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Accounts receivable financing, aka receivables financing, enables businesses to unlock cash tied up in outstanding invoices. Know more with our guide to fuel your business growth.
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Singapore offers a comprehensive range of business grants to support startups, SMEs, and large enterprises in digital transformation and their growth. Key grant providers include Enterprise Singapore, which manages major schemes like the Enterprise Development Grant and Productivity Solutions Grant and MAS which supports fintech innovation. They provide vital funding and resources, making Singapore a thriving hub for business development and competitiveness in the global market. In the following, we will be going through the main grants available for businesses in Singapore, along with the tips for you to choose the right grant.
The grant is officially known as the Productivity Solutions Grant (PSG), which is a flagship scheme under Enterprise Singapore aimed at helping businesses adopt technology and equipment to enhance productivity.
PSG primarily targets small and medium enterprises that are registered and operating in Singapore. Eligible companies must have at least 30% local shareholding and meet either of the following criteria: a group annual sales turnover not exceeding S$100 million or a group employment size of no more than 200 employees. The grant supports a wide range of industries such as retail, food services, logistics, precision engineering, wholesale trade, landscaping, environmental services, security, and tourism.
The grant provides financial support by co-funding up to 50% of qualifying costs related to the adoption of pre-approved IT solutions, equipment, and consultancy services. The exact funding percentage may vary depending on the sector and prevailing policies. In addition to equipment and software, PSG also offers subsidies for employer-led training to help businesses build workforce capabilities alongside technological adoption.
A defining feature of PSG is its focus on pre-approved solutions and vendors, ensuring that businesses invest in reliable, tested productivity tools. The application process is streamlined via the Business Grants Portal, simplifying submissions and tracking. Each company is subject to an annual funding capacity, typically around S$30,000 for Enterprise Singapore-supported solutions. Importantly, applicants must apply before making any payments or signing contracts with vendors, as retrospective claims are not allowed.
To qualify, businesses must be registered and operating in Singapore with a minimum of 30% local shareholding. The solutions or equipment funded must be deployed and used within Singapore. Applicants should not have made any payments or signed contracts before submitting the grant application. Also, the business must have at least three local employees at the time of application. Additionally, some solutions may require proof of tenancy or a deployment location within Singapore.
The application process begins with identifying the business’s productivity challenges and selecting relevant pre-approved solutions from the official PSG list. Businesses then obtain quotations from pre-approved vendors or consultants. Applications are submitted online through the Business Grants Portal using CorpPass, where companies complete the necessary forms and upload supporting documents such as company registration details and project proposals. After submission, the application is reviewed by the relevant agency, and businesses must wait for approval before proceeding with any payments or contracts. Once approved, companies implement the project and later submit claims for reimbursement through the portal, providing all required documentation.
The Enterprise Development Grant (EDG) supports Singapore companies in upgrading their business capabilities, innovating, and expanding overseas.
The EDG targets Singapore-registered companies of all sizes, including small and medium enterprises (SMEs) and larger firms, across various industries such as manufacturing, trade, logistics, engineering, and services. Eligible businesses must have at least 30% local shareholding, be financially viable, and operate in Singapore. The grant is suitable for companies seeking to strengthen core capabilities, improve productivity through innovation, or expand into international markets.
The EDG provides financial support by co-funding qualifying project costs, including third-party consultancy fees, software, equipment, and internal manpower costs. SMEs can receive funding support of up to 50% of qualifying costs, while non-SMEs may receive up to 30%. For certain sustainability-related projects, funding support can increase to 70% during specific periods. The grant helps defray expenses related to business upgrading, innovation, and market expansion.
The EDG is structured around three main pillars: Core Capabilities, which focus on strengthening foundational business functions beyond basic operations; Innovation and Productivity, which supports adopting new technologies and improving workflows; and Market Access, which assists companies in venturing overseas through market research, overseas operations setup, and international marketing strategies.
The grant offers access to a network of certified consultants and experts to guide businesses through their transformation projects. There is no fixed maximum grant amount, but funding is assessed based on project scope, outcomes, and company size.
