Singapore has emerged as a hub for startups, with its business-friendly environment, highly developed infrastructure, and a thriving entrepreneurial ecosystem. The country has been actively promoting entrepreneurship through various initiatives and programs, providing financial support to startups to help them grow and succeed. One of the most effective ways to get funding is through grants, which can be a game-changer for many startups. In this article, we will take a closer look at the top 5 grants for Singapore startups, their eligibility criteria, and the benefits they offer.
1. Start-up SG Equity Scheme
The Start-up SG Equity Scheme is a grant provided by the Singapore government to support early-stage startups. The scheme offers a convertible loan of up to SGD 300,000 to startups that have a minimum of 30% local ownership and a minimum of SGD 100,000 in annual revenue. The grant is tied to equity, meaning that the startup will need to issue shares to the government as a condition of receiving the funding. The scheme is designed to support startups in the growth stage, with a focus on innovation, job creation, and economic growth.
2. SPRING-SEED Grant
The SPRING-SEED Grant is another initiative by the government to support startups in the early growth stage. The grant provides a maximum of SGD 1.5 million in funding to startups that have a minimum of 30% local ownership. The funding can be used for product development, marketing, and operational expenses. The grant is awarded based on a competitive process, and the selection is made by a panel of experts. The scheme is designed to support startups with innovative products or services that have the potential to create jobs and drive economic growth.
3. Start-up SG Venture Capital Scheme
The Start-up SG Venture Capital Scheme is a grant provided by the government to support startups that have secured funding from reputable venture capital (VC) firms. The scheme provides a co-investment of up to SGD 10 million to startups that have received funding from recognized VC firms. The scheme is designed to support startups with high-growth potential and the ability to create jobs and drive economic growth. To be eligible, startups must have a minimum of 30% local ownership and a minimum of SGD 1 million in annual revenue.
4. Enterprise Development Grant (EDG)
The Enterprise Development Grant (EDG) is a grant provided by the Singapore government to support small and medium-sized enterprises (SMEs) in the growth stage. The grant provides funding of up to SGD 1.5 million to support business expansion, product development, and market development. The scheme is designed to support SMEs that have the potential to create jobs and drive economic growth. To be eligible, SMEs must have a minimum of 30% local ownership and a minimum of SGD 1 million in annual revenue.
5. iSPRINT Grant
The iSPRINT Grant is a grant provided by the Singapore government to support startups and SMEs in the field of information and communication technology (ICT). The grant provides funding of up to SGD 1.5 million to support the development of innovative products and services. The scheme is designed to support startups and SMEs with innovative ideas that have the potential to create jobs and drive economic growth. To be eligible, startups and SMEs must have a minimum of 30% local ownership and a minimum of SGD 100,000 in annual revenue.
Conclusion
The top 5 grants for Singapore startups offer a range of opportunities for entrepreneurs to secure funding and support for their businesses. From early-stage startups to growth-stage companies, there are grants available to support various stages of development. To be eligible, startups and SMEs must meet specific criteria, such as local ownership and revenue requirements. By understanding the different grants available, entrepreneurs can make informed decisions about the best fit for their business needs.
FAQs
- What is the eligibility criteria for the Start-up SG Equity Scheme? To be eligible, startups must have a minimum of 30% local ownership and a minimum of SGD 100,000 in annual revenue.
- What is the maximum funding available under the SPRING-SEED Grant? The maximum funding available is SGD 1.5 million.
- How do I apply for the Start-up SG Venture Capital Scheme? Startups must apply through a recognized venture capital firm, which will then submit an application to the government.
- What is the eligibility criteria for the Enterprise Development Grant (EDG)? To be eligible, SMEs must have a minimum of 30% local ownership and a minimum of SGD 1 million in annual revenue.
- What is the eligibility criteria for the iSPRINT Grant? To be eligible, startups and SMEs must have a minimum of 30% local ownership and a minimum of SGD 100,000 in annual revenue.
