Singapore Budget 2015: Capability Development Grant to be enhanced at cost of S$600m

For more stories, analysis and infographics on Singapore Budget 2015, head to btd.sg/budget_15

THE government will enhance the Capability Development Grant (CDG) over the next three years at an estimated cost of S$600 million, said Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam on Monday.

The CDG is a flexible and customisable grant that supports a range of innovation activities from developing intellectual property to new brands. It currently supports 1,200 projects a year.

The application process for the grant will be simplified for projects below S$30,000, said Mr Tharman. The enhanced funding support level, of up to 70 per cent of costs, will be extended for three more years until Mar 31, 2018.

In an effort to promote industry collaborations, the government will expand Spring Singapore's Collaborative Industry Projects. This scheme incentivises industry players and partners such as trade associations to work with SMEs to develop productive and innovative solutinos that are scalable across the industry, said Mr Tharman.

The government will also extend and enhance the Partnerships for Capability Transformation scheme, to foster collaboration between large companies and SMEs in their supply chain.

READ MORE: Levy increases for S Pass, Work Permit Holders, to be deferred; Spending on continuing education to push average spending to S$1bn per year

INFOGRAPHIC: Snapshot of the Singapore economy; What Budget 2015 may bring