Business Improvement Fund (BIF)
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.
The BIF is open to all Singapore-registered businesses/companies embarking on projects with a clear tourism focus.
These companies are:
- Tourism companies taking on capability development initiatives
- Technology companies that create innovative technology products and services for tourism businesses.
Aligned to Enterprise Singapore's Enterprise Development Grant (EDG), the BIF supports projects that help tourism companies to upgrade the business or innovate, under two pillars:
A. Core Capabilities
Projects under Core Capabilities help companies prepare for growth and transformation by strengthening their business foundations.
- Business Strategy Development
- Financial Management
- Human Capital Development
- Service Excellence
- Strategic Brand and Marketing Development
B. Innovation & Productivity
Projects under Innovation & Productivity support companies that explore new areas of growth, or look for ways to enhance efficiency. These could include reviewing and redesigning workflow and processes. Companies could also tap into automation and technologies to make routine tasks more efficient.
- Process Redesign
- Product Development
For Small Medium Enterprise (SME) 1
Successful SME applicants will receive funding support of up to 70% of qualifying costs.
Successful non-SME applicants will receive funding support of up to 50% of qualifying costs.
Funding support is awarded based on STB's evaluation of the scope and merits of the project.
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, and travel costs associated with the project; and internal manpower cost (only applicable for Innovation & Productivity - Product Development).
Include hardware/equipment and software costs not related to the project (e.g. solutions for basic business functions), maintenance costs and marketing costs.
1 At least 30% local (Singaporean or Singapore Permanent Resident) shareholding, and group annual sales turnover not more than S$100 million or group employment size not more than 200 employees.
Proposed projects will be assessed on how they improve productivity and competitiveness of tourism companies.
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.
For More Info
Singapore Tourism Board (STB)
1 Orchard Spring Lane