The Business Improvement Fund (BIF) is a key government grant in Singapore designed to bolster the capabilities and competitiveness of the tourism sector. Administered by the Singapore Tourism Board (STB), the BIF encourages businesses to innovate, enhance productivity, and embrace sustainable practices.
The fund is strategically aligned with the broader Enterprise Development Grant (EDG), functioning as a specialised track for tourism-related enterprises. It aims to empower these businesses to overcome industry challenges and capitalise on new growth opportunities.
Who is Eligible to Apply?
The BIF is open to all Singapore-registered businesses undertaking projects with a distinct focus on the tourism industry. This includes:
- Tourism Companies: Businesses directly involved in the tourism sector, such as hotels, travel agents, tour operators, and attractions, that are embarking on capability development initiatives.
- Technology Companies: Firms that develop and provide innovative technological products and services tailored for tourism businesses.
A crucial prerequisite is that the proposed project must not have commenced at the time of the grant application.
What Types of Projects are Supported?
The BIF supports a wide array of projects categorised under two main pillars:
1. Core Capabilities: These projects aim to strengthen the fundamental aspects of a business, preparing it for sustainable growth and transformation. Key areas include:
* Business Strategy Development
* Financial Management
* Human Capital Development
* Service Excellence
* Adoption of internationally recognised sustainability certifications and standards.
2. Innovation and Productivity: This pillar focuses on encouraging companies to explore new avenues for growth and enhance operational efficiency. Supported projects include:
* Automation: Implementing technology to streamline processes and reduce reliance on manual labour.
* Process Redesign: Re-engineering workflows to improve efficiency and service delivery.
* Product Development: Creating new and innovative experiences, products, or services for the tourism market.
* Sustainability Initiatives: Adopting solutions that promote resource efficiency and sustainable business models.
Funding Levels and Application Process
The level of funding support varies, with a distinction made between Small and Medium-sized Enterprises (SMEs) and non-SMEs. An SME is defined as a company with at least 30% local shareholding and either a group annual sales turnover of no more than S$100 million or a group employment size of no more than 200 employees. SMEs typically receive a higher level of co-funding for their projects.
The grant is disbursed on a reimbursement basis. That means successful applicants will be reimbursed for a percentage of the qualifying project costs after they have been incurred and paid for.