Starting a business in Singapore can be an exciting venture, but it can also be challenging, especially when it comes to securing funding. Fortunately, the Singaporean government has implemented various grants and schemes to support local businesses, providing them with the necessary resources to grow and thrive. In this article, we will explore the comprehensive list of Singapore business grants that can unlock funding opportunities for entrepreneurs and small business owners.
Entrepreneurial Spirit Grants
The Entrepreneurial Spirit Grants, also known as the Entrepreneurial Spirit Awards, aim to recognize and support outstanding entrepreneurs who have demonstrated a strong entrepreneurial spirit. This grant is open to local entrepreneurs who have a novel business idea or have demonstrated exceptional growth in their existing business.
- Eligibility: Local entrepreneurs with a novel business idea or exceptional growth in their existing business
- Amount: Up to SGD 20,000
- Duration: 12 months
- Application period: Annually
Startup SG
Startup SG is a grant scheme designed to support startups in Singapore, focusing on innovative and scalable ideas. The grant provides financial support to help startups build a strong foundation and prepare for global expansion.
- Eligibility: Startups with innovative and scalable ideas
- Amount: Up to SGD 500,000
- Duration: 24 months
- Application period: Annually
Early-Stage Venture Funding (ESVF) Scheme
The Early-Stage Venture Funding (ESVF) Scheme provides funding to early-stage companies that have demonstrated strong potential for growth and scalability. The grant aims to support these companies in their early stages, helping them build a solid foundation for long-term success.
- Eligibility: Early-stage companies with strong growth potential
- Amount: Up to SGD 500,000
- Duration: 24 months
- Application period: Annually
Business Development Fund (BDF)
The Business Development Fund (BDF) provides funding to businesses that are looking to innovate, expand, or improve their operations. The grant aims to support businesses in their growth and development, helping them to increase their competitiveness and sustainability.
- Eligibility: Businesses looking to innovate, expand, or improve operations
- Amount: Up to SGD 500,000
- Duration: 36 months
- Application period: Annually
SkillsFuture Enterprise Development (EFund)
The SkillsFuture Enterprise Development (EFund) provides funding to businesses that are looking to develop their workforce and upgrade their skills. The grant aims to support businesses in their talent development, helping them to increase their productivity and competitiveness.
- Eligibility: Businesses looking to develop their workforce and upgrade skills
- Amount: Up to SGD 500,000
- Duration: 36 months
- Application period: Annually
Conclusion
In conclusion, the Singaporean government has implemented various grants and schemes to support local businesses, providing them with the necessary resources to grow and thrive. The Entrepreneurial Spirit Grants, Startup SG, Early-Stage Venture Funding (ESVF) Scheme, Business Development Fund (BDF), and SkillsFuture Enterprise Development (EFund) are just a few of the many opportunities available to entrepreneurs and small business owners. By taking advantage of these grants, businesses can unlock funding opportunities and achieve their goals.
FAQs
Q: What is the eligibility criteria for the Entrepreneurial Spirit Grants?
A: The eligibility criteria for the Entrepreneurial Spirit Grants include being a local entrepreneur with a novel business idea or exceptional growth in their existing business.
Q: How do I apply for the Startup SG grant?
A: You can apply for the Startup SG grant through the Singaporean government’s website. The application period is annually, and the grant is open to startups with innovative and scalable ideas.
Q: What is the duration of the Business Development Fund (BDF) grant?
A: The Business Development Fund (BDF) grant has a duration of 36 months, providing businesses with the necessary resources to develop and implement their business plans.
Q: How do I know if I am eligible for the SkillsFuture Enterprise Development (EFund) grant?
A: To be eligible for the SkillsFuture Enterprise Development (EFund) grant, you must be a business looking to develop your workforce and upgrade your skills. You can check the eligibility criteria on the Singaporean government’s website.
Q: What is the purpose of the Early-Stage Venture Funding (ESVF) Scheme?
A: The purpose of the Early-Stage Venture Funding (ESVF) Scheme is to provide funding to early-stage companies that have demonstrated strong potential for growth and scalability. The grant aims to support these companies in their early stages, helping them build a solid foundation for long-term success.
Note: The above article is for informational purposes only and does not constitute legal or professional advice. It is recommended that businesses consult with a qualified professional before applying for any grant or scheme.
