Government Funding For New Businesses

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Singapore’s economy is fueled by a variety of startups and SMEs, which currently employ almost two-thirds of Singapore’s workforce. The government is known for its strong support for these businesses, so there is a lot of funding available to them.

Government Funding For New Businesses

This grant gives SMEs and start-ups the opportunity to increase their capacity and work internationally. In other words, Singapore makes sure that SMEs and startups are internationally competitive. It is no wonder that Singapore is a popular choice for company registration among entrepreneurs.

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In general, grants are different from business loans. They are the same because of the benefits of financial aid, but the most important difference is in the payment. Business loans must be repaid within the agreed time frame, while the grant does not obligate you to repay.

But the process of applying for a grant is tougher than getting a loan. The funds provided by the grant may be less than what you can get from a business loan. But it varies as one grant is different from another.

If you are a startup founder, you can get seed capital through grants. Some grants also fund POV (Proof of Value) and POC (Proof of Concept).

Business owners can use various SME funds to help finance various projects to help their business grow and become more efficient.

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Enterprise Singapore and other agencies are transparent when it comes to eligibility for these grants. Most of these funds are aimed at small and medium-sized enterprises, so your business must meet the criteria.

Companies with a local share will have more opportunities than foreign companies and will benefit from state financial support.

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

Applications for small and medium business grants can be submitted through the Business Grants portal. It is a one-stop platform that allows you to submit and track multiple grant applications. You will need CorpPass to access the website.

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Startup SG is an agency that brings together all support and grant schemes for startups and SMEs in Singapore.

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

This platform aims to serve every possible company (established or otherwise) in the startup ecosystem. This can be done through the six pillars of the platform:

The founders of Startup SGB aim to provide capital grants and advice to first-time entrepreneurs with innovative ideas. In this initiative, SPRING (Standards, Productivity and Innovation Council) will match $3 for every $1 raised by the founders. Applicants will be screened using AMP or a designated Accredited Mentor Partner.

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AMP can take no more than 50% equity capital from your startup, so you should discuss capital requirements and other issues before applying.

Startup SG Tech aims to provide early stage funding to companies aiming to commercialize their proprietary technologies. This includes both POV and POC depending on the stage of product development.

This is a very competitive grant because it allows startups to fast-track their technological development and create a scalable business model.

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

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This Startup SG pillar allows the Singapore government to co-invest in startups with third-party investors. It aims to encourage private sector investment in Singapore-based innovative technologies and global market potential.

The government will only co-invest if a third-party investor or individual is willing to invest at least S$50,000 and is willing to provide experience, relevant business connections and technical expertise.

Co-investment ratio with third-party investors is 7:3 up to US$250,000 and 1:1 for state-owned technology companies after investment of S$2 million.

Deep tech companies use 7:3 to S$500,000 and 1:1, which is capped at S$4 million.

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The scheme provides funding and other non-financial support to incubators and accelerators operating in strategic growth sectors to develop the programs and expertise needed to lead these start-ups.

Financial support partially covers operational costs, from salaries to hiring coaches, program development costs for new products and services, improving market access and further financing the business.

This column uses EntrePass, the STP or SME Talent Program, and T-UP, or Enterprise Empowerment Technology for Startups.

EntrePass is a job transition scheme designed to facilitate the entry and retention of global entrepreneurial talent.

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T-UP A* STAR is designed to help businesses create or maintain in-house R&D (research and development) capabilities by providing access to research institute talent. They also subsidize up to 70% of the salary of a research scientist and engineer for up to 2 years.

The SME Talent program is run by the Action Community for Entrepreneurship, or ACE, and provides a 70% subsidy for apprentices’ stipends or wages and supports start-ups by increasing their human capital development opportunities.

This pillar works with various financial institutions to provide state-backed loans that allow startups to obtain working capital and financing for equipment and sales.

The pillar also includes microloans for SMEs, intended for companies with less than ten employees. They can allow entrepreneurs up to US$100,000 to support day-to-day business operations.

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Small and medium business loans are similar to microloans and are designed for high-growth companies. They provide up to S$5 million in funding for business development.

Startup SG will be the main source of government funding, but there is also significant funding outside the agency. Applying takes time and effort.

EDG is a program created by Enterprise Singapore. The aim is to help Singaporean businesses, including start-ups, strengthen their business foundations, improve efficiency and even support projects aimed at expanding overseas.

EDG covers up to 70% of the cost of the qualifying project, your SME qualification and other software and hardware costs.

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Your grant application will be evaluated on the basis of project outcomes, the qualifications of the service provider, and the scope of your project. It takes approximately 8 to 12 weeks to process an application.

Once your scholarship is approved, you will receive an offer letter. This letter contains the terms of the grant and the amount to be awarded.

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

PSG covers 70% of the costs associated with investments in HRMS or Human Resource Management Systems, CRMS or Customer Relationship Management solutions and other long-term technology solutions.

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

You can check the full list of results on the raiSE Singapore website and apply for grants through this link.

BIF aims to promote technological innovation and adoption for enterprises in the tourism sector. It also encourages the competitiveness of tourism companies and the redesign of business models and processes to increase the productivity and competitiveness of companies. 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 to support up to 70% of qualification costs, including training costs, travel costs, hardware and software and even third-party project costs.

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P-Max is an initiative by Tenaga Kerjaja SG to match Professionals, Managers, Executives and Technicians who are looking for work by hiring PMET or SME.

These PMETs were screened and placed into positions employed by SMEs with the help of the P-Max Program Manager.

Newly hired PMETs are required to attend a ⅔-day workshop, while UKM supervisors attend a 1-day workshop. From there, the P-Max Program Manager will follow-up with SMEs and PMETs for six months. This is followed by performance monitoring and the practices taught in the workshop.

If the company completes the 6-month follow-up and the company retains the new employee, you are eligible for a one-time grant of 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 and other grants to help them move through the various stages of their business life. This support can come from cash payments, tax credits, rebates and tax credits.

The Early Stage Venture Fund, or ESVF, is an innovation support initiative by the NRF, or National Research Foundation. It is the largest public equity scheme that funds start-ups alongside VC 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 VC will then have the option to purchase NRF shares within five years.

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Capability Development Grants, or CDGs, provide start-up financial support to businesses looking to expand

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