Grant Overview
Understand how this grant can help you in your company’s digital transformation strategy
Access $10K to Transform Your Business and Workforce with SFEC
All companies today know they must continually transform to stay competitive amidst disruption.
But execution often requires substantial investment in technology, equipment, training and more.
Singapore's SkillsFuture Enterprise Credit (SFEC) scheme helps businesses of all sizes drive transformation by providing a one-time $10,000 credit.
Here's the outline we will be covering:
- SFEC grant highlights and outcomes
- Eligibility criteria for applicant firms
- Details on qualifying initiatives and funding usage
- Realistic examples of tapping the SFEC credit
- Step-by-step application process
- Guidance on administering and claiming the grant
If your Singapore business meets the prerequisites, SFEC can help fund your strategic projects to transform capabilities and remain future-ready.
Let's get started.
SFEC Grant Highlights: $10K Credit for Business and Workforce Transformation
The SkillsFuture Enterprise Credit scheme aims to support Singapore enterprises in two key areas:
- Business transformation via technology, equipment, consulting, etc
- Workforce transformation via training programs, courses, and education
It provides a one-time $10,000 credit to eligible firms to cover majority of qualifying transformation project costs.
The goal is to facilitate transformation that boosts productivity, competitiveness, and overall enterprise agility.
Which Singapore Companies Qualify for the SFEC Grant?
The SFEC grant is open to registered Singapore enterprises across sectors that meet these eligibility criteria:
- Business entity registered and operating in Singapore
- Minimum 3 local employees (Singaporean/PR)
- Not more than 30 shareholders
- Group annual sales turnover maximum $100M
- Maximum total funding of $30,000 received over past 2 years
Meeting these prerequisites allows enterprises to apply for the one-time $10,000 credit to fund qualified transformation initiatives.
SFEC Credit Can Cover Majority of Your Transformation Costs
The $10,000 SFEC credit enables enterprises to partially or fully fund transformation projects including:
- Technology adoption and digitalization
- Equipment and machinery upgrade
- Consultancy services e.g. process reengineering
- Industry-specific training programmes
- Productivity-related courses
- Adult education
SFEC will cover up to 90% of qualifying project fees, helping to alleviate cost pressures.
Examples of Enterprises Using SFEC
Consider how two hypothetical companies could tap on SFEC:
Local retailer funding e-commerce platform
- RetailerCo seeks to establish online sales capabilities
- Uses SFEC credit to partially fund e-commerce platform implementation
- Covers costs like software, hardware, consultancy, and staff training
- Strengthens competitiveness through new digital channels
Manufacturer upgrading quality assurance processes
- ManufacturingCo aims to improve productivity and quality
- Taps SFEC to defray equipment costs like automated inspection systems
- Also uses credit to fund training in operating new systems
- Boosts efficiency and product quality through technology upgrade
As demonstrated, SFEC enables strategic initiatives from adopting digital channels to improving manufacturing processes.
Straightforward Application Process for the SFEC Grant
The application process for the SFEC grant is streamlined for accessibility:
- Prepare proposal outlining transformation project, budget, outcomes etc.
- Submit online application through Business Grants Portal
- Application will be approved within 14 working days if criteria is met
- Sign terms and conditions to activate your $10,000 credit
- Carry out initiatives within 12 months before credit expires
With easy application and fast processing, SFEC facilitates enterprises to embark quickly on transformation projects.
Administering & Claiming Your SFEC Credit
Here are key steps in using and claiming the SFEC credit:
- Track usage of credit as projects proceed e.g. $3,000 claimed
- Submit claims along with supporting invoices, payment documents etc.
- Receive grant disbursements for up to 90% of qualifying costs
- Continue submitting claims until the $10,000 credit is fully utilised or expires
Proper administration of claims and documentation enables your enterprise to tap the full value of your SFEC credit.
Initiate Transformation with SFEC
In summary, the SkillsFuture Enterprise Credit provides timely support for Singapore enterprises to invest in strategic transformation projects.
Tap on the SFEC grant to drive initiatives that boost productivity, enhance competitiveness, and power future growth.
Explore how SFEC can catalyze your enterprise transformation. Simply book a discovery call and our specialists will be in touch!
Outcomes and Impacts
The SFEC grant is open to registered Singapore enterprises across sectors that meet these eligibility criteria:
- Business entity registered and operating in Singapore
- Minimum 3 local employees (Singaporean/PR)
- Not more than 30 shareholders
- Group annual sales turnover maximum $100M
- Maximum total funding of $30,000 received over past 2 years
