Business Improvement Fund (BIF)
The Business Improvement Fund (BIF) aims to encourage technology innovation and adoption, redesign of business model and processes in the tourism sector to improve productivity and competitiveness.
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
Funding support varies for Small Medium Enterprise (SME) and non-SME. Successful applicants will receive funding support for qualifying costs, subject to 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.
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.