Business Improvement Fund (BIF)
The Business Improvement Fund (BIF) aims to encourage technology innovation and adoption, redesign of business model and processes in the tourism sector to improve productivity and competitiveness.
The BIF is open to all Singapore-registered businesses/companies embarking on projects with a clear tourism focus.
These companies are:
- Tourism companies taking on capability development initiatives
- Technology companies that create innovative technology products and services for tourism businesses.
 Hotels/Hostels would need to possess a valid license issued by the Hotels Licensing Board (HLB). For more information, please click here.
Aligned to Enterprise Singapore's Enterprise Development Grant (EDG), the BIF supports projects that help tourism companies to upgrade the business or innovate, under two pillars of Core Capabilities and Innovation & Productivity.
With effect from 1 April 2022, STB has expanded BIF to include sustainability initiatives in support of our tourism companies in their sustainability journey to build resource efficiencies, pivot business models to enhance competitiveness and scale up adoption and development of sustainable solutions across the tourism industries.
A. Core Capabilities
Projects under Core Capabilities help companies prepare for growth and transformation by strengthening their business foundations. Areas supportable include:
- Business Strategy Development
- Financial Management
- Human Capital Development
- Service Excellence
- Strategic Brand and Marketing Development
Examples of sustainability initiatives which could be considered include sustainability strategy projects (e.g., development of Environmental, Social and Governance (ESG) Reporting Framework, Sustainability risk assessment) and adoption of internationally recognized sustainability certification and/or standards
B. Innovation & Productivity
Projects under Innovation & Productivity support companies that explore new areas of growth, or look for ways to enhance efficiency. These could include reviewing and redesigning workflow and processes. Companies could also tap into automation and technologies to make routine tasks more efficient. Areas supportable include:
- Process Redesign
- Product Development
Examples of supported sustainability initiatives which could be considered include development of resource efficient solutions to improve sustainability performance as well as scaling up the adoption and development of new, innovative and sustainable products, services or solutions.
Funding support varies for Small Medium Enterprise (SME) and non-SME.
Successful applicants will receive funding support for qualifying costs, subject to STB's evaluation of the scope and merits of the project.
Employers eligible for the Skillsfuture Enterprise Credit (SFEC) can also qualify for additional subsidies under the scheme. Please contact Enterprise Singapore at 6898 1800 or click here should you have questions on SFEC.
 At least 30% local (Singaporean or Singapore Permanent Resident) shareholding, and group annual sales turnover not more than S$100 million or group employment size not more than 200 employees.
Successful applicants will receive funding support for qualifying costs, subject to the scope of the project and STB's evaluation of the merits of the project. Qualifying costs may include third-party project-related costs such as consultancy fees (which can include costs involved in sustainability certification), hardware/equipment and software, materials and consumables, training costs (if training is an intrinsic component of the project), travel costs associated with the project; and internal manpower costs (only applicable for employees directly involved in technology development).
Proposed projects will be assessed on how they improve productivity and competitiveness of tourism companies.
Please note that projects that have commenced prior to STB’s offer of the grant may not be eligible.
Step 1: Pre-Application
a. Interested applicants are advised to declare if they are SME or non-SME and provide an executive summary of the proposed project to STB_Incentives@stb.gov.sg. (Download executive summary template here.)
b. An STB officer will be in touch to assist you further.
c. The STB officer in-charge of your project will advise if your proposed project is eligible for BIF support and to proceed with the application.
Step 2: Application
a. Prepare the project proposal for submission with your application. (Download project proposal template here.)
b. Prepare the relevant quotations for cost items for submission with your application.
c. Log on to the Business Grants Portal (BGP) with your CorpPass to apply for BIF.
d. With complete information on hand, it should take about 30mins to complete the online application.
e. Please note that all applications are subject to STB’s approval.
DISBURSEMENT OF GRANT
Grants will be disbursed to successful applicants on a reimbursement basis, subject to achievement of the agreed project deliverables and milestones. Applicants are required to submit third-party audited documents on qualifying costs for the disbursement of grants, unless otherwise stated.