre-approved digital solutions, equipment, and consultancy services. Think HR management systems like Omni, accounting software, inventory management tools, or point-of-sale systems for retail and F&B.

What it supports: PSG focuses on ready-made, proven solutions that businesses can quickly integrate to improve workflows and productivity. These cover both generic tools and sector-specific solutions aligned with Singapore’s industry transformation plans.

Eligibility:

To qualify, your business must:

• Be registered and operating in Singapore.
• Have at least 30% locally shareholding owned by Singapore Citizens or permanent residents.
• Meet SME size requirements: annual sales turnover of ≤ S$100M or ≤ 200 employees
• Use the solution within Singapore, purchased from a pre-approved vendor.
• Apply before making any payment or deposit to the vendor.

Approved vendor list: You’ll find the full list on the GoBusiness portal. This directory is regularly updated and covers both generic and industry-specific tools.

How to apply:

1. Browse solutions: Search the pre-approved solutions list on GoBusiness.
2. Obtain a quotation: Request a formal quote from the vendor.
3. Submit your application: Apply via the Business Grants Portal using your Corppass account. Do not make a payment yet at this stage.
4. Receive approval: Wait for assessment (usually 4–6 weeks). Once approved, accept the Letter of Offer (LOF) through the portal.
5. Implement and claim: Deploy the solution, use it for at least a month, then submit your claim for reimbursement through the portal.

2. Enterprise Development Grant (EDG)

The Enterprise Development Grant is another key SME grant Singapore businesses use to support transformation and growth. It funds projects and strengthens core capabilities, drives innovation, or expands overseas. 

What it supports: 

• Projects under three pillars: Core Capabilities (strategy, marketing, HR), Innovation & Productivity (automation, product development), and Market Access (overseas expansion).
• Examples include business strategy development, process redesign, product innovation, or international market expansion.

Eligibility: Aside from the common eligibility criteria, you need to prove that your business is financially ready to start and complete the project.

How to apply:

• Prepare a proposal with clear objectives, scope, budget, and expected outcomes.
• Get a formal vendor or consultant quote.
• Apply via the BGP portal.
• Expect a longer review time (can be 8–12 weeks or more).

3. Market Readiness Assistance (MRA)

For SMEs looking to expand globally, the Market Readiness Assistance (MRA) grant provides financial support to reduce the risks of entering new markets.

What it supports: 

• Activities like overseas market setup, participation in trade fairs, branding and marketing, and business development.
• Up to 50% of eligible costs, capped at S$100,000 per company per new market.

How to apply: 

• Applications are submitted through the BGP portal, with documents such as market entry plans and quotations.

4. SkillsFuture Enterprise Credit (SFEC)

The SkillsFuture Enterprise Credit (SFEC) is a one-off support scheme to encourage employers to invest in workforce training and transformation.

What it supports: 

• Covers up to 90% of out-of-pocket expenses, up to a S$10,000 credit per company, for training programs and enterprise transformation projects.

Eligibility: 

• Companies that pay the Skills Development Levy (SDL).
• At least three local employees.
• Unlike the other SME grants Singapore, eligibility is auto-assigned and notified by SkillsFuture Singapore.

How to apply: 

Redeem the credit when applying for training or transformation support through approved platforms or the BGP portal. 

5. Energy Efficient Grant (EEG)

The Energy Efficient Grant (EEG) supports SMEs in adopting energy-efficient equipment to reduce operating costs and improve sustainability.

What it supports: 

• Co-funding up to 70% of qualifying costs for approved equipment in sectors like food services, retail, and manufacturing.

Eligibility: 

• SMEs operating in eligible sectors.
• Purchase must be from the pre-approved vendor list.

How to apply: 

Check the eligibility equipment on GoBusiness and submit your application via the BGP portal.

Other Government Grants Worth Exploring in 2025

There are several additional SME grants Singapore businesses can tap into beyond the usual grants. Whether you are seeking capital, upskilling opportunities, or advanced digital solutions, these programs are worth exploring:

Enterprise Financing Scheme (EFS)

While technically a government-backed loan programme rather than an SME grant Singapore, the Enterprise Financing Scheme significantly eases access to financing by sharing risk with partner banks. 

• Purpose: For working capital, trade financing, fixed assets, green projects, and more.
• Types: 
  
  • Project Loan (EFS-PL): For secure projects (domestic and overseas). Loans up to S$50M for overseas, S$15M for domestic (through March 2025). Repayment up to 15 years.
  • Trade Loan (EFS-TL): Supports trade-related financing (inventory, pre-delivery, factoring). Up to S$10M, risk-share is similar to the above.

