Singapore Government has taken the initiative to provide grants to companies to protect them from recovering their loss during the period of the COVID 19 pandemic. COVID 19 pandemic has destructed the economic and social condition of the world to facilitate people with other information. Singapore government had given support by granting the Companies financial help to stand back in their new position. The Singapore Government grants had sanctioned six grants to the companies that can be applicable for their support system.
Enhanced work-life grant- WLG promotes balance in the work-life for the Companies by offering them financial support of S$2,000 to all the local workers on the association of Flexi-Work arrangements (FWA) to 35 local workers each Company. The Companies pay the workers this FWA during the circuit breaker period.
Productivity Solution Grant- for the Work from Home support during COVID time, the companies have been provided with 80% financial support to buy a laptop for the employees. This process has collaborated with 3 laptops per Company, online collaboration, and virtual meetings.
P-Max Grant- a place and train program by workforce has been conducted in Singapore by P-max. They help SMEs better recruits, manage, train, and retain their newly appointed professionals. PMET offers the employees many facilities, including monthly salaries as well.
Career Support Program- CSP is a support program for the employees to inspire employers to recruit eligible Singapore citizen PMETs aged 40 years and above. During the pandemic time, this helped the aged people to remain employed.
SG United Traineeship program- Institute of Technical Education (ITE) has recruited employees for their technological education support system to be educated as technically sound people. The Singapore citizen only has provided this support.
MAS-SFA-AMTD FinTech Solidarity Grant- the S$6 million Fin Tech Solidarity grant has been issued for the fintech companies to deal with the COVID 19 pandemic. Singapore FinTech association members (SFA) can register on the site for getting this grant.
With grants, sme loan are approved for the business to make them assured as supportive hands. The Smart Towkay organization of Singapore has made it easier for lenders and business organizations to get support in terms of the financial system. The proper process of providing loans to SMEs is very complicated in any country. They are asked to undergo a series of processes to maintain the process. With the help of Smart Towkay, the business organizations have facilitated support in terms of the loan with proper evidence and choose the appropriate condition for getting the support. The interest rate of SMEs loans varies from 1.5-3% at different banks. The process of getting the loan sanctioned is made communicative and appropriate for the lenders with the help of Smart Towkay. They help in comparing loan details with proper segmentation of process and execution. The service of this organization has been appreciated by people who have taken service from them.