Are you a SME owner in Singapore interested to upskill your employees but lack adequate funds to do so? The SkillsFuture Enterprise Credit is just for you. This scheme encourages local business owners to invest in enterprise transformation and the capabilities of their employees. One primary goal of SMEs is to expand their business and in order to achieve this goal, SMEs should utilise the help of the government.
💡 Did you know? The Singapore government first rolled out the SkillsFuture Enterprise Credit Scheme during Budget 2020 and expanded this scheme to a larger group of employers in Budget 2022. In Budget 2024, the validity of the SFEC for all employers was extended by 1 year till 30 June 2025.
Eligible businesses can receive a one-time $10,000 SkillsFuture Enterprise Credit (SFEC), which can be used to cover up to 90% of out-of-pocket expenses for qualifying costs used for supportable initiatives. The SFEC can be claimed together with other existing grants offered by the government.
The funds are designed to be used in the two areas:
- Enterprise Transformation: Enhancing the development and productivity of your business through new initiatives. These could involve implementing new technologies and improving processes to improve your SME’s efficiency.
- Workforce Transformation: Encompasses job redesign initiatives and specialised training programs offered by SkillsFuture Singapore and Workforce Singapore. Employees can attend training courses aligned with their respective Skills Framework. Career Conversion Programmes, and sector-specific programmes are also designed to upskill them and align their capabilities with industry needs.
Eligibility of SMEs to Receive the SFEC
All eligible employers have been notified, so there is no need to apply for the SkillsFuture Enterprise Credit (SFEC).
If your company qualifies for SFEC, your registered Corppass administrator would have received an eligibility letter from EnterpriseSG via email. Eligible employers can also view the S$10,000 credit by logging into the Business Grants Portal and the SkillsFuture for Business page. Additionally, SME owners can also conveniently check your small business’s eligibility of receiving the SFEC shown in this guide.
Initiatives Supported by SFEC
Here’s a deep dive into a variety of workforce transformation initiatives that SFEC supports.
Career Conversion Programmes
A key objective of the SkillsFuture Enterprise Credit (SFEC) is to assist companies in adapting to the ever changing demands of their industry. In order to support this goal, the SFEC provides various training programs, including the Career Conversion Programme (CCP).
CCP is designed to help employers reskill their employees for new roles within the company or in different industries. This initiative is especially beneficial for SMEs that need to pivot their business strategies in response to market changes or disruptions. By reskilling your workforce, you can retain their talent and enhance their competitiveness in the industry to have an edge over your competitors.
To learn more and apply for CCP, click here.
Programmes and Courses Aligned with Skills Framework
Another main feature of the SkillsFuture Enterprise Credit (SFEC) is its support for training programmes and courses that are aligned with the Skills Framework. These programmes and courses are designed to help businesses and their employees learn new skill sets needed to remain competitive and gain business success in their industries.
The Skills Framework is integral to SFEC. It enables training providers to align their courses with industry-required skills. Institutes of Higher Learning (IHLs) plan their Continuing Education and Training (CET) courses based on the Skills Framework, making them eligible for SFEC support.
SFEC supports a variety of courses aligned with the Skills Framework. This includes SkillsFuture Singapore Agency (SSG) funded courses, which are government-subsidised and cover many topics across different sectors. Additionally, certifiable courses approved by SSG, accredited by recognised institutions and that come with certification upon completion, are also eligible for SFEC support.
Individual SFEC-Supportable Programmes
There are many SFEC-supportable programmes, such as:
- Enterprise Leadership for Transformation: Aids business leaders and owners in transforming their enterprises and building capabilities to become more competitive in their industry.
- Place-and-Train: Help employees who are in their mid-career find suitable jobs and provide training for them to allow them to assimilate into their jobs smoothly.
- Professional Conversion Programmes (PCPs): Enable mid-career professionals to reskill and transition into new job roles.
- Qualification Programmes: Assist employees to acquire deeper skills and competencies in their respective industries which enables them to add value to the business.
Two Government Agencies that can Help
With all the government grants offered, some businesses might not know where to start. Hence, here are a few government agencies that can help your SME navigate through the SFEC programme.
1. Enterprise Singapore
Enterprise Singapore is the government agency responsible for supporting the SFEC initiatives in Singapore. They provide and sponsor programmes and training eligible for SFEC support.
An example is the Enterprise Sustainability Programme whereby businesses learn to leverage sustainability efforts to capture new opportunities in our increasingly green economy. Business owners may read up more about how to go green as a business here. SMEs can also hop on to Enterprise Singapore’s website to find out more about the courses they offer to find the most suitable one for your SME’s needs.
2. Workforce Singapore
Similarly, Workforce Singapore offers a range of programmes to cater to the needs of businesses in different industries, available both for individual employees and groups. They also offer career services for businesses and your employees which is crucial in optimising the workforce and boosting business productivity.
As businesses embark on their upskilling journey, the financial aspect of funding these training programs still remains a significant consideration. While the SFEC reduces SME’s financial burden significantly, businesses might still face out-of-pocket expenses that can be managed through short-term business loans in Singapore.
Tailored Business Loans For Your SME
Poss Capital specialises in providing business loans tailored to support SMEs in their growth and transformation efforts. Whether you need to bridge the gap in training costs or invest in other aspects of your business, our flexible business financing solutions can help.
Poss Capital understands the unique challenges that SMEs face and hence, we offer competitive loan products designed to meet your specific needs. By combining the support of SFEC with our financial solutions, businesses can confidently invest to improve their workforce. Reach out to us on WhatsApp today to learn more about the business loans we offer in Singapore.
