How To Apply For A Business Grant

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Singapore’s economy is powered by a variety of start-ups and small and medium-sized enterprises, which now employ nearly two-thirds of Singapore’s workforce. The state is known for its enthusiastic support of these business units, and therefore numerous grants are available.

How To Apply For A Business Grant

These grants give SMEs and startups the opportunity to upgrade their capabilities and internationalize. In other words, Singapore ensures that SMEs and start-ups are globally competitive. Unsurprisingly, Singapore is a popular choice for business registration among entrepreneurs.

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In general, grants are different from business loans. They are similar because of the financial aid benefits, but the biggest difference is the repayment. Business loans must be repaid within an agreed time period, while grants do not burden you with repayment obligations.

But the grant application process is more rigorous than applying for a loan. Funds secured by grants may be less than what you could get with a business loan. But it varies because one strength is different from another.

If you are a founder, you can get your start-up capital through grants. Some grants will also fund POV (Proof of Value) and POC (Proof of Concept).

Business owners can use a variety of small and medium business grants to help finance a variety of projects that should help the business grow and make it more efficient.

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Enterprise Singapore and other organizations are transparent when it comes to eligibility for these grants. Most grants are aimed at small and medium-sized businesses, so your business must first meet this criteria.

Companies with local shares will enjoy more opportunities and benefit from government financial support than foreign-owned companies.

The application process for these grants can be done online, including submitting the required documents. Some grants will require a personal presentation of the project to the evaluation committee.

Applications for grants to small and medium-sized enterprises can be submitted through the Business Grants Portal. It is a one-stop platform that allows you to submit and track a large number of grant applications. You need CorpPass to log in to the website.

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Startup SG is the organization that brings together all support systems and grants for startups and SMEs in Singapore.

It provides a platform for entrepreneurs to access local support programs and initiatives and connect with a global network of entrepreneurs. In addition to business support, Startup SG also offers you loans, financing and capacity building.

This platform aims to serve every possible company (established or not) in the startup ecosystem. This is possible through the platform’s six pillars:

Startup SGB Founder aims to provide financial support and guidance for new entrepreneurs with innovative ideas. Under this initiative, SPRING (Standards, Productivity and Innovation Board) donates $3 for every $1 raised by a founder. Candidates are screened with the help of appointed AMPs or partner accredited mentors.

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AMPs cannot take more than a 50% stake in your startup, so you should discuss their stake terms and other concerns before applying.

Startup SG Tech aims to provide early funding to companies that want to commercialize their proprietary technology. This includes both POV and POC, depending on the product’s stage of development.

This is a highly competitive grant as it allows startups to accelerate their technology development and allows them to create a scalable business model.

For more information, you can check Startup SG Tech’s page about the grants awarded and the process.

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This Startup SG pillar allows the Singapore government to co-invest with third parties in startups. This aims to encourage the private sector to invest in Singapore-based technologies that are innovative and have potential in the global market.

The government will only invest if third-party investors or an individual are willing to invest at least S$50,000 and provide the start-up with experience, relevant business relationships and technical expertise.

The co-investment ratio with third-party investors is 7:3 up to S$250,000 and 1:1 thereafter with an investment cap of S$2 million for mainstream technology companies.

Deep tech companies enjoy a ratio of 7:3 for up to S$500,000 and 1:1 thereafter, capped at S$4 million.

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This scheme will provide funding and other non-financial support for incubators and accelerators operating in strategic growth sectors to increase the programs and expertise needed to guide these startups.

The financial support partially covers operating costs, from salaries to the hiring of instructors, the cost of a development program for new products and services, improved access to the market and further financing of the company.

This column covers EntrePass, STP or SME Talent Program and T-UP or Technology for Enterprise Capability Upgrade for startups.

EntrePass is a work pass system designed to facilitate the entry and retention of talented domestic entrepreneurs.

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T-UP is intended to help companies build or maintain internal research and development (R&D) capabilities by providing them with access to talent from A* STAR’s research institutes. They also subsidize up to 70% of the cost of sending scientists and engineers for up to 2 years.

The SME Talent Program is run by the Action Community for Entrepreneurship or ACE and provides a 70% subsidy on fees or salaries paid to interns and helps start-ups improve their capacity to develop human resources.

This pillar works with the participation of various financial institutions to provide government-guaranteed loans, enabling start-ups to obtain their working capital and equipment and business financing.

The pillar also includes micro-loans for small and medium-sized companies, which are intended for companies with fewer than ten employees. They can provide entrepreneurs with access to up to S$100,000 to support day-to-day business operations.

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Loans for small and medium-sized companies are similar to microloans and are intended for fast-growing companies. They provide access to funding of up to $5 million for business expansion.

Startup SG will always be the main source of government funding, but there is also significant support from outside the organization. They will be worth your time and effort in applying for them.

EDG is an application created by Enterprise Singapore. It aims to support projects that help Singapore companies, including start-ups, strengthen their business base, improve productivity and even expand overseas.

EDG will cover up to 70% of eligible project costs, your eligibility for the SME classification and other costs related to software and equipment.

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The grant application will then be evaluated based on the outcome of the project, the competence of the service provider and the scope of your project. It takes about 8 to 12 weeks to process the application.

You will receive an offer letter once your grant has been approved. This letter will include the terms of the grant and the corresponding amount to be awarded.

PSG is intended to support companies interested in developing IT solutions and equipment to improve their productivity and business processes.

PSG will cover up to 70% of the costs associated with investing in HRMS or human resource management systems, CRMS or customer relationship management solutions and other long-term technology solutions.

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This support is provided by the Singapore Center for Social Enterprise or raiSE with support from the Ministry of Social and Family Development.

You can view the full list of outcome areas on the raiSE Singapore website and apply for grants via this link.

BIF is intended to encourage technological innovation and adoption for companies within the tourism industry. It also encourages the redesign of business models and processes to improve the competitiveness of tourism businesses and the productivity and competitiveness of businesses. The evaluation of the proposal is also based on these two factors.

The Singapore Tourism Board offers a Business Improvement Fund. Depending on the size of your business, you can get funding for up to 70% of eligible costs which covers training costs, travel costs, hardware and software and even project related third party costs.

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P-Max is an initiative established by Workforce SG to connect PMETs or professionals, managers, executives and technicians looking for work with SMEs.

These PMETs are screened and placed in jobs currently being filled by SMEs with the assistance of P-Max Program Managers.

These newly hired PMETs must attend a ⅔-day workshop, while SME supervisors will attend a one-day workshop. After that, P-Max program managers will conduct follow-up activities with SMEs and their PMETs within six months. This is to monitor work performance and the practices taught in these workshops are put into practice.

If the company completes the 6-month follow-up and if the company retains new employees, you will be eligible for a one-time grant worth S$5,000.

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You can learn more about the program by visiting the Workforce SG website and clicking on the “How to Apply” tab.

The government provides these grants and more to help them navigate the various stages of the working life. Support can come from cash payments, tax exemptions, rebates and tax credits.

The Early Stage Venture Fund or ESVF is an initiative funded by the NRF or National Research Foundation to support innovation. This is the state’s largest private equity scheme that funds startups along with VCs or venture capital firms.

The National Research Foundation or NRF can invest up to S$10 million on a matching basis for VC funding. The securities companies will then have the option to buy NRF shares within five years.

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The Capability Development Grant or CDG provides financial assistance to start-ups for companies that want to improve their business

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