In order to encourage more Singaporeans who are keen on the world of entrepreneurship, the Singapore government offers a range of SME grants designed to fuel growth, enhance productivity, and keep businesses competitive against the tide of the global market and economy. This guide serves as an introduction that covers key business grants, including those under the POS Grant Singapore category, that can help SMEs thrive in today’s economy.
Why SME Grants Are Vital for Business Growth in Singapore
Small and medium-sized enterprises (SMEs) comprise over 70% of all businesses in Singapore and account for over two-thirds of the workforce. In a competitive market, SME grants provide financial relief and support for upgrading technology, improving operations, and expanding into new markets. These grants not only reduce the cost of investment for SMEs to integrate new technology but also give SMEs the resources to scale sustainably.
Key SME Business Grants in Singapore
Productivity Solutions Grant (PSG)
The Productivity Solutions Grant (PSG) offers up to 50% funding support for pre-approved IT solutions, equipment, and consultancy services. For example, SMEs can tap into PSG for Point-of-Sale (POS) systems that streamline sales, track inventory, and improve customer experience. The PSG covers a wide range of sectors, making it one of the most accessible SME grants available.
Eligibility Highlights
- Registered business in and operating in Singapore
- Purchase or lease of pre-approved solutions
- At least 30% local shareholding, either by Singaporeans or Singapore PRs
Enterprise Financing Scheme (EFS)
The Enterprise Financing Scheme supports projects that help SMEs innovate, upgrade capabilities, and expand internationally. Funding can go up to 50% for qualifying projects, and can include 7 different areas to address the growing SME’s financing needs, including green loans, working capital loans, fixed asset loans, venture debt loans, trade loans, project loans, as well as Merger & Acquisition loans. This grant is beneficial for businesses looking to explore new product lines, improve operational efficiency, or enter overseas markets.
Eligibility Highlights :
- Registered and operating in Singapore
- Project scope must fall under Core Capabilities, Innovation & Productivity, or Market Access
Hawkers’ Productivity Grant (HPG)
For hawkers and small food businesses, the Hawkers’ Productivity Grant provides up to 80% funding for kitchen automation equipment and digital solutions, such as POS systems. The aim is to increase productivity while reducing manual labour costs and encourage hawkers to adopt technology to keep up with a more technologically advanced society.
Eligibility Highlights:
- Licensed hawker stallholders in Singapore
- At least a 1-year tenancy remaining with the National Environmental Agency (NEA) or NEA-appointed operators
- Funding capped at $7,000 per stall, provided on a reimbursement basis
Market Readiness Assistance (MRA) Grant
The Market Readiness Assistance Grant helps SMEs take their business overseas by funding up to 50% of eligible costs, with a max cap of $100,000 per company per new market. This can include market setup, business development, and overseas marketing.
Eligibility Highlights:
- Business entity registered in Singapore
- New market entry (less than 3 years of business operations in that market)
How POS Grants Fit into SME Funding
POS grants fall under the PSG and HPG schemes, making them a strategic choice for businesses looking to digitise their sales process. A modern POS system does more than process payments — it integrates inventory management, customer loyalty programs, and sales analytics into one platform. By leveraging POS grants, SMEs can improve on service speed, reduce errors, and gain real-time business insights, thereby increasing customer satisfaction, reducing inventory wastage and making smarter decisions, leading to an increase in profit and revenue.
Steps to Apply for SME Grants in Singapore
- Identify the Right Grant
- Match your business needs with the relevant SME grant. For instance, use PSG for IT upgrades or EDG for innovation projects.
- Check Eligibility Requirements
- Review each grant’s conditions, such as local shareholding percentages or industry-specific criteria.
- Prepare Required Documentation
- This may include financial statements, project proposals, and vendor quotations.
- Submit via the Business Grants Portal
- The Business Grants Portal centralises all grant applications for efficiency and tracking.
- Follow Up and Track Progress
- Grant approval timelines vary, so ensure you respond quickly to any additional requests from the authorities.
Maximising the Benefits of SME Grants
To get the most out of your SME business grants:
- Plan your projects with measurable outcomes
- Combine multiple grants where applicable
- Partner with pre-approved vendors like EPOS for faster approval
- Keep records of expenses and results for future applications
Final Thoughts on Leveraging SME Grants
SME grants in Singapore are more than financial support. They’re strategic tools for growth, resilience, and market expansion. By tapping into schemes like PSG, EDG, and POS grants, SMEs can upgrade capabilities while keeping costs manageable. If you’re looking into POS systems and grants available, EPOS POS systems are an ideal solution. With over 16 years in the Point-of-Sale (POS) system industry, 24/7 local after-sales service, and a pre-approved PSG grant solution under IMDA’s SMEs Go Digital Programme, EPOS POS is the number one choice. Contact EPOS POS systems for a free demo today.
