5 Business Grants Your Competitor Doesn’t Want You To Know

Lynette Tan

, Business

3 Mins Read

Do you realize you’re leaving a lot of money on the table? Up to S$60,000 if you’re not benefiting from these grants to grow your business.

Are you an entrepreneur or small business owner in Singapore, looking for a relevant government grant for your business?

Singapore is ranked one of the most business-friendly place globally, helped by great infrastructure, easy set-up of business and of course, an array of government grants and subsidies to choose from.

Here’s a list of useful business grants you can apply to that can help various aspects of your business:

1) Capability Development Grant (CDG)

The grant provides funding for SMEs to build up capabilities across 10 key business areas as listed below. Companies get up to 70% funding for the expenses on qualifying projects.

·        Brand & Marketing Strategy Development

·        Business Excellence

·        Business Strategy Innovation

·        Enhancing Quality and Standards

·        Financial Management

·        Human Capital Development

·        Intellectual Property & Franchising

·        Productivity Improvement

·        Service Excellence

·        Technological Innovation

How you can use the grant: investing in digital marketing such as ad banners, social media marketing, or using it to improve productivity through training of staff.

2) iSPRINT

The iSPRINT is a grant that supports SMEs that use technology to raise productivity and growth. The iSPRINT contains a list of solutions that meet IDA’s pre-qualification requirements.

keyboard

[image credits: pixabay.com]

Companies can choose from the list of packaged solutions ranging from point-of-sales systems, inventory management, audit software and even 3D design tools to use systems for enhancing workflow.

The grant will cover up to 70% of the costs, capped at $20,000.

3) The ACE Startups Grant

The grant provides funding support to entrepreneurial Singaporeans who want to turn a business idea into a company. Applications will be shortlisted on a competitive basis based on 4 key evaluation criteria of:

  1. differentiation
  2. business model feasibility
  3. potential market opportunity
  4. management team

The grant administered by SPRING Singapore will match S$7 to every S$3 raised by the entrepreneur for up to S$50,000.

You will need to raise $21,429 in order to receive the $50,000 funding if approved.

The value in this grant is that unlike venture capitalists who might take equity in your company, SPRING does not.

You will even be given a mentor who will support you in the growth of your start-up in its initial year.

4) Productivity And Innovation Credit (PIC)

SMEs can choose tax deductions or cash pay-out for investments made in any of the 6 qualifying activities. These activities are:

·        Acquisition and leasing of PIC IT automation equipment

·        Training of employees

·        Acquisition and licensing of intellectual property rights

·        Registration of patents, trademarks, designs and plant varieties

·        Research and development

·        Investment in design projects

The grant is disbursed either through tax deductions or a cash pay-out.

Businesses will have the option to convert S$400 to S$100,000 of their qualifying expenditure for all 6 activities taken together into a cash payout.

5) Work-Life Works! (WoW!) Fund

If you are an employer who values work-life balance, the WoW! Fund can support you in implementing flexi-work arrangements.

You will have resources to adopt work-life strategies to help your employees manage their work responsibilities alongside personal and family needs.

laptop

[image credits: pixabay.com]

You can use WoW! Fund for various work-life related strategies, such as training for your HR managers to facilitate work-life balance strategies or set up basic infrastructure for flexible work arrangements.

[featured image credits: pixabay.com]

Which grant is going to help you get the one-up on your competitor? Good luck on that, let us know how it went!

Leave Your Comments Below!

Leave a Reply