Over the years, Singapore has gained a reputation as one of the most attractive countries for startups. The Singaporean government’s dedicated support has been one of the key reasons behind this success. Recognizing the vital role that entrepreneurs play in driving economic growth, the government offers a range of funding & grants to support small and medium enterprises (SMEs) and startups in Singapore.
There are many types of grants and they each have their own benefits. We have gathered up a list of schemes for you to tap on.
1. Startup SG Founder (SSGF)
The SSGF program aims to assist first-time entrepreneurs in kickstarting their venture in Singapore by offering financial support and mentorship. Supported by Enterprise Singapore, the program was launched in 2017 and is considered one of Singapore’s most popular grants.
The program will have startups allocate a cash grant extending up to $50,000. For every $1 raised by the aspiring entrepreneur, $5 will be matched. Additionally, participants will benefit from a 12-month mentorship program as part of the scheme.
2. Startup SG Tech (SSGT)
The SSGT is a government initiative in Singapore that provides support and funding specifically for deep tech startups. The initiative provides early-stage funding, mentorship, and access to resources to assist startups in their technological development and market expansion.
Startups can choose between a Proof-of-Concept (POC) grant capped at $250,000. Or, they can choose a Proof-of-Value (POV) grant capped at $500,000, depending on their development stage. If the grant is approved, the startup must increase their paid capital by 10% for POC or 20% for POV, which serves as a commitment safeguard.
3. Business Improvement Fund (BIF)
The BIF allocates grants to startups within the Singapore Tourism Board (STB) to encourage technological innovation and implementation within the sector. Furthermore, applicants under SME can receive funding of up to 70% whereas non-SME will get up to 50%. The funding support includes travel, training, third-party related, manpower, and hardware.
4. Enterprise Development Grant (EDG)
The EDG is a government funding initiative in Singapore that aims to support local businesses in upgrading, innovating, and internationalizing their efforts. The eligible SMEs can receive financial support covering up to half of the qualifying project costs, which namely third-party consultancy fees, software and equipment, and internal manpower cost.
The EDG programme aims to build SMEs in Singapore core competencies that include:
- Core capabilities: For business to prepare for growth and transformation by strengthening business foundations, which include business development, branding and marketing, business strategy, etc.
- Market Access: For companies that target markets overseas.
- Innovation and productivity: For business to transform through innovative products, processes, and new business models. Additionally, depending on business size and whether the costs are associated with equipment and software, EDG will grant up to 70% subsidy of a project’s costs.
5. Productivity and Solutions Grant (PSG)
The PSG is a government grant that helps local SMEs enhance productivity, develop new solutions, and improve overall competitiveness. What is more, the scheme grant provides funding for companies to implement various types of projects, such as automation, training, and research & development (R&D).
Successful applicants can receive up to 50% funding for purchasing IT products through the IMDA PSG schemes. Moreover, they can access support for both sector-specific and generic solutions, all of which EnterpriseSG and other participating agencies have pre-approved.
Conclusion
To ease the application process, be sure to research thoroughly the available rants and schemes to identify which ones align best with your business’s needs and objectives, and make sure to prepare the relevant documents prior to applying. If you ever find yourself in need of guidance or assistance, please don’t hesitate to reach out to us.
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