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SME grants and support schemes from the government and UOB in 2023
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You are now reading:
SME grants and support schemes from the government and UOB in 2023
With a brand new year ahead, SMEs must gear up for a new set of opportunities – and challenges – in 2023. The business landscape ahead is shaping up to be a demanding one, as inflationary pressures rise and a global recession looms on the horizon. With Singapore’s GST hike kicking in from 2023, companies will also need to manage its impact on consumer spending and business expenses.
Thankfully, help is at hand for SMEs to tackle these challenges. To cushion the impact of rising inflation, the government has announced a S$1.5 billion support package for individuals and businesses. Forward-thinking SMEs can tap into a refreshed slew of grants and support schemes to drive growth amidst economic uncertainty.
All this adds up to good news for small businesses to weather the storm. To help you find the help you need, here’s an overview of the government grants and schemes that SMEs can benefit from in 2023.
SMEs who need funding for expansion and growth can tap into these support schemes, offering loans that you can repay in instalments.
For local companies planning to expand their global footprint, the government offers support through a range of grants and resources.
As SMEs grapple with rising costs and manpower crunch, going digital holds the key to boosting productivity. SMEs Go Digital is an umbrella programme designed to spur SMEs’ digital adoption, with resources ranging from digital start packs to funding support. This includes:
Amidst a tight labour market, rising manpower costs will remain a key concern for small businesses in 2023. To ease your labour woes, take advantage of these schemes and grants to boost your headcount.
Lifelong learning is more crucial than ever in our fast-changing world, and the government offers a slew of incentives to support upskilling. Keep your team’s skills sharp and boost your manpower with these subsidised training programmes.
Soaring electricity prices are hurting the bottom line of many SMEs, with F&B businesses reporting a jump in electricity bills by 40% to 472%. Moving towards energy efficiency can benefit both your profits and the planet with these grants:
With market uncertainty on the rise, SMEs will need the right support to keep growing in challenging times. UOB offers financing and digitalisation support to power your business in a brand new year, such as:
UOB eBusiness Account: The eBusiness account simplifies banking for SMEs, with cost-effective perks such as 100% rebates for bulk payroll transactions, S$0.50 rebate per transaction on up to 60 outgoing FAST transactions, and waiver of annual fee during the year of account opening. Bank on the go with free access to UOB SME app, our digital banking experience for businesses.
UOB Business Loan: Improve your cash flow with a bundled loan that combines Enterprise Singapore’s SME Working Capital Loan and UOB’s Business Loan. With no collaterals required, SMEs can easily secure funding of up to S$800,000 at preferential rates. Submit your online application in five minutes, and hear from us within one business day.
UOB BizSmart: This suite of digital solutions empowers your SME to automate processes and make smarter decisions. Give your operations a digital edge with accounting, HR, digital marketing, and POS tools from our trusted solutions partners. Under the Start Digital Pack, you can sign up for up to two solutions at no cost for a maximum of six months.
Ready to fuel your business growth? Reach out to us here.
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