Are you a business owner in Singapore looking to upgrade your company’s technology but worried about the cost? Have you heard about the business grant program started by the government but don’t know where to start? Look no further! In this blog, we will provide you with all the essential information you need to know about a business grant in Singapore.
All You Need to Know About a Business Grant
The government of Singapore has initiated a business grant program to assist firms in affording state-of-the-art technological advancements. According to the grant regulations, the budget must cover the actual cost of the approved hardware or IT solution bundle. Still, additional administrative costs, such as shipping and setup, are not included. The services must be provided within a minimum timeframe of one year. The business grant is available to various sectors, including food and beverage, retail, engineering, logistics, and building. For more details, check out the MSME Blog, which offers finance, technology, and policy expertise to help small and medium businesses succeed and grow in the global economy.
Requirements for Accessing a Business Grant Portal
Make sure you have the following before starting your application and logging into a business grant portal:
- Company Identification Number
- Vendor Price
- Certificate of Registration and Identification for National Purposes (NRIC)
How to Apply for a Business Grant in Singapore: A Step-by-Step Guide
After gathering all of the necessary information, you can submit your application. Here is a detailed instruction on how to apply for a business grant in Singapore.
- Make an online grant application account. To apply, you must first register an account. Register for CorpPass by visiting https://businessgrants.gov.sg/ and filling out the required information.
- After logging in to the site, you may begin your grant proposal by selecting “My Grants” and “Get new grant” from the list of available awards. Choose the industry that most closely fits your company on the following screen.
- Explicate why you need financial aid. When prompted, choose the second option, “Upgrade important business areas.”
- Decide on whatever type of technology you need. You can choose between core capabilities, innovation, and productivity or pre-scoped productivity solutions.
- Collect product brochures and a quote from your favorite seller (if any). To continue, please verify your eligibility on the following screen and edit your profile information.
- Choose the type of solution and the service provider from the drop-down menus.
- Determine whether you need hardware or an IT approach. After that, choose your solution provider from the drop-down menu.
- Scroll down and select the required quantity, the start date (when you’ll begin employing the service), and the explanation for your need.
- Choose the provider and add any relevant paperwork. Continue filling out the form by entering the company’s address, store, factory, or another establishment where the service will be used.
- Describe the changes that will occur due to its implementation (e.g., enforcing social separation among consumers who wish to enter your store) and the productivity improvements, including which jobs will be completed more quickly and by what percentage.
- Click “Save” before moving on to the next screen. If you cannot finish the application for the government grant right immediately, this will ensure that you can pick it back up later.
Don’t let the cost of upgrading your company’s technology hold you back. