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Annual Amount Of Subsidies And Other Support Provided To Businesses In Past Three Years
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Budget
Covid-19 Measures
12 September 2022
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Parliamentary Question by Mr Liang Eng Hwa:
To ask the Minister for Trade and Industry in the past three years (a) what is the annual amount of public funds provided by the Government to businesses in the forms of subsidies and support; and (b) what is the amount of Government-backed financing extended to businesses.
Parliamentary Reply by Deputy Prime Minister, and Minister for Finance Mr Lawrence Wong:
The Government provided significantly more support to businesses in 2020 and 2021 due to COVID-19, than in 2019 before COVID-19. Table 1 below provides the breakdown for the past three years.
Table 1: Government Support to Businesses from 2019 to 2021
2019 ($’b) | 2020 ($’b) | 2021 ($’b) | |
|---|---|---|---|
Grantsa | 2.1 | 26.7 | 10.9 |
Government-backed Financingb | 0.4 | 17.6 | 10.8 |
a Figures exclude firms with missing revenue or valued-added data. Grants data for 2021 is as of end-2021 and may be subject to further changes.
b Comprises both loan and equity. These include the debt financing catalysed through the Enterprise Financing Scheme, Temporary Bridging Loan Programme, Capital Assistance Scheme, and equity financing provided through various funds under the Developmental Investment Fund and Startup SG Equity.