Applicants must be registered and operating in Singapore with a minimum of 30% local shareholding. The business must be financially viable to start and complete the proposed project. Applications are assessed based on project scope, expected outcomes, and the competency of the service provider. Companies should also ensure that their projects align with the three EDG pillars and that all required documentation is complete. Eligibility for additional subsidies may apply if the company qualifies for schemes like the SkillsFuture Enterprise Credit.
Businesses begin by identifying projects that align with the EDG’s three pillars and preparing a detailed project proposal outlining objectives and expected outcomes. They then submit their application online via the Business Grants Portal, providing necessary documents such as company registration details, project plans, and quotations from service providers. The application is reviewed by Enterprise Singapore, which assesses the project’s feasibility and impact. Approval must be obtained before commencing the project or incurring expenses. Upon completion, companies submit claims for reimbursement of qualifying costs through the portal, supported by relevant invoices and reports.
Startup SG Founder is a government initiative designed to support first-time entrepreneurs with innovative business ideas by providing both funding and mentorship.
Startup SG Founder targets first-time entrepreneurs who have not previously registered a private limited company with ACRA. Applicants must be key decision-makers in their startups and commit full-time to the business, without external employment (including full-time National Service). The grant supports startups across various sectors, excluding certain businesses such as cafes, nightclubs, massage parlours, gambling, and other restricted industries. Founders must collectively hold at least 30% equity in the company, and the startup must be registered and operating in Singapore.
The grant provides financial support ranging from S$20,000 to S$50,000, with recipients required to co-match a portion of the funding—typically a co-matching fund of S$20,000. Beyond funding, Startup SG Founder offers mentorship through Accredited Mentor Partners (AMPs), which includes pitch training, networking opportunities with investors and corporates, secretarial and accounting support, and access to exclusive startup programmes. This mentorship is a key feature designed to help first-time founders build strong foundations.
Startup SG Founder combines equity-free funding with structured mentorship to support early-stage startups. The program encourages collaboration by allowing a second applicant who need not be a first-time founder, bringing in experience and expertise to the founding team. Founders must have undergone entrepreneurship training, covering essential skills such as business model development, market validation, financial planning, and pitching. The grant also requires startups to secure a Letter of Recommendation from an AMP, ensuring startups receive guidance from experienced mentors. Some Accredited Mentor Partners also offer incubation programmes, providing additional resources such as co-working space and networking.
Applicants must be first-time founders with no prior private limited company registration on ACRA and must be fully committed to their startup without external employment. They must collectively hold at least 30% equity in the company. Founders are required to have completed entrepreneurship training or have relevant entrepreneurial experience. The startup must be registered in Singapore and not operate in excluded industries such as food and beverage outlets, massage parlours, gambling, or prostitution-related services. Additionally, startups must obtain a Letter of Recommendation from an AMP to qualify for the grant.
The application process begins by engaging with an Accredited Mentor Partner (AMP) to receive mentorship and a Letter of Recommendation. Founders should complete entrepreneurship training if they have not done so already. Once the startup meets eligibility criteria and secures AMP endorsement, the application is submitted online via the Enterprise Singapore Business Grants Portal. Applicants must provide company details, proof of equity, and evidence of entrepreneurship training. After approval, founders receive the grant and mentorship support to develop their business. Some AMPs also require startups to enroll in their incubation programmes, which typically have biannual intakes. Throughout the grant period, founders are expected to actively engage with mentors and leverage available resources to grow their startups.
The Market Readiness Assistance (MRA) Grant is set to support Singaporean companies expanding into new overseas markets.
The MRA Grant targets small and medium-sized enterprises (SMEs) registered and operating in Singapore. Eligible companies must have at least 30% local shareholding and meet either a group annual sales turnover of no more than S$100 million or a group employment size of not more than 200 employees. The grant is specifically for businesses entering new overseas markets—defined as markets where the company’s annual sales have not exceeded S$100,000 in any of the preceding three years.
The MRA Grant provides financial support covering up to 50% of eligible costs, capped at S$100,000 per new market. It helps defray expenses related to overseas market promotion, business development, and market set-up activities. Eligible costs include participation in trade fairs, digital marketing, market research, feasibility studies, regulatory compliance, business matching, overseas office setup, and hiring in-market staff. The grant covers one activity per overseas market per application.
