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Minister (Industry) S Iswaran oral reply to PQ on SMEs funding support under merged entity of Enterprise Singapore

2 October 2017

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Question

Mr Teo Ser Luck: To ask the Minister for Trade and Industry (Industry) (a) whether there are plans to streamline the grants, funding support and assistance schemes of SPRING Singapore and IE Singapore within the merged entity of Enterprise Singapore; and (b) how will this affect the SMEs that have applied for funding support.


Oral reply (to be attributed to Minister for Trade & Industry (Industry) Mr S Iswaran)

  1. SPRING and IE Singapore have helped companies build up capabilities and access overseas markets through their suite of assistance programmes.  The proposed new agency Enterprise Singapore will build on the good work done by both agencies.  

  2. To help companies access assistance programmes more easily, the government has already been streamlining existing grants to minimise overlaps across agencies and simplify the application process.  One example of our efforts is the Business Grants Portal (BGP) which consolidates commonly used grants, such as SPRING’s Capability Development Grant and IE Singapore’s Global Company Partnership, on a one-stop application portal. This portal was officially launched in January 2017, and companies can now apply for grants without having to approach multiple agencies. 

  3. With the merger of SPRING and IE Singapore to form Enterprise Singapore, companies can look forward to a comprehensive suite of support from a single agency for capability building and overseas market access.  Enterprise Singapore will also study how the various schemes and grants can be enhanced to develop integrated solutions that meet the needs of our companies in the new phase of growth.  This will put us, we believe, in good stead to grow a strong cohort of Singapore companies for our future economy.

  4. In the transition period, support for SMEs will not be affected, and companies can continue to apply to SPRING and IE for assistance under the existing programmes. The two agencies will also continue to work with companies which have already applied for or received business grants. A smooth transition is our top priority.

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