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 held directly or indirectly by Singaporeans and/or PRs; and (ii) a group sales turnover of up to S$100 million or maximum employment size of 200 employees. SME criteria is aligned to EnterpriseSG.}

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

^{Note: Timelines may vary depending on the complexity of the project.}

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.