Industry Transformation Programme

As a whole, the Government will set aside a total of $4.5 billion under the Industry Transformation Programme, to support enterprises and industries, on top of the amounts for R&D and National Productivity Fund.

Trade Associations and Chambers (TACs)

Drive industry-level transformation is through Trade Associations and Chambers (TACs). TACs have intimate knowledge of needs and potential of their specific sectors and are well-placed to reach out to firms, esp SMEs.

Business Grants Portal

To be more enterprise-centric, the Govt will launch the Business Grants Portal in Q4. This portal will be organised along core business needs of capability building, training and international expansion. Firms will not need to go from agency to agency to

Industry Transformation Programme

Industry Transformation Programme to take us into the next phase of development. The programme will help firms and industries to create new value and drive growth in 4 ways: 

  • Integrating different restructuring efforts; 
  • More targeted and sector-focused approad to better meet the needs of firms in each sector;
  • Deepen partnerships between government and industry;
  • Stronger emphasis on technology adoption and innovation

SME Working Capital Loan scheme

SME Working Capital Loan scheme, for loans of up to $300,000 per SME. Under this scheme, the government will co-share 50% of the default risk of such loands with participating institutions, to encourage lending to our SMEs.
This loan will be available for 3 years and could catalyse more than $2 billion of loans over this period.

Automation Support Package

To support firms to automate, driv producitivity and scale up, the Govt will offer a new Automation Support Package for an initial period of 3 years.  
This package comprise 4 parts:
  • Support the roll out or scaling up of automation projects
  • a new 100% Investment Allowance for automation equipment
  • Improve SMEs' access to loans
  • IE Singapore will work with Spring to help these businesses to access overseas markets