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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.
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.
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:
- business model feasibility
- potential market opportunity
- 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.
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]