Over 4 in 5 businesses seek government support

The majority of those in the health sector have applied or are interested.

More businesses are getting interested in tapping government aid, with 83% saying they have applied in 2024 or are planning to apply for budget initiatives, according to UOB.

In its Business Outlook Study 2025 (SMEs & Large Enterprises), UOB said the latest data increased from 78% in 2023.

The majority of those who are seeking support are medium enterprises (446), followed by small enterprises (350), and large enterprises (104).

Per sector, 92% of those surveyed in the healthcare and medical services said they have tapped or are looking into the initiatives. Nearly 90% of those in the manufacturing and engineering field have said the same.

The SkillsFuture Enterprise Credit (29%) and Progressive Wage Credit (21%) were the top initiatives that businesses are aware of.

Meanwhile, 17% said they are not aware of any budget initiatives, or have not applied or do not plan to do so. Of these, 41% were unsure which initiatives were relevant and 30% felt applying for such initiatives is time-consuming.