A key feature of the MRA Grant is its comprehensive coverage of various stages of market expansion, from promotion and business development to market set-up. The grant supports activities such as trade fair participation, overseas business development, and overseas market set-up, capped at S$20,000, S$50,000 and S$30,000 respectively. Applications must be submitted within six months before the project start date, and retrospective claims are not allowed. Group applications are not permitted, and companies must select consultants from Enterprise Singapore’s approved lists for certain services like trade compliance. The grant aims to reduce the financial risk of entering new markets and enhance SMEs’ international competitiveness.
Applicants must be a business entity registered and physically operating in Singapore, with at least 30% local shareholding. The company must be new to the target overseas market, meaning annual sales in that market have not exceeded S$100,000 in the past three years. The group’s annual sales turnover must not exceed S$100 million, or group employment must not exceed 200 employees. Only one activity per market can be funded per application, and projects must not exceed 12 months. Applications must be completed and submitted before any payments or contracts are made with vendors or consultants.
To apply for the MRA Grant, businesses should first identify the overseas market they wish to enter and select an eligible activity such as market promotion, business development, or market set-up. Companies then prepare the necessary documents, including business registration details, project proposals, and quotations from vendors or consultants. Applications are submitted online via the Business Grants Portal, typically within six months before the project start date. After submission, Enterprise Singapore reviews the application for eligibility and project feasibility. Upon approval, companies can proceed with the project and later submit claims for reimbursement through the portal, supported by invoices and progress reports. It is important to note that no payments or contracts should be made before grant approval to ensure eligibility.
The Energy Efficiency Grant (EEG) is provided by the ESG and supported by agencies such as the National Environment Agency (NEA) and Maritime and Port Authority (MPA) for specific sectors.
EEG targets businesses registered and operating in Singapore across several sectors, including Construction, Manufacturing, Maritime, Retail, and users of commercial data centres. Eligible companies must have at least 30% local shareholding, a group annual sales turnover of no more than S$500 million, and must use the purchased equipment within Singapore. Charities, government agencies, religious entities, VWOs, and co-operative societies are excluded.
EEG provides co-funding for investment in energy-efficient equipment to help businesses reduce energy consumption and carbon emissions. There are two tiers of support from EEG, which are divided into the base tier and the advanced tier.
The Base Tier offers up to S$30,000 per company, funding up to 70% of the cost for SMEs and 30% for non-SMEs, applicable to pre-approved energy-efficient equipment. On the other hand, the Advanced Tier is available mainly for the manufacturing and port sector, supporting larger investments up to S$350,000, allowing funding for equipment that demonstrates significant energy savings even if it is not pre-approved.
The EEG supports a broad range of pre-approved energy-efficient equipment identified based on energy-saving technologies and compliance with the Mandatory Energy Labelling Scheme (MELS). The grant encourages businesses to adopt sustainable practices by making energy efficiency investments more affordable. Applications are streamlined through the Business Grants Portal for the Base Tier, while the Advanced Tier requires direct engagement with agencies such as NEA or MPA. The grant is capped annually per company and is subject to technical review to ensure the equipment meets energy-saving criteria. The program was expanded from April 2024 to cover more sectors, simplifying access under a single platform on GoBusiness.
Applicants must be registered and operating in Singapore within the eligible sectors, with at least 30% local shareholding and a group annual sales turnover no greater than S$500 million. The equipment purchased must be used in Singapore. For the Advanced Tier, companies must demonstrate that the equipment achieves significant energy savings. Projects must not have commenced before grant approval, and applications must be submitted before any purchase or contract. Some sectors, such as maritime, have additional licensing requirements (e.g., harbourcraft licensed by MPA). Eligible companies must also have at least one local employee at the firm level.
For the Base Tier, businesses apply online through the Business Grants Portal (BGP) by submitting details of the energy-efficient equipment they intend to purchase, along with supporting documents such as quotations and company registration.
For the Advanced Tier, companies must email the relevant agency. The applicant should contact NEA for manufacturing, and MPA for maritime and port sectors, to initiate the application, as this tier involves more detailed technical assessments. Applicants should ensure all eligibility criteria are met before applying and avoid making any payments or signing contracts prior to grant approval. The process involves review and approval before disbursement of funds, and companies are encouraged to consult the list of pre-approved equipment or submit new technologies for consideration with supporting technical data.