Career Conversion Programmes (CCPs)

The Career Conversion Program (CCP) is ideal for firms retraining mid-career workers or shifting existing staff into new roles. 

• Purpose: Covers substantial training and salary support while employees learn on the job.
• Details: Employers can tap into CCPs administered by Workforce Singapore, especially for emerging roles or new duties.

GoCloud Grant

Supports ICT SMEs in modernizing legacy systems through cloud-native transformation.

• Purpose: Raise digital infrastructure by migrating or building modern backend and apps.
• Funding: Tiered support based on complexity (e.g., migration vs. new build).

Choosing the Right Grant for Your Business Growth Plan

With so many options, the goal isn’t to find “the best SME grants Singapore” in general; it’s to find the one that fits what your business is trying to achieve right now. The right choice depends on your priorities. 

If you want to automate HR or finance, the Productivity Solutions Grant (PSG) is usually the fastest route. Bigger transformation projects or overseas expansion are better suited for the Enterprise Development Grant (EDG) or Market Readiness Assistance (MRA).

If you’re focused on hiring and training, check if you qualify for SFEC or a Career Conversion Programme (CCP).

Grants can also work together. For example, you might use the PSG grant to roll out a new HR tool, then tap SFEC to cover the cost of training your team to use it effectively.

Before you apply for SME grants Singapore, make sure you have these prepared:

• Be clear on your project goal, what change or improvement are you aiming for?
• Match the SME grant to your goal and confirm it funds the type of project you’re planning.
• Check your eligibility, look at requirements like local ownership, SME size limits, and sector rules.
• Gather documents, financial statements, ACRA profile, vendor quotes, and, for bigger grants, a detailed project proposal.
• Know the timelines for each grant, like the Productivity Solutions Grant can take 4–6 weeks; EDG may take several months, so apply early.
• Hold off on payments; most grants won’t cover costs if you’ve already paid the vendor.

Power Your Business Growth with the Right Grant and the Right Tools

As you now know, SME grants Singapore, ranging from PSG and EDG to SFEC, CCPs, and MRA, offer businesses the funding they need to upgrade operations, expand globally, and develop their workforce without financial pressure. However, navigating applications, gathering supporting documents, and staying compliant in this ever-changing environment can be rather complex. Omni streamlines this process so you can focus on growing your business.

Centralized document management

With Omni’s document management, you can easily store grant-related files, whether that be vendor quotes, financial statements, project proposals, and employee records, all in one secure location. 

Paired with multi-role access controls, restrict who can view, edit, or approve documents to ensure sensitive information is protected at all times.

"With Omni HR, I uploaded all those documents in 30 minutes max, which was extremely fast."
— Andrei Perevalovi, Head of People Products at Virtual Internships

Automated workflows and task tracking

Managing grant applications often involve multiple stakeholders and require constant follow-ups. Omni’s automated workflows allow you to assign responsibilities, set deadlines, and track progress across teams. 

Thanks to integrations with well-loved tools like Slack, Microsoft Teams, and Google Suite, stakeholders can receive real-time alerts and reminders when approvals or actions are pending, keeping projects on track and reducing delays. The workflow system also highlights any overdue tasks, making it easy for managers to intervene proactively. 

Integrated HR and payroll reporting

Omni allows you to seamlessly generate detailed HR and payroll reports required for SME grants Singapore like SFEC or CCP application. This includes employee headcounts, salary records, training hours, and more. 

By automating the process, you reduce errors, save hours of manual work, and ensure that every SME grant submission is accurate, compliant, and aligned with government regulations, translating to faster approvals, smoother claims, and complete confidence that your documentation meets audit standards.

“Omni's flexible reporting capabilities empower IHRP to create custom analytics dashboards, pull employee demographic breakdowns, and generate performance trend analyses with just a few clicks. Unlike previous vendor that charged fees for every data modification or custom report request, Omni's flexible system allows unlimited reporting configurations without additional costs.”
— Wenna Lee, HR Manager at IHRP

Audit-ready digital trail

Omni automatically logs every action and document logged, creating a transparent and tamper-proof record of all SME grant Singapore-related activity. From the initial submission drafts to final approvals, you have a complete audit trail at your fingertips, simplifying both internal and external audit checks. This helps ensure your SME grant claims are fully supported, traceable, and ready for audit or reimbursements without the last-minute hassle.

Book a demo with our team today to learn more about how Omni can streamline your SME grant Singapore application process.