Advance Funding To Help SMEs

The Innovation & Technology Commission today announced an advance funding arrangement for Enterprise Support Scheme projects to ease cashflow requirements faced by small and medium enterprises and startups.

Under the new plan, the commission will disburse an advance payment of up to 50% of the matching fund approved under the Innovation & Technology Fund for the first six months or up to $500,000, whichever is lower, to the recipient company upon request.

The arrangement operates on the condition that the recipient company contributes the same amount on a matching basis.

The remaining payment will be disbursed in instalments upon the recipient company fulfilling agreement obligations.

The new measures will be applicable to applications submitted to the commission from February 1.

The scheme encourages more private sector investment in research and development (R&D) through funding support for enterprises to conduct in-house R&D work.

Enquiries can be sent via email or made to 3422 3700.