The Singapore Budget 2021 has unveiled new and extended financial support packages for businesses. This budget shows a transition from the broad approach of budgets released in 2020 to more targeted support of businesses and industries hardest hit by COVID-19. Over the next three years, $24 billion has been set aside to enable firms and workers transform and emerge stronger from the pandemic.
Budget 2021 for businesses includes:
- Investment into platforms that drive innovative ventures
- Deepening of regional partnerships
- Enabling business to innovate, transform, and scale
- Supporting digital transformation
- Extended support of Jobs Support Scheme
"The COVID-19 pandemic has triggered global shifts on the economic, social and political fronts. It has set off new domains for competition and cooperation, accelerated technological advances. To secure our future, we must build new capabilities in our people and businesses, and find new ways to work together effectively."
DPM Heng Swee Keat during his Budget Statement
Here are the key numbers from Singapore Budget 2021 for businesses:
For more information, download the full Budget 2021 booklet.
Budget 2021 enhances many existing grants available to Singapore SMEs such as the Productivity Solutions Grant, Market Readiness Assistance Grant, and the Enterprise Development Grant.
We've put together an ebook guide to these grants available to SMEs in Singapore, sharing:
- How much funding the grants provide
- Who is eligible for each grant
- What can each grant be used for
- How SMEs can apply