83% businesses are seeking Government support

SINGAPORE: More Singapore businesses are increasingly tapping into government support through budget initiatives, with a significant 83% of companies either having applied or planning to apply in 2024, according to United Overseas Bank (UOB). This marks a noticeable rise from 78% in 2023, as detailed in UOB’s Business Outlook Study 2025 covering both small and large enterprises.

The study revealed that medium enterprises lead the way in seeking support, with 446 businesses expressing interest, followed by 350 small enterprises and 104 large enterprises.

Sector-wise, the healthcare and medical services industry showed the highest engagement with government initiatives, with 92% of surveyed businesses indicating they have either utilized or are considering the available support. Manufacturing and engineering companies closely followed, with nearly 90% participating in or planning to apply for these initiatives.

Among the various budget initiatives, businesses showed notable awareness of the SkillsFuture Enterprise Credit, with 29% of respondents familiar with it. Additionally, the Progressive Wage Credit emerged as another key initiative, with 21% of businesses acknowledging their awareness.

However, not all businesses are engaged with government support programs. A portion—17% of respondents—reported being unaware of any budget initiatives or expressed no intention to apply. Within this group, 41% cited uncertainty about which initiatives are most relevant to their operations, while 30% found the application process to be time-consuming.