Startup SG Tech provides early-stage funding to startups developing proprietary technology solutions.
Startup SG Tech targets technology startups registered and operating in Singapore that are developing innovative, proprietary technology products or solutions. The grant is aimed at startups in the early stages of product development, including proof-of-concept and prototype development. Eligible businesses must have a local entity registered in Singapore and demonstrate strong technology innovation potential.
Startup SG Tech provides early-stage funding support to accelerate the development of proprietary technology solutions. The grant typically funds up to 70% of qualifying project costs, including third-party consultancy, software development, hardware, manpower, and other direct project expenses. Funding amounts vary depending on the project scope but generally range from tens of thousands to several hundred thousand Singapore dollars.
Startup SG Tech is designed to help startups rapidly develop and commercialize new technologies by providing financial resources and access to a network of mentors and industry partners. The grant supports projects focused on technology innovation, including software, hardware, artificial intelligence, robotics, and other emerging tech fields. It encourages startups to build scalable and commercially viable products. The program is split into two phases: Phase 1 for proof-of-concept and Phase 2 for prototype development and market testing. The grant is equity-free, allowing startups to retain full ownership of their intellectual property.
Applicants must be registered as a private limited company in Singapore with at least 30% local shareholding. The startup should be in the early stages of technology development and have a clear plan for proprietary technology innovation. Projects must demonstrate technical feasibility and commercial potential. Startups must not have received similar funding for the same project from other government agencies. Applicants are required to submit detailed project proposals, including technology descriptions, development plans, and business models. The grant is competitive, and projects are assessed based on innovation, market potential, and team capabilities.
Startups apply for Startup SG Tech through the Business Grants Portal managed by Enterprise Singapore. The application involves submitting a comprehensive project proposal, including technical details, development milestones, and budget plans. Startups must also provide company registration documents and evidence of local shareholding. After submission, the application undergoes evaluation by Enterprise Singapore and appointed technical reviewers. Upon approval, startups receive funding in phases tied to project milestones. Regular progress reports and financial claims must be submitted to continue receiving disbursements. The grant process encourages startups to engage with mentors and industry partners to enhance project success.
Apart from the grants that are fully backed by the Singapore government, there are also some popular financing and co-investment schemes for businesses to fuel their growth in Singapore.
The Enterprise Financing Scheme (EFS) – SME Working Capital Loan is a government-supported financing option aimed at helping Singapore-registered SMEs manage their working capital needs. It targets SMEs with at least 30% local shareholding and a group annual sales turnover not exceeding S$100 million or a group employment size of up to 200 employees. The loan provides unsecured financing of up to S$500,000 with flexible repayment terms ranging from 1 to 5 years.
The government’s risk-sharing arrangement encourages banks to extend credit to SMEs by reducing their lending risk as the ESG co-shares up to 50% of the default risk with participating financial institutions (PFIs). The loan application is made directly through PFIs, which assess eligibility and creditworthiness based on their own criteria. Interest rates are competitive and market-driven, making the loan an accessible option for many SMEs.
To qualify, businesses must be registered and operating in Singapore, meet the local shareholding and SME criteria, and provide necessary documentation such as audited financial statements and bank records. Borrowers must comply with loan conditions, including no partial prepayment and full repayment with prior notice.
However, the government shares default risk only, making the interest or other loan costs not included. Besides, there is restriction against partial prepayment, which can limit cash flow flexibility.
The Startup SG Equity scheme is a government co-investment initiative aimed at stimulating private sector investments into innovative Singapore-based technology startups with strong intellectual property and global market potential. It targets early-stage startups registered and operating in Singapore, particularly those in deep-tech sectors such as advanced manufacturing, pharmbio/medtech, and agri-food tech. Eligible startups must be private limited companies incorporated in Singapore, typically less than five years old, with paid-up capital of at least S$50,000, and demonstrate strong innovation and growth potential.
