3 Singapore Grants For Retail SMEs 2022

As a SME retail business, it is important to constantly find ways to reduce cost and maximise profits. One way of maximising profitability of your retail business is through digitalisation.

However, many SME retail businesses are hesitant to take up digital solutions like cloud POS systems due to upfront costs. In this article, we list the government subsidies or grants available for SMEs in the retail sector which helps reduce upfront costs of digitalisation.

Productivity Solutions Grant (PSG): Up to 80% for retail industry (ends in 31 March 2023)

The Productivity Solutions Grants helps SMEs to kick start their digital transformation to automate manual processes, thus improving productivity. Solutions that have be pre approved for the Productivity Solutions Grant have been pre-scoped by government agencies such as Enterprise Singapore or ESG.

SMEs looking to digitalise can choose from these pre approved solutions to enjoy up to 80% subsidy of the solution adoption cost. 

Eligibility Criteria:

SMEs can apply for PSG if they meet the following criteria:

• Registered and operating in Singapore
• Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore
• Have a minimum of 30% local shareholding; with Company's Group annual sales turnover less than S$100 million, OR less than 200 employees (for selected solutions only)

Eligible employers who fulfil the following criteria can also qualify for additional subsidies under the SkillsFuture Enterprise Credits (SFEC) scheme. Eligibility are as follows:

• Have contributed at least S$750 Skills Development Levy over the qualifying period
• Have employed at least three Singapore Citizens (SCs) or Permanent Residents (PRs) every month over the same period
• Have not been qualified for SFEC at any of the earlier periods

How To Apply?

1. For IT solutions: Get a quotation from the pre-approved vendor.
   For equipment: Source for the equipment and get a quotation from the vendor
2. Submit an application on the Business Grants Portal (BGP).

EDG Grant: Up to 80% subsidy for retail industry (ends 31 March 2023)

Enterprise Development Grant (EDG) aims to help Singapore SMEs to grow. This grant supports projects your retail SME takes up that helps to upgrade or expand your business overseas.

Enterprise Development Grant (EDG) supports projects for retail SMEs that fall under these three categories:

Core Capabilities

Projects under Core Capabilities help businesses prepare for growth and transformation by strengthening their business foundations. These should go beyond basic functions such as sales and accounting.

Innovation and Productivity

Projects under Innovation and Productivity support companies that explore new areas of growth, or look for ways to enhance efficiency, including reviewing and redesigning workflow and processes, or tapping into automation and technologies to make routine tasks more efficient.

Market Access

Projects under Market Access support Singapore companies that are willing and ready to venture overseas. You may tap into the EDG to help defray some of the costs of expanding into overseas markets.

What Does Enterprise Development Grant Supports?

Qualified third party consultancy fees, software and equipment, and internal manpower cost are supported by Enterprise Development Grant.

Eligibility Criteria

• Business entity must be registered and operating in Singapore
• Have a minimum of 30% local shareholding
• Be in a financially viable position to start and complete the project

Enterprise Singapore will assess projects individually based on project outcomes and competency of the service provider.

Eligible employers who fulfil the following criteria can also qualify for additional subsidies under the SkillsFuture Enterprise Credits (SFEC) scheme

Skills Future Enterprise Credit (SFEC)

The Skills Future Enterprise Credit is a subsidy that was created with the aim of encouraging employers to upskill their employees. Eligible employers will get a one time $10,000 credit that covers up to 90% of qualifying costs for supported initiatives, over the support levels of existing subsidy schemes, e.g., PSG and ESG.

What does Skills Future Enterprise Credit (SFEC) Support?

Enterprise Transformation

Schemes on the Business Grants Portal (BGP).

Workforce Transformation

Training courses aligned to the various Industry Skills Frameworks by SkillsFuture Singapore (SSG), Job redesign initiatives, Career Conversion Programmes by Workforce Singapore (WSG)

Getting a Retail Cloud POS System with Subsidies

Interested in digitalising your retail business with a retail POS system? Click here to find out more about MEGAPOS retail POS systems and solutions that are pre-approved for up to 80% in PSG grants.