Grants For New Businesses 2021 – We are proud to be named among the 10 fastest growing companies in 2023 by The Straits Times 🏅
Fortunately, the Singapore government recognizes the importance of helping businesses across the country and has put together a large amount of money to help companies strengthen the processes we will continue to face as the pandemic continues.
Grants For New Businesses 2021
However, here are our top picks for the best COVID-19 grants and support measures to help businesses in 2021!
Learning About Business Grants Portal
Together with MAS Financial Industry Technology and Innovation (FSTI), the Digital Acceleration Grant (DAG) aims to support innovative financial institutions and FinTech companies that are adopting digital solutions to grow their businesses. It can also enable companies to increase efficiency, improve performance and better serve their customers.
Successful applicants can combine 80% of the eligible funds for applications submitted before 31 December 2021, after which 70% of the total will be deposited. This covers both hardware and software, such as maintenance, licenses and technical services related to the adoption of digital solutions.
In a joint effort to support the fintech industry in Singapore, the Monetary Authority of Singapore (MAS), Singapore FinTech Association (SFA), AMTD Group and AMTD Foundation launched the S$6 million FinTech Solidarity Grant.
Through this program, fintech firms that have been severely affected by the challenges brought about by the CCIDID-19 pandemic can use these funds to manage their finances well, develop business skills and find ways to grow their businesses.
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This grant can be divided into two categories: Business Continuity Grant and Business Growth Grant. Here is a detailed description of both offers:
The Temporary Bridge Loan Program was announced as part of the Solidarity Budget 2020, which aims to increase support and operating income for businesses in the tourism sector, one of the sectors most affected by the epidemic.
Eligible applicants can borrow up to S$5 million at an annual interest rate of 5%. With a maximum repayment period of five years. In addition to the loans that must be paid, the Government’s exposure to loans increased to 70% from April 1, 2021 to September 30, 2021.
As part of the revised plan, the TBLP has been extended until September 30, 2021.
Back To Business Grant
Affected businesses in the catering and retail industries can benefit greatly from the Digital Resilience Bonus. The program was introduced to help businesses increase productivity and efficiency through digital solutions such as:
Unlike other existing grants and programs, if you are using any advanced digital solution between June 1, 2020 and June 30, 2021, companies do not need to apply for this bonus manually, as the Competent Providers will submit your UEN to IMDA. . Regarding the financial support provided, F&B and retail businesses can each receive up to S$10,000 in payments.
Although the program was launched before the pandemic, the Corporate Finance Plan can help many businesses get financing at different growth stages – to create new products to expand overseas.
While a large number of Singaporeans are still working from home due to the ongoing pandemic, there are several companies that have already returned to their offices. But due to the impact of CCID-19, it caused economic slowdown and affected landlords and tenants in the country.
How Small Business Grants Support Your Business
The Rental Relief Framework aims to help businesses and other non-profits by providing temporary relief from collective debt obligations to help SMEs affected by cash flow.
This will be provided to property owners in the form of financial assistance, including property tax refunds.
The Rental Assistance Framework applies to eligible tenants of properties specified in the applicable license or for registered leases:
Given the current business climate, finding ways to finance yourself can be difficult. Therefore, we must take advantage of the resources available to us and the Government and make full use of the assistance that you may be eligible for.
Small Business Grants: 21 Options To Apply For Free Funds For Your Business
It is hard to ignore the impact that COVID-19 has had on many industries around the world. We have seen businesses close down and downsize to survive this tough economy.
Get information and resources on building and managing your finance team, fintech stack and growing your business The Ultimate Guide to SME Grants in Singapore (including COVID-19 support!) Download Now: FREE GST 2023 Get Ready Download Now: Jump Job FREE ChecklistNow Download : Free Merge Checklist
As we enter a new era of self-regulation, local small-to-medium enterprises (SMEs) will need additional support to survive. This is not news, but the one-time transition from an epidemic to an endemic model will put more pressure on businesses, so SMEs should take full advantage of government support.
This helps SMEs adopt long-term high-tech solutions that increase productivity. It is ideal for companies looking for digital transformation with the automation or elimination of certain processes.
New Flowchart For Business Support Grants
PSG covers solutions in many industries, including retail, food, logistics, precision engineering, construction and manufacturing. It also supports the adoption of solutions for all asset management, data analytics, financial management and inventory tracking.
EDG is designed to help SMEs improve their internal capabilities in these 3 main areas including micro-areas.
MRA Grant provides funding to companies that are planning to move their business abroad. The prices are divided into overseas market promotion (up to S$20,000), overseas business development (up to S$50,000) and overseas market setup (limited to S$30,000).
Keeping day-to-day operations running during the second wave can be daunting, but the CCIDID-19 relief measures announced in Budget 2021 (which will cost the government $800 million) should help SMEs reduce wages and rental costs.
Kansas Small Business Grants: Top 2023 Funding Opportunities In Kansas
The Business Assistance Program (JSS) is developing. If you are registered under JSS, you can get additional support until June 16, 2021.
Based on the new Rental Support Program, SMEs with an annual revenue of less than $100 million will receive rental or financing assistance. Information about this program will be provided in June 2021.
Owners who run SMEs on their commercial property can also claim a financial payment based on the 2021 Annual Value of the premises.
Our retail and food and beverage industries suffer when social security measures are announced. DRB finances restaurants and shops established before May 26, 2020, using digital solutions such as PayNow Corporate and e-invoice between June 1, 2020 and June 30, 2021. Other digital solutions used for Business Processes, Digital Asset and Data Mining and Analytics are also eligible.
Budget 2022: New Grants
To create an attractive innovation ecosystem in the financial sector, FSTI funds the local development of innovative solutions and the implementation of industry-wide technology SMEs.
For financial SMEs who want to get their hands dirty with innovative solutions, the POC program under FSTI will provide you with additional funding from the initial stages. This applies to projects that explore a new way to solve business application problems using technology or business processes.
This SME permit is part of the FSTI Program and is only open to local financial institutions and Fintech firms with less than 200 employees. This grant is aimed at financing and the adoption of effective digital solutions in the financial sector.
The Marine and Process Safe Restart Package protects workers from short-term exposure to COVID-19. This protects the well-being of workers and the safety of the workplace.
Small Business Training
The Maritime and Process industry relies heavily on manual labor processes and a large number of workers. The Productive Safe Restart Program (PSRS) helps industrial SMEs to remain competitive in the long term with innovative and technological solutions.
The program aims to raise capital for intellectual property and technology startups with potential for a global market. This will be done by a domino effect – the government invests with other venture capitals, these venture capitals give more money to SMEs.
While First SG Equity works for both technology and deep technology companies, it has initial investment focus in Advanced Manufacturing and Engineering, Medtech, Biomedical Sciences and Agri-food technology sectors.
Government incentives still focus on financial benefits, but there is an increasing focus on developing industry-specific solutions. Whether you’re looking for a short-term vacation or a long-term boost, there are definitely SME grants in Singapore that you can apply for. Good luck!
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