The scheme provides equity co-investment where the government partners with qualified third-party investors, such as venture capital firms or angel investors, to jointly invest in startups. For general technology startups, the government co-invests 70% of the first S$250,000 and then on a 1:1 basis up to S$2 million. For deep-tech startups, the government co-invests 70% of the first S$500,000 and then 1:1 up to S$4 million, with recent enhancements increasing the cap to S$8 million and adjusting co-investment ratios for larger amounts. This fund-of-funds approach also involves investing in selected venture capital firms that subsequently invest in eligible startups.
Applicants must have a strong business plan, intellectual property, and third-party investors ready to invest. The government’s involvement includes co-investing alongside these investors, providing startups with access to capital, expertise, and networks essential for scaling. Limitations include the requirement for qualified third-party investors, competitive selection, and equity dilution as the government takes a stake in the company. Besides, the scheme excludes subsidiaries, joint ventures, and businesses in restricted industries.
The Private Credit Growth Fund (PCGF) is a S$1 billion government-backed financing initiative launched by the Ministry of Trade and Industry and ESG to support high-growth local enterprises in scaling and becoming global champions. It targets promising Singapore-based companies, especially those requiring bespoke, non-dilutive financing solutions for growth activities such as international mergers and acquisitions (M&A) and large capital expenditures (CapEx). The fund aims to fill gaps in traditional financing options by providing customised credit solutions tailored to the diverse needs of fast-growing enterprises.
The PCGF is managed by a commercial specialist private credit solutions fund manager who not only provides financing but also offers specialist advisory services in areas like M&A, financial management, and supply chain improvement. This holistic support helps companies navigate complex growth strategies beyond just capital needs. The fund complements existing government schemes by catalysing more commercial funding and expanding Singapore’s private credit ecosystem.
To apply for the PCGF, the applicant has to be a Singapore-registered enterprise with strong growth potential and a need for customised credit solutions. The Detailed eligibility criteria and application procedures will be announced in 2025 Q3. The fund targets enterprises that may find it challenging to secure traditional bank loans or equity funding for large-scale growth initiatives.
The PCGF focuses on high-growth companies, which may exclude smaller or less scalable businesses. As a relatively new financing option, awareness and familiarity among enterprises and investors are still developing, potentially affecting uptake initially. The fund also involves commercial fund managers, which means financing terms will be subject to market conditions and credit assessments.
The Tech Depot Voucher is a government-supported initiative aimed at helping Singapore-based SMEs access ready-to-go technology solutions to enhance their digital capabilities. Targeting SMEs registered and operating in Singapore, the voucher enables businesses to adopt pre-qualified digital solutions in areas such as customer management, data analytics, cybersecurity, and more. The solutions available on the Tech Depot platform are developed or vetted by reputable agencies including A*STAR and IMDA, ensuring quality and relevance.
The Tech Depot Voucher provides SMEs with access to a curated list of technology packages and qualified vendors through a centralized platform on the SME Portal. Businesses can use the voucher to connect with these vendors and implement solutions tailored to their operational needs, facilitating faster adoption of technology without the complexity of sourcing and evaluating providers independently.
It includes a user-friendly digital platform where SMEs can browse and select from over 30 pre-approved solutions, expert guidance from qualified vendors, and government backing that reduces the barriers to innovation and technology adoption. On top of that, the initiative also complements other government efforts like the T-Up programme, which provides secondments of scientists, engineers, and commercialization experts to assist companies in technology adoption and market readiness.
The applying company must be a registered SME in Singapore and use the platform to engage with pre-qualified vendors. While specific voucher amounts and eligibility criteria may vary, the initiative primarily targets SMEs seeking practical, scalable technology solutions.
However, there is only a limited number of pre-approved solutions, which may not cover all industry-specific needs. Besides, the SMEs need to work with designated vendors, potentially limiting choice. Additionally, the voucher supports technology adoption but does not cover extensive custom development projects.
The SkillsFuture Enterprise Credit (SFEC) is a one-off S$10,000 credit provided to eligible Singapore-registered employers to support their enterprise and workforce transformation efforts. It is designed to encourage businesses to invest in upskilling their employees and adopting transformation initiatives, complementing existing government schemes. The credit can be used to offset up to 90% of out-of-pocket expenses for approved enterprise transformation programmes and workforce transformation courses, such as Skills Framework-aligned training, Career Conversion Programmes, job redesign initiatives, and sector-specific programmes.
