New Fund To Support Businesses

The Singapore Economic Resilience Taskforce (SERT) has announced a new Business Adaptation Grant, which will be launched in October 2025. The announcement and other updates were provided at a SERT press conference on July 10.

The new Business Adaptation Grant, which complements existing government schemes, will help eligible enterprises adapt to the new tariff environment for a time-bound period of two years. The scope of the grant will cover:

• Enterprises which export to and/or have operations in overseas markets, and are impacted by tariff measures, to conduct:
  • Free Trade Agreements and trade compliance advisory,
  • legal and contractual advisory, and
  • supply chain optimisation and market diversification advisory.
• Enterprises with manufacturing operations overseas or locally can also receive support for reconfiguration costs, such as logistics and inventory-holding costs.

The grant, which will be capped at S$100,000 per company, will have a co-funding element. Local small and medium-sized enterprises (SMEs) are likely to receive a higher percentage of co-funding from the government than local non-SMEs. More details will be announced in due course.

Since its launch in April, SERT has been actively monitoring and assessing the evolving global trade landscape, engaging with businesses and workers, and preparing for potential next steps. With the latest series of tariffs announced by the US, there will be prolonged uncertainty and challenges for economies around the world, which in turn will add to the headwinds in global trade and further depress economic growth, said SERT Chairman, Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong.

To date, SERT has engaged with more than 3,000 business leaders, workers, union leaders, fresh graduates and career coaches. The engagements provided good insights on how global trade tensions are affecting businesses and workers. SERT also used the sessions to share updates on the latest tariff situation, and resources available for businesses and workers.

At the press conference, Minister for Manpower and Minister-in-charge of Energy and Science & Technology Dr Tan See Leng also provided updates about support for workers:

• The government and NTUC-e2i will expand access to career guidance services to help workers and jobseekers navigate the economic uncertainty. This builds on the newly launched Career Health SG movement, which aims to help Singaporeans build resilient, fulfilling careers.
• The government will also introduce temporary enhanced funding support for basic HR certification for HR professionals, to help employers better manage and support their workforce amid the volatile environment.

Addressing recent concerns over employment prospects for fresh graduates, Dr Tan shared that the employment rates for the 2025 graduating cohort in June 2025 were comparable to those for the 2024 cohort. Vacancies for entry-level jobs have remained steady and opportunities remain available. He highlighted that the Public Service has about 2,400 immediate vacancies available, which graduates can learn more about at an upcoming Public Service career fair in August, via the Careers@Gov job portal, or on social media.

At the close of the press conference, DPM Gan reiterated that the government will continue to monitor developments closely and engage stakeholders to ensure Singapore remains well positioned to seize new opportunities and manage emerging risks. He assured that the government stands ready to support businesses and workers if the unfolding economic situation worsens unexpectedly.