Improve your business’ productivity and competitiveness and get up to 70% funding support.
Purpose of the Scheme
The Business Improvement Fund (BIF) aims to encourage technology innovation and adoption, and the redesign of business models and processes in the tourism sector to improve productivity and competitiveness.
Other components of BIF:
- Hotel Retrofitting Grant provides funding support to hotels with legacy building constraints to unlock productivity gains for a limited time. For more information, please refer to Hotel Retrofitting Grant on the Singapore Tourism Board website.
All Singapore-registered businesses or companies embarking on projects with a clear tourism focus.
- Tourism companies taking on capability development initiatives
- Technology companies that create innovative technology products and services for tourism businesses
Proposed projects should fall under one of the following categories:
- Enhancing Business Processes for Productivity
Supports improved productivity through automation, develop customised solutions, implement productivity diagnosis, streamline business processes and enhance workflow design and efficiency, or optimise resource allocation.
- Service Excellence
Supports the review and/or design of service strategies and standards, and technological solutions to enhance customer service.
- Product Development
Supports leveraging technology to develop innovative products and services for commercialisation.
- Financial Management
Supports development of financial management framework and strategy, or improve financial processes.
- Human Capital Development
Supports businesses in strengthening HR capabilities to attract, develop and retain talent.
- Branding & Marketing
Supports review, research and development of brand strategy or marketing strategy.
- SMEs may get up to 70% funding support for qualifying costs.
- Non-SMEs may get up to 50% funding support for qualifying costs.
- Funding support is awarded based on STB’s evaluation of the scope and merits of the project.
Qualifying costs include:
- Third-party project-related costs such as:
- Professional services
- Testing and certification costs associated with the development of the solution and delivery of products, processes, and services meeting the desired standards
- Training costs that are an intrinsic component of the project
- Hardware/equipment and software associated with proposed business concept or system/process redesign
- Travel cost associated with the project
- Internal manpower cost (only applicable for Product Development)
The following items are not covered:
- Hardware and software costs not related to the project (e.g. solutions for basic business functions)
- Off-the-shelf packaged solutions
- Maintenance cost
- Marketing cost
Please note that projects that have commenced prior to STB’s offer of the grant may not be eligible.
Step 1: Pre-Application
b. An STB officer will be in touch to assist you further.
c. The STB officer in charge of your project will advise you if your proposed project is eligible for BIF and to proceed with the application.
Step 2: Application
a. Prepare the project proposal for submission with your application. (Download project proposal template here.)
b. Prepare the relevant quotations for cost items for submission with your application.
d. With complete information on hand, it should take about 30mins to complete the online application.
e. Please note that all applications are subject to STB’s approval.