This grants might keep your optimism going especially in-line with the release of the Budget 2017
If the only thing that’s stopping you from becoming an entrepreneur is the lack of financial support, read on. The Singapore government is one big supporter of entrepreneurship (evidently seen in the Budget 2017), and does put money where its mouth is. Searching for grants and loans is one of the first things you’ll learn to do as an entrepreneur, so here are the major ones that may just give you the power boost you need to get things off the ground.
ACE Startup Grant , SPRING Singapore
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If there is only one grant to know about, then it’s the ACE Startup Grant. SPRING Singapore is a government agency that works to grow and develop Singaporean enterprises. With this grant, every S$3 raised by the entrepreneur is matched with S$7 of grant, up to a cap of S$50,000.
In addition to the financial help, SPRING will also provide mentorship support to help guide your startup in its fledgling state. It’s also grant that doesn’t take equity, and that makes it highly attractive, and not to mention competitive.
Only Singaporean citizens and PRs who are first-time entrepreneurs with a minimum of 51% equity in the company need apply.
The other major catch is that your idea cannot fall into the ‘vice’ category, such as gambling and prostitution, or employment agencies, cafes, or beauty salons.
Maximum amount: S$50,000
Business Angel Scheme, SPRING SINGAPORE
This is for business ideas that have already generated enough traction and interest from investors. The Business Angel Scheme allows you to apply for a matching grant amount from SPRING Singapore to further boost your initial capital. A potential draw-back is that SPRING and the business angel investors take equity in the company.
In order to qualify, your startup needs to have a paid-up capital of at least S$50,000 and your product or service offering needs to be innovative or has intellectual content.
Maximum amount: S$2 million
VentureForGood and VentureForGood (Youth), Singapore Centre for Social Enterprises
Social enterprises are businesses that don’t just aim to generate profits, but also have the improvement of society as one of their core operating principles. If your business idea addresses social issues such as education, mental and healthcare, or provides social care products or services, then you have to know about the VentureForGood grant by the Singapore Centre for Social Entrepreneurship.
The grant provides up to S$300,000 for new or existing social enterprises. Applications are accepted only twice a year, so keep yourself updated on the website.
For youths aged 18-26, there is a separate Youth category that provides funding of up to S$20,000. In addition to the monetary support, you will also receive guidance on assessing and improving your business proposal.
Maximum amount: S$300,000 or S$20,000
Kickstart Fund, Singapore Tourism Board
The Kickstart Fund by the Singapore Tourism Board doesn’t seem as well-publicized as SPRING Singapore’s, but it is an important one to keep in mind especially if your idea involves lifestyle and event concepts. If you’ve always dreamt of creating a company that brings in the coolest acts for the craziest festivals that will draw the crowds to Singapore, this is the one for you. The areas are pretty broad as well, spanning arts, culture, and entertainment, retail, as well as F&B and sports.
Funding support goes up to a cap of S$150,000 per project, or 50% of qualifying costs. This also includes costs incurred on equipment and materials, marketing, and even outsourced services.
Another plus point about this fund is that you will be assigned a mentor, who’s usually one of the Who’s-Who crows in the lifestyle and entertainment industry.
Alternatively, look out for a similar grant (Tourism Product Development Fund) from STB that is geared towards the development of products and experiences.
Maximum Amount: S$ 150,000
Technology Enterprise Commercialization Scheme
This grant by SPRING Singapore is geared towards those who have a real big idea that is scalable and is based on technology intellectual property. You need to apply for this scheme at the startup and early-stage of your business and show clearly that the science and technology that is applied to your idea has the potential to disrupt the existing market.
The grant amount varies according to the stage that your business is in. At the conceptualization stage with a proof of concept, the grant is capped at S$250,000 and at the commercialization stage; the amount goes up to S$500,000.
The company also needs to be no older than 5 years old at the time of the award and have a group annual sales turnover of less than S$100 million, as well as fewer than 200 workers.
Maximum Amount: S$250,000 –S$500,000