Targeted at all eligible employers notified by ESG, no separate application is required. Eligible companies can view their available credit through their CorpPass account. The credit supports a wide range of programmes hosted on the Business Grants Portal and training courses offered by SkillsFuture Singapore and Workforce Singapore. Up to S$7,000 of the credit can be used for enterprise transformation initiatives, while the full amount can be applied to workforce transformation activities.
The company must be a registered employer in Singapore and have been notified of eligibility by ESG. Claims must be submitted by the stipulated deadlines, with the current credit validity extended to 30 June 2025, and further extended to the second half of 2026 to allow employers to utilize remaining credits. Unused credits will expire after these dates.
Unfortunately, there are also some limitations, including the one-off nature of the credit, meaning it cannot be replenished once fully used, and it only covers up to 90% of qualifying costs, requiring employers to co-pay the balance. Additionally, the credit cannot be applied to non-approved programmes or courses, limiting flexibility.
The first thing to do before you actually submit the application is to assess your own business needs and goals. You can first start from determining the stage of your business, whether it is in the early-stage, growth-stage or mature stage.
For early-stage companies, grants like Startup SG Founder or Startup SG Tech are perfect for the ideation, proof-of-concept, or initial market entry. For the companies in the growth stage, grants such as the EDG and MRA are more suitable as they are designed for businesses to scale operations or expand overseas. For mature businesses, EEG and SFEC might be the better choices for them to make transformation and upgrade capability.
Apart from the business stage, the industry feature is also important, as some grants might be industry-specific. For example, for tech startups, Startup SG Tech and Startup SG Equity are suitable, while PSG and EEG are more ideal for F&B and retail industries.
Understanding the funding requirements is equally important. Think about the size of the grant you need—small-scale grants like the Tech Depot Voucher are ideal for adopting ready-to-use digital solutions, while larger projects may require substantial funding from grants such as the EDG or Startup SG Equity. It’s also essential to consider what the grant covers. Some grants focus on equipment and software purchases, like PSG, while others support overseas market development, such as MRA, or research and development activities, like Startup SG Tech. Matching the grant’s coverage with your business objectives ensures you get the most value.
Checking eligibility criteria is a critical step. Different grants target different types of businesses—startups, SMEs, or larger enterprises. Many grants require a minimum of 30% local shareholding and have financial health requirements like minimum revenue or turnover thresholds, as seen with EDG. Ensuring your business meets these criteria before applying saves time and increases the chances of approval.
It’s also wise to compare grant timelines and commitments. Some grants offer fast approval processes, such as PSG for pre-approved solutions, while others like EDG or Startup SG Tech may take longer due to detailed project assessments. After approval, many grants require ongoing progress reporting or milestone updates, and most involve co-payment requirements where your business must cover a portion of the costs. For example, the EDG requires milestone updates from the companies. Understanding these obligations upfront helps you plan resources and timelines effectively.
Finally, if you’re unsure which grant suits your business best, seek expert advice. SME Centres and Enterprise Singapore offer free consultations to guide you through the options and application process. You can also engage grant-specialized agencies or consultants who can streamline applications, help prepare documentation, and improve your chances of success. Taking advantage of these resources can make navigating the complex grant landscape much easier and more effective.
The grants are definitely an injecting growth source for businesses in Singapore, contributing a big part for the continuous development in the commercial world. However, most of the fundings take time, typically months to years, for the fund granting part, where businesses find it difficult to get the full funds from the grant providers quickly due to diverse approval-related limitations. No worries - Choco Up can be your best business growth partner, with rich experience in funding business upfront to close the cash flow gap before you get the full fund from the grant scheme! Know more about our Upfront plan, an invoice financing solution that allows you to free your cash flow quickly, and our non-dilutive Upstart plan, which fuels your business growth with flexible revenue-based financing. Apply for our funding solutions without having to prepare proposals and project plans, and boost your business with us now!
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Accounts receivable financing, aka receivables financing, enables businesses to unlock cash tied up in outstanding invoices. Know more with our guide to fuel your business growth.
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