Grants For Women Owned Businesses Start Up – If you are an individual who wants to start a new company in Singapore, or if you are currently running a registered startup in Singapore, you may be interested to know what grants you can use. This article will cover 7 of them:
Startup SG was launched in 2017 as a platform for entrepreneurs to access local support programs. One of the six pillars of Startup SG, Startup SG Founder is most relevant for first-time entrepreneurs. Help under Startup SG is offered by Enterprise Singapore.
Grants For Women Owned Businesses Start Up
Startup SG Founder provides first-time entrepreneurs with mentoring and a startup capital grant of up to $30,000 in a joint arrangement. This means that the program is worth $3 for every $1 raised by the entrepreneur up to $30,000. Therefore, to receive the maximum grant value of $30,000, the entrepreneurs themselves need to raise and commit $10,000 to the business.
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Note that AMPs can take up to 50% of the equity in your startup. Therefore, you should contact the AMPs for more details on their equity terms.
Also under Startup SG, Startup SG Tech is for technology startups and provides successful applicants with early-stage funding to commercialize proprietary technology. Technology startups can apply for a Proof of Concept (POC) grant of up to $250,000 or a Proof of Value (POV) grant of up to $500,000, depending on the stage of development of their technology or idea.
A POC project is still in the conceptualization phase, and the technical/scientific viability of your idea still needs to be tested. On the other hand, a POV project is a project where you already have a technically/scientifically viable concept, and you want to develop a working prototype.
Again, if you are offered the grant, remember that the grant will carry an equity component where Enterprise Singapore will have the right to exercise a share subscription. To maintain financial discipline, you will also be required to increase your paid-up capital by an additional 10% and 20% for POC and POV grants respectively.
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Visit the Startup SG Tech page for more information on the grant and the application process.
Enterprise Development Grant (EDG) is a program administered by Enterprise Singapore. The grant is intended to support projects that help startups (and Singapore businesses in general) strengthen their business foundations, pursue innovation and improve productivity, and expand into overseas markets.
The EDG covers up to 30% – 70% of the cost of the qualifying project, depending on whether your business is a small medium enterprise (SME), and whether your costs are related to software and equipment.
You can visit the Enterprise Singapore and IMDA websites for more information about the grant.
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The Productivity Solutions Grant (PSG) supports companies that wish to adopt IT solutions and equipment to improve their existing business processes and improve productivity. The PSG covers up to 70% of the cost of investment in long-term technological solutions approved by the government such as customer relationship management solutions and human resource management systems.
The VFG grant is available to new and existing social enterprises that need funding to start or expand their activities. It is delivered by the Singapore Center for Social Enterprise (raiSE) and supported by the Ministry of Social and Family Development. Interested applicants can apply for grants of up to $300,000.
Your social enterprise needs to address a local social gap/need in one or more of the delivered outcome areas to be eligible. Some of these areas include providing employment opportunities, or bridging a social gap in the areas of mental health and treatment. The full list of outcome areas can be found on the RaiSE Singapore website along with the link to apply for the grant.
For businesses registered in Singapore in the tourism sector, the BIF aims to encourage innovation and technology adoption, and the redesign of business models and processes in order to improve productivity and competitiveness. The BIF is offered by the Singapore Tourism Board.
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Depending on the size of your business, the level of support the BIF will provide will vary. Successful Small-Medium Enterprise (SME) applicants will receive funding support of up to 70% of eligible costs, including:
The proposed projects will be evaluated on how they improve the productivity and competitiveness of the tourism companies. More information can be found on the Singapore Tourism Board website.
P-Max is an initiative of Workforce SG that aims to match SMEs for employment with jobseeking professionals, managers, executives and technicians (PMETs). Job-seeking PMETs will be screened and then placed in suitable positions in SME employment by P-Max program managers. Alternatively, the SME can send a newly hired PMET to the P-Max program.
The new PMETs will then attend a 2/3 day workshop, while supervisors from the SME will attend a 1 day workshop. P-Max program managers will then follow up with the newly trained SMEs and PMETs for a period of 6 months to monitor their performance and to help ensure that the practices learned in the workshops are implemented.
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If your company successfully completes the 6-month follow-up and retains your new employees, you will be eligible for a one-time grant of $5,000.
To apply, you must contact the respective program administrators or submit your interest at this link.
More information about P-Max, as well as the list and contact information of program administrators, can be found on the Workforce SG website (click on the “How to Apply?” tab).
Most of the startup grants discussed above require you to already incorporate your company before you can start applying for them. If you haven’t already, you might consider hiring a corporate services firm to incorporate your company on your behalf. It is not easy to establish a new business and sometimes, there are many legal formalities in the initial phase that require attention and appropriate compliance.
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A corporate services company provides business support services to companies, including company incorporation. It can assist you in registering the business and submitting important documents to meet the legal requirements of establishing a company.
Most importantly, an enterprise services company can help you manage your compliance deadlines and requirements. With a dedicated corporate services company handling such legal requirements, you can better direct your resources to actually running your startup and achieving your goals.
If you are interested in hiring a corporate services company, you can find out more details and contact us on this page.
Once you have successfully established your company and applied for the relevant grants above, you must comply with the regulatory and compliance requirements imposed by Singapore law. Some of the requirements include a registered office and the appointment of a company secretary. The corporate services company of your choice can also provide corporate secretarial services and help you manage your grant-related requirements.
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Additionally, you may wish to consult with a corporate attorney, either to navigate the many forms and requirements involved in incorporating a company or to obtain legal support for specific tasks such as protecting intellectual property and reviewing and drafting contractual agreements.
The information provided is not legal advice. You should obtain specific legal advice from an attorney before taking legal action. Although we try our best to ensure the accuracy of the information on this website, you rely on it at your own risk. According to the 2016 State of Women-Owned Business Report commissioned by American Express OPEN, the number of women-owned businesses grew 45% between 2007 and 2016, compared to just a 9% increase among all businesses in the US. That’s 38% owned by women. In Israel. Back in 2007, women owned 29% of American businesses. As of today, black women are the majority owners of 1.9 million companies, employing 376,500 people and generating revenues of $51.4 billion.
Despite the significant growth of women in entrepreneurship, it is more difficult for female-controlled startups to access capital to launch and/or scale their businesses. Compared to men, female founders are less likely to receive bank loans, venture capital and angel investments. In 2015, for example, venture capitalists invested over $58 billion in startups, but only 2% of the money went to women.
To help close the gender gap in entrepreneurship, several organizations are providing women with the funding they need for their businesses.
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Female entrepreneurs who have been in business for at least three years can apply for the Eileen-Fisher-Owned Business Grant, which gives 10 women grants of up to $100,000. To be considered, your company must be majority owned by women and women – lead and promote social and environmental change. Additionally, applicants cannot earn more than $1 million in revenue in the year prior to applying.
The InnovateHER business challenge is a national competition sponsored by the Small Business Administration, which allows young entrepreneurs to pitch their ideas in front of a live audience and judges. In 2017, the national winner received a $70,000 grant.
Every month, the Amber grant awards $500 to an entrepreneur
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