Enterprise Singapore to enhance grants, loan schemes to support businesses’ COVID-19 recovery
SINGAPORE: Enterprise Singapore announced on Monday (Oct 12) that it will enhance and extend several grants and loan schemes, as part of its continued efforts to support companies recovering from the COVID-19 pandemic.
The grants seek to support the transformation efforts of companies, as well as those looking to expand overseas and improve their digital capabilities, said Enterprise Singapore.
"All the schemes that we are rolling out is not just to help our companies tide through the cyclical challenges.
"More importantly, we hope that our companies, our retailers, will be able to use this help to help them pivot to new products, new markets, so that they can have a new growth trajectory beyond COVID-19," said Trade and Industry Minister Chan Chun Sing, who spoke to the media after a visit to SK Jewellery Group on Monday.
With border restrictions continuing to disrupt travel, the Market Readiness Assistance Grant (MRA) - which supports local enterprises looking to expand overseas - will be expanded from Nov 1 to include support for participation in virtual trade fairs.
Such a move, said Enterprise Singapore, will "encourage and enable companies to find new business opportunities overseas through such virtual platforms, without physical travel".
The funding support level for the Market Readiness Assistance Grant will also be increased to 80 per cent between Nov 1 this year and Sep 30 next year, up from the current 70 per cent. Support levels will return to up to 70 per cent from October next year.
More details at: https://www.enterprisesg.gov.sg/supplementary-budget-2020