S'pore to launch new grant for companies, expand support for workers amid US tariff uncertainties
SMEs will receive a higher level of support, while larger companies will be eligible for a smaller quantum.
SINGAPORE - Singapore companies will be able to tap a new grant to help them adjust to the new tariff environment, announced
the Singapore Economic Resilience Taskforce (SERT) .
The Business Adaptation Grant, to be launched by October 2025, will be capped at $100,000 per company and require co-funding by firms, Minister of Manpower Tan See Leng said as the taskforce provided an update of its work so far on July 10.
SMEs will receive a higher level of support, while larger companies will be eligible for a smaller quantum. More details will be announced in October.
Dr Tan said the grant will support two broad groups of businesses.
For firms that export to or operate in overseas markets, it will cover advisory services related to free trade agreements, trade compliance, legal and contractual matters, supply chain optimisation and market diversification.
For businesses with local or overseas manufacturing operations, the grant can help to defray reconfiguration costs such as logistics and inventory-holding expenses.
(From left) Singapore National Employers Federation president Tan Hee Teck, Minister Tan See Leng, NTUC Secretary-General Ng Chee Meng, Deputy Prime Minister Gan Kim Yong, Singapore Business Federation chairman Teo Siong Seng and Minister Josephine Teo at a press conference on July 10.
ST PHOTO: GIN TAY
Dr Tan noted that it would not be possible for the Government to cover every aspect of business operations or reach every firm with local, regional or international exposure, but the grant has been structured to differentiate between small-and-medium enterprises (SMEs) and larger firms.
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'SMEs will receive more generous support, as they account for about two-thirds of Singapore's workforce, with a significant proportion being Singaporeans,' he said.
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