Forum: SMEs can access resources needed to stay resilient and future-ready
S mall and medium-sized enterprises are a key engine of our economy and the Government is fully committed to helping SMEs undertake enterprise and workforce transformation to stay competitive and seize new opportunities.
Digital transformation and innovation are important capabilities that companies must develop to thrive for the long term. The Government recently announced a new Enterprise Compute Initiative (ECI) to support companies to integrate artificial intelligence (AI) solutions into their operations and to grow their AI R&D and productisation capabilities.
The ECI provides companies with access to cloud compute credits and training programmes, and a grant for consultancy services to develop and scale AI solutions. This is similar in intent to Mr Lock's suggestion to provide funding for SMEs to boost their digital transformation.
Before this, the Infocomm Media Development Authority had also introduced the SMEs Go Digital programme that includes advisory support through the Chief Technology Officer-as-a-Service platform, while Enterprise Singapore's Productivity Solutions Grant helps businesses adopt digital solutions to improve operational efficiency.
To help companies upgrade their workforce, the Government has also set aside over $400 million for a new Enterprise Workforce Transformation Package, which will be progressively rolled out in 2026.
This package comprises three main features:
- a new SkillsFuture Workforce Development Grant to provide support for activities such as job redesign, capability building and training;
- enhanced funding support for job redesign activities; and
- a fresh $10,000 in credits for eligible businesses under the redesigned SkillsFuture Enterprise Credit to support workforce transformation.
Aside from enterprise and workforce transformation, the Government gives priority to supporting SMEs' efforts to grow and internationalise. SMEs looking to strengthen their business operations and develop innovative products can tap the Enterprise Development Grant. SMEs keen to access overseas markets can apply for the Market Readiness Assistance Grant to defray related expenses.
Access to financing is also key to SMEs' growth. Through the Enterprise Financing Scheme, the Government shares the risk for loans extended by participating financial institutions for businesses' transformation, innovation and expansion.
We would like to assure Mr Lock that we will continually review our programmes to ensure that we can support SMEs with the tools and resources they need to stay resilient and future-ready.
Ong Li Lian
Director, Enterprise Development Division
Ministry of Trade and Industry
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