5 Things You Should Know About Capability Reinvestment Fund
If you’re a business owner who wants to stay competitive and thriving in today’s business landscape, you should familiarize yourself with the Capability Reinvestment Fund (CRF). If you’re not sure what it is and how it can help your business, this article will provide you with five things you should know about CRF.
1. What is Capability Reinvestment Fund?
Capability Reinvestment Fund (CRF) is a grant-in-aid initiative provided by Enterprise Singapore to help businesses upgrade their capabilities. This fund aims to encourage businesses to be more innovative and to grow and transform their business operations. Businesses that apply for this grant must have the willingness to improve and innovate on their current processes to make their business more competitive.
2. Who can apply for CRF?
Businesses that are locally registered, have at least 30% local shareholding, and have a minimum of 30 employees can apply for CRF. These businesses are also expected to have a track record of good financial standing and a strong management team. Priority will be given to companies from sectors including manufacturing, logistics, and professional services.
3. What can CRF be used for?
CRF can be used for upgrading and innovating business capabilities in areas such as productivity, process improvements, technology adoption, and business model innovation. The fund can be used to cover the costs of consultancy, training, equipment, and software, among others.
4. How much funding can a business receive?
Under CRF, businesses can get up to 70% funding support for qualifying costs, up to a maximum of SGD 30,000 per project. If the project is a collaboration with other firms, the funding support can increase up to 90%, with a maximum limit of SGD 30,000 per project. However, businesses need to meet the criteria and requirements stipulated by Enterprise Singapore to receive this funding.
5. How can CRF benefit your business?
The usage of the CRF can help businesses to upgrade their capabilities and improve their competitiveness. By upgrading their capabilities, businesses can streamline their operations, reduce costs, and improve their overall performance. This can help businesses grow and expand, generate new revenue streams, and bring about positive changes in the business landscape.
In conclusion, CRF is a valuable initiative that can help businesses upgrade their capabilities and drive growth and innovation. By applying for CRF and using it wisely, businesses can stay ahead of the curve and achieve long-term success.
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