LOOKING FOR GOVERNMENT GRANTS FOR YOUR START-UP OR SME?

The Singapore government encourages and supports start-ups and SMEs, knowing these entities are vital to the economic growth of the Island Republic. Numerous grants from the authority are made available for these companies to meet their initial business challenges.
The government through its arm SPRING and IE Singapore as well as collaborating with other Trade Association and Chambers in Singapore have launch Local Enterprise and Association Development (LEAD) programme to assist local business to be competitive and to expand overseas.
If yours is a local business and you’ve thought of upgrading its capability or expanding its market reach, you may want to consider the following grants.

1. Early-Stage Venture Funding

The National Research Foundation (NRF) offers Early Stage Venture Fund (ESVF) to fund early-stage technology start-ups in Singapore. On a matching basis, the ESVF co-funds potential start-ups together with Venture Capital (VC) firms.
Grants: Potential start-ups can be funded up to $3 million.

2. Action Community for Entrepreneurship (ACE) Startups

For novice entrepreneurs with an innovation idea, SPRING Singapore’s ACE Startups Scheme helps to kickstart your business with capital grant, mentorship support and networking contacts.
Eligibility: Available to Singaporean or Permanent Resident entrepreneurs whose business idea demonstrates originality, feasibility as well as with a potential market.
Grants: Capped at $50,000, ACE tops up $7 for your every $3.

3. Capability Development Grant

SPRING Singapore’s Capability Development Grant (CDG) provides financial assistance to businesses in certain areas like cost of certification, training, consultancy and so on.
Eligibility: Available to any SMEs registered and based in Singapore
Grants: Capped at $30,000 where businesses can apply up to 70% of the costs for manufacturing overhaul, product design and technology development.

4. ComCare Enterprise Fund

Ministry of Social and Family Development rolls out ComCare Enterprise Fund (CEF) which targets social entrepreneurs, aims at seeding the Social enterprise start-ups that benefit the Singapore social need.
Eligibility: Available to start-ups that hire and train disadvantaged Singaporeans
Grants: CEF funds up to of 80% of the capital expenditure and operating costs, capped at $300,000 for the first two years.

5. Financial Sector Technology and Innovation

Momentary Authority of Singapore (MAS) offers Financial Sector Technology and Innovation (FSTI) scheme to kickstart potential fintech and other technology-solution providers related start-ups initiatives.
Eligibility: Singapore-based fintech programmes or technology solution providers collaborating with Singapore’s financial instutitions.
Grants: MAS offers up to 50%-70% of development costs, capped at $200,000, for up to 18 months.

6. Technology Enterprise Commercialisation Scheme

Technology Enterprise Commercialization Scheme (TECS) jumpstart incubation ideas into potential businesses. The scheme facilitates businesses in the initiative stage of seed funding, focusing on start-ups which have their own technology intellectual property.
Eligibility: Companies incorporated and operating in Singapore which focus on developing an unique technology solution.
Grants: Using a two-tier initiative, with the Proof of Concept at $250,000 and the Proof of Value at $500,000.

7.PSG Grant

The Productivity Solutions Grant (PSG) supports companies keen on adopting IT solutions and equipment to enhance business processes.
For a start, PSG covers sector-specific solutions including the retail, food, logistics, precision engineering, construction and landscaping industries. Other than sector-specific solutions, PSG also supports adoption of solutions that cut across industries, such as in areas of customer management, data analytics, financial management and inventory tracking.These solutions have been pre-scoped by various government agencies – Enterprise Singapore and National Parks Board (NParks).
With up to 70% funding support, PSG serves as an avenue for companies to make long-term technology investments. The list of readily adoptable solutions can be found on Tech Depot.

SMEs can apply for PSG if they meet the following criteria:

Registered and operating in Singapore
Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore
Have a minimum of 30% local shareholding (for selected solutions only)

It is no secret that successful incubation of potential start-ups and upgrading of capability of existing businesses are the key for Singapore to remain competitive and relevant in this globalising world. The government is more than willing support domestic ventures to grow and succeed not just within Singapore but globally. Local businesses and start-ups should take the opportunity to grow and excel in this globalising world.