Sustaining a small business in Singapore is challenging with a limited cash flow. Again the outbreak of Coronavirus pandemic has driven SMEs globally to the worst state when their existence is at stake. The rate of unemployment is skyrocketing however the good news is the Singaporean government is up to save the SMEs by providing different types of grants. Here, explore how to apply for an SME grant in Singapore? And know a few more information about the grants.
Popular Singaporean SME grants are broadly divided into two types-
- General Purpose Grants
- Program or Project Support Grants
Significant SME grants provided by Singaporean government are—
Grant Programs for New Entrepreneurs & Start-ups
This program provides mentorship along with offering funds to new entrepreneurs to establish their business in Singapore. New entrepreneurs seeking proper training in becoming a successful businessperson apply for this grant where against every $3 the entrepreneur has to raise $1.
- Applicant has to be a Singaporean citizen
- Should have 30% shares of the business
- Committed to full-time business
- Involved with key decision making
- The company should be running operations for past 6 months
- At least have 51% Singaporean citizenry
- Shouldn’t be bar, café or spa