3 SME Grants In Singapore Start-Ups & Entrepreneurs Can Tap On
Updated on: 15 March 2022
As the world is feeling the pinch, or to some, the punch given by the pandemic, many businesses are left looking for solutions to improve their current operations while keeping their heads above water. At the same time, the pandemic has seen many new companies popping up, as more individuals are turning to entrepreneurship and setting up businesses from home.
Fortunately, in Singapore, the government has recognised the need for help in certain areas of starting a business and have come up with grants that target not only the SMEs but, more importantly, the start-ups.
Suppose you are looking to establish a new business or already running a recently registered business in Singapore. In that case, you may be interested in learning about the various government grants for small businesses available for you to rely on.
1. Digital solutions: Productivity Solutions Grant (PSG)
The Productivity Solutions Grant is created to support businesses looking to adopt IT solutions and equipment to boost their current business operations and increase productivity. It is also recommended for start-ups to apply for this grant to help them build a solid business foundation.
Eligible businesses can get up to 50% in subsidies when they invest in pre-approved IT solutions including Digital Marketing solutions, Customer Relationship Management solutions, and Human Resource Management solutions.
Before applying, it is important to check for your business’ eligibility. Should you be eligible, you can then apply for the PSG grant as follows:
Step #1: Access the PSG grant pre-approved vendor list of permitted IT equipment and solutions using the GoBusiness Gov Assist Portal’s e-Adviser to see whether any of them meet your requirements.
Step #2: Get a quote for your selected IT equipment or solution from a pre-approved vendor.
Step #3: Apply for the PSG grant using your CorpPass account on the Business Grants Portal.
Get the nitty-gritty details by reading our step-by-step guide. Do note that from 1 April 2023 onwards, the maximum support level will be up to 50%.
2. First-time start-up business owners: Start-up SG Founder
The Start-up SG Founder programme is one of the many local support schemes entrepreneurs can access on Start-up SG, a platform launched in 2017.
It is a scheme tailored towards first-time start-up owners, providing them with a maximum grant incentive of $30,000 and the necessary skills needed to grow their business through mentorship. Working on a co-matching basis, for every dollar the start-up raises, the scheme will match $3. Hence to get the maximum $30,000 starting grant, the start-up business must raise $10,000.
You can apply for Start-up SG Founder as follows:
Step #1: Identify an Accredited Mentor Partners (AMP) from the list provided on the platform, then contact and apply directly through them.
Step #2: Your application will next be evaluated by your chosen AMP using the various factors: the novelty of your company concept, practicality of your business model, management team strength, and potential industry value. This process might take up to 5 business days.
Step #3: Once approved, you will then receive the Letter of Offer from Enterprise Singapore, and you will receive mentorship from your contacted AMP for at least a year. Your grant is paid out only if your business reaches certain milestones.
Take note that your AMP might require up to 50% of your start-up’s share. Thus, it would be best if you discussed with your AMP the specifics.
3. Productivity Solutions: Enterprise Development Grant (EDG)
The Enterprise Development Grant is managed and improved accordingly by Enterprise Singapore. It aims to support campaigns that assist start-ups and businesses in strengthening the foundations of their business – improving productivity, pursuing innovation, and expanding internationally.
The EDG provides coverage of 30% to 70% of the campaign cost, depending on the size of their business and the related solutions and equipment cost.
You can apply for the grant as follows:
Step #1: Identify the campaign category you are applying for: Market Access, Core Capabilities, or Productivity and Innovation, then indicate the approved service providers that are supporting your campaign.
Step #2: Log onto Business Grants Portal using your CorpPass account. Then upload your campaign proposal using the available proposal template.
Step #3: Your grant application will be evaluated based on campaign scope, your service provider’s competency, and outcomes. This process will take 8 to 12 weeks. Once successful, Enterprise Singapore will deliver to your company a Letter of Offer that indicates the support conditions and the total sum of the grant awarded.
Most of the start-up grants available require your business to be already registered and incorporated before you can apply for them. It is not easy to start a business, but there are many forms of assistance that you can tap on to make the journey much smoother. And if you are looking for digital marketing strategies and solutions, we can help you out!
As a PSG pre-approved vendor with accreditations from both Google and Meta backed by years of experience, we are primed to help businesses grow their online presence. We offer a range of digital marketing solutions including Search Engine Optimisation (SEO), Lead Generation, and Social Media Marketing – in an era where most consumers are now looking online, it is vital to have a solid online presence, and we want to help you achieve your goals.
Get in touch with our team and give us a call to kickstart your journey with us at (+65) 6208 8111!