Singapore companies affected by tariffs can tap the new Business Adaptation Grant (BizAdapt) to defray costs related to adapting their business operations and strengthening supply chain resilience.
The grant supports up to 50 per cent of eligible costs of local small and medium enterprises and up to 30 per cent for other local companies, with a cap of up to S$100,000 per enterprise.
Launched on Oct 7, it was announced by the Singapore Economic Resilience Taskforce to help companies adapt to the new tariff environment.
The funds can be used to pay for advisory services or reconfiguration activities. Each grant application is for one activity only; companies can submit multiple applications for different activities, subject to the overall grant cap of S$100,000 over 2 years.
Note: Examples given below are non-exhaustive.
