An additional S$600 million will be set aside over the next 4 years under the Productivity Solutions Grant (PSG) for small and medium-sized enterprises (SMEs), as part of a suite of measures rolled out to support Singapore’s enterprise ecosystem.
Other measures include a new initiative helping large enterprises expand overseas and a programme helping firm with talent development.
The S$600 million will be used to support more than 100,000 productivity projects over the period, Finance Minister Lawrence Wong said during his Budget 2022 speech in Parliament on Friday (Feb 18).
This is more than the number of projects supported since the scheme began in 2018. The funds will help the government expand the solutions under the PSG to push more SMEs to take up productivity solutions.