4 business grants in Singapore every entrepreneur should know

4 business grants in Singapore every entrepreneur should know

by Weave Asia

Singapore is known to be one of the most business-friendly cities in the world. It’s safe, has excellent infrastructure and a tech-savvy workforce that can complement the various aspects of your enterprise.

Underneath these factors lies a facet that can turbocharge your budding company: business grants. In fact, Singapore is said to be one of the few countries with a host of grants to support your business at every stage. From startup founding to implementing tech solutions, there will be something for every entrepreneur to take your company to the next level.

Here are some of the prominent ones.

Startup SG Founder “Start” Track
What: The Startup SG Founder “Start” Track is meant to match your startup with a mentor. Successful applicants will receive $5 to every $1 raised with a total amount of up to $50,000.

Who: You’ve been operating your business on a small scale and about to secure some of your first investors (read: family and friends). Now’s the time to formally register your business and apply for this grant. 51% of your nascent company must be owned by Singapore Citizens or Permanent residents and two out of three of the co-founders must be first time business owners. Main applicants must also not hold any full time jobs.

How: Applicants have to apply through Accredited Mentor Partners (AMP). These can include incubators and accelerators, venture capitalists and educational institutions.

Where: The full list of AMPs can be viewed here. To apply, click here.

 

Enterprise Development Grant
What: The Enterprise Development Grant is meant for Small and Medium Enterprises looking to scale up on three fronts: Core Capabilities, Market Access and Innovation & Productivity. These three broad strokes will cover everything you need from developing your business strategy to human capital. Businesses looking to expand to new overseas markets can also look for support with up to 80% of qualifying costs to be defrayed.

Who: This grant is perfect if you qualify as a Small and Medium Enterprise looking to grow. To be eligible, your business needs to be at least 30% local shareholding and have the funds to see through the project.

How: The process is vigorous and business owners will first need to determine the key project category you wish to apply for. There are project proposal templates to help you along. To apply, click here.

 

Productivity Solutions Grant
What: The Productivity Solutions Grant aims to fund businesses towards the adoption of IT solutions, equipment and consultancy services. The aim is to aid your business in ramping up productivity.

Who: Relatively new local businesses looking to purchase equipment and software solutions for better workflows stand to gain. You will require at least 30% local shareholding and have at least three local employees at the start of the application.

How: For IT and equipment solutions, you will require quotations from relevant vendors. To apply, click here.

 

Market Readiness Assistance Grant
What: This grant will render up to 70% of support to companies (or up to S$100,000) looking to expand overseas.

Who: If you are ready to take your business to the next level and expand abroad, this grant will be for you. To qualify, your business needs to be 30% shareholding and not have more than 200 workers. Your annual sales turnover cannot be more than S$100 million and annual sales from the target overseas market cannot exceed S$100,000.

How: Companies are encouraged to apply no more than 6 months before the start date of the project. To apply, click here.

 

Note: These grants are subject to changes almost every year in March so do check on the respective grant updates for more information.

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