Government Resources and Grants Supporting Singaporean Exporters Facing U.S. Tariff Challenges

Government Resources and Grants Supporting Singaporean Exporters Facing U.S. Tariff Challenges

Singaporean exporters facing challenges from U.S. tariffs can leverage several government resources and grants to adapt and strengthen their operations. Here are some key initiatives:

Business Adaptation Grant (BAG)

• Objective: The Business Adaptation Grant is designed to help Singaporean businesses navigate global trade shifts and rising tariff pressures by supporting supply chain restructuring, market diversification, and resilience building.
• Eligibility: The grant is available to businesses that export to or operate in overseas markets and are impacted by tariffs. It also supports companies with local or overseas manufacturing operations needing reconfiguration assistance.
• Funding: Up to S$100,000 per company, with SMEs eligible for up to 50% of eligible costs and non-SMEs up to 30%.
• Duration: The grant will run for two years, starting from October 2025.

Enterprise Development Grant (EDG)

• Objective: The EDG supports projects that help businesses upgrade, innovate, grow, and transform. It complements the Business Adaptation Grant by providing broader support for business development.
• Eligibility: Open to Singapore-registered businesses with at least 30% local shareholding.
• Funding: Supports up to 70% of qualifying project costs for SMEs and up to 50% for non-SMEs.

Market Readiness Assistance (MRA) Grant

• Objective: The MRA Grant helps Singaporean companies expand into international markets by providing support for market research, market entry, and market promotion.
• Eligibility: Available to Singapore-registered businesses with at least 30% local shareholding.
• Funding: Supports up to 70% of qualifying costs for SMEs and up to 50% for non-SMEs.

Other Support Measures

• Singapore Economic Resilience Taskforce (SERT): Provides strategic support and guidance to businesses navigating economic challenges, including tariff impacts.
• Career Guidance Services: Expanded access to career guidance for workers affected by economic uncertainties, helping them adapt to changing job markets.

These resources aim to enhance the resilience and competitiveness of Singaporean exporters in the face of global trade challenges.