Singapore businesses to receive up to S$100,000 grant in October as they face a new tariff environment; SMEs to get ‘more generous' support
SINGAPORE: Singapore businesses, including small and medium enterprises (SMEs), will be eligible to receive up to S$100,000 per company under the Business Adaptation Grant by October 2025. The grant is to help them for a time-bound period of two years as they adapt to tariff-related challenges. This was stated in a joint press release by the Ministry of Trade and Industry, Singapore Business Federation, National Trades Union Congress, and Singapore National Employers Federation on Thursday (July 10), citing an update from the Singapore Economic Resilience Taskforce (SERT).
The press release said the grant will help businesses that export to or operate in overseas markets 'conduct free trade agreements and trade compliance advisory, legal and contractual advisory', as well as 'supply chain optimisation and market diversification advisory'. Enterprises with local or overseas manufacturing operations may also receive support for reconfiguration expenses, such as logistics and inventory holding costs.
In May, the Association of Small and Medium Enterprises (ASME) said that businesses would go on 'life-saving and life-support mode' once the pause on tariffs announced by US President Donald Trump came to an end. While interest rates have slightly dropped, many remain reluctant to apply for loans or working capital.
According to Bernama , Manpower Minister Tan See Leng said that the government would 'be more generous' to SMEs than to larger firms, as they account for about two-thirds of Singapore's workforce.
In terms of support for workers, the government and NTUC-e2i will provide more career guidance services amid economic uncertainty.
To help employers better support their staff, temporary enhanced funding will also be introduced for basic HR certification for HR professionals.
For fresh graduates entering the workforce this June, Minister Tan shared that the public service has about 2,400 immediate vacancies available. Graduates can find out more through the Careers@Gov job portal , social media channels, or at an upcoming public service career fair in August. 'Vacancies for entry-level jobs have remained steady and opportunities remain available,' he noted.
Meanwhile, Bernama reported that Deputy Prime Minister Gan Kim Yong, who is also the Minister for Trade and Industry, said the latest round of tariffs announced by the United States will likely prolong global uncertainty and economic challenges. See also IP fund: What about the risks?
He will travel to the US later this month to discuss potential concessions on pharmaceutical tariffs. He also noted that talks on semiconductors will probably follow once progress has been made in pharmaceutical discussions. /TISG
Read also: RHB economist: Infrastructure investment, port upgrades, and digitalisation key to keeping Singapore's trade hub status as businesses reroute amid trade volatility
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