STB Business Improvement Fund (BIF) for Whom? | Web and App Development company

The STB Grant – Business Improvement Fund (BIF) aims to encourage technology innovation and adoption, redesign of business model and processes in the tourism sector to improve productivity, competitiveness and enhanced consumer experience. 

The enhanced Business Improvement Fund/Grant also includes another component – the BIF Plus which provides funding support to hotels and technology developers for up to a year (from 1 April 2015 to 31 March 2016). 

ELIGIBILITY CRITERIA​

The BIF is open to all Singapore-registered businesses/companies embarking on projects with a clear tourism focus.

These companies are:

1. Tourism companies taking on capability development initiatives

2. Technology companies that create innovative technology products and services for tourism businesses​
Proposed projects should fall under one of the following categories:

• Branding & Marketing
  Supports companies in gaining deeper consumer insights and implementing more human-centric solutions
• Service Excellence
  Supports companies in enhancing its customer service capabilities
• Financial Management
  Supports the formulation of a financial framework or strategy, and enhancement of financial processes
• Human Resource
  Supports the deployment of HR management and development processes and best practices
• Product Development
  Leveraging technology for product development or service enhancement
• Business Process Redesign
  Leveraging technology for process redesign to streamline processes and enhancing workflow

LEVEL OF SUPPORT

For Small Medium Enterprise (SME)

Successful SME applicants will receive funding support of up to 70% of qualifying costs.

For Non-SME

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.

Qualifying Costs

Include costs related to third party 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 and/or software associated with proposed business concept or system/process redesign, travel costs associated with the project and internal manpower cost.

Non-Qualifying Costs

Include hardware and software costs not related to the project (e.g. solutions for basic business functions), off-the-shelf packaged solutions, maintenance cost and marketing cost.

[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; consistent with SPRING Singapore.

APPLICATION EVALUATION

Proposed projects will be assessed on how they improve productivity, competitiveness and consumer experience of the tourism companies.

DISBURSEMENT OF GRANT

Grants will be disbursed to successful applicants on a reimbursement basis, subject to achievement of the agreed project deliverables and milestones. Applicants are required to submit third-party audited documents on qualifying costs for the disbursement of grants, unless otherwise stated.

Source: https://www.stb.gov.sg/assistance-and-licensing/grants/pages/business-improvement-fund-(bif).aspx

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