Business Improvement Fund (BIF)

✓ The fund is open to Singapore-registered businesses only, particularly tourism businesses** taking on core capability development initiatives and technology companies creating innovative products and services for tourism businesses.

✓ Eligible projects should fall under one of the following categories:

• Core Capabilities Improvements in areas such as business strategy development and adoption of internationally recognised sustainability certification and/or standards

• Innovation and Productivity Improvements in areas such as automation, product development, and expansion in adoption and development of new, innovative, and sustainable products, services, or solutions

✗ Projects must not have commenced at the point of grant application. Projects are considered to have commenced if any of the following took place before application date:

•  Applicant has started work (e.g. tender has been called)

• Applicant has made payment(s) to any supplier, vendor, or third party

• Applicant has signed a contractual agreement with any supplier, vendor, or third party

_{Note:
The eligibility of the project is subject to STB’s assessment.
** Hotels and hostels should possess a valid license issued by the Hotels Licensing Board (HLB). For more information, visit the HLB website.}

The project scope will be assessed based on merits to achieve one or more of the following:

• Growth in company value-added*

• Growth in revenue and net operating profit before tax

• Incremental cost savings

• Increased staff output or productivity (e.g. reduction in manhours)

 _{*Value added ($) = Net operating profit (before tax) + remuneration + depreciation}

The grantee will receive funding support for qualifying third-party project-related costs for the following:

• Consultancy fees, including costs involved in sustainability certification

• Hardware or equipment, and software

• Materials and consumables

• Training costs (if training is an intrinsic component of the project)

• Travel expenses associated with the project

Qualifying costs need to be:

• Incurred by (i.e., receipt of goods and services);

• Invoiced to; and

• Paid for

by grantee within the qualifying period to qualify for disbursement.

_{Note: Funding support differs for Small and Medium Enterprises (SMEs) and non-SMEs. An SME is a company with at least 30% local shareholding (Singaporean or Permanent Resident) and has either a group annual sales turnover of up to S$100 million or group employment size of not more than 200 employees.}

_{*A CorpPass account is required to apply for the grant on the Business Grants Portal. It should take 30 minutes to complete the application when you have all needed information at hand.}

Up to 90 days upon receipt of the completed and signed application form and supporting documents, if any.

Grants will be disbursed to grantees on a reimbursement basis, subject to verification of qualifying costs and achievement of the agreed project deliverables and milestones.

Grantee is required to submit an Agreed-Upon (AUP) Report by Practitioner on qualifying costs and supporting documents to prove achievement of deliverables for the disbursement of grant, unless otherwise stated.