Description:
- The Business Improvement Fund (BIF) supports tourism businesses in Singapore to enhance productivity and competitiveness.
- It focuses on technology innovation and adoption, business model and process improvements, and sustainability initiatives within the tourism sector.
Objectives:
- Boost growth of tourism businesses through core capability development.
- Encourage adoption of innovative and sustainable products, services, or solutions.
- Support internationally recognized sustainability certifications and standards.
- Drive growth in company value-added, revenue, net operating profit, cost savings, and staff productivity.
Target Beneficiaries:
- Singapore-registered tourism businesses.
- Technology companies developing innovative products/services for tourism.
- Hotels and hostels with valid licenses from the Hotels Licensing Board.
- Small and Medium Enterprises (SMEs) and non-SMEs, with specific funding support differences.
Eligible Project Categories:
- Core Capabilities Improvements (e.g., business strategy, sustainability certification).
- Innovation and Productivity Improvements (e.g., automation, product development).
Application Process:
- Check eligibility using the STB chatbot.
- Prepare and submit an executive summary (project objectives, description, schedule, costing) to STB_Incentives@stb.gov.sg.
- STB assesses eligibility and advises on proceeding.
- Submit formal application via the Business Grants Portal with a CorpPass account.
- Processing time is up to 90 days after complete submission.
Key Features:
- Funding supports third-party project-related costs: consultancy fees (including sustainability certification), hardware, software, materials, training, and travel expenses.
- Projects must not have commenced before application.
- Grants disbursed on reimbursement basis after verification of costs and deliverables.
- Requires submission of an Agreed-Upon Procedures (AUP) Report by a practitioner for disbursement.
- SME definition: at least 30% local shareholding, group turnover up to S$100 million or employment size ≤ 200.
This fund aims to accelerate tourism business growth by enabling innovation, sustainability, and operational improvements through financial support and structured application and evaluation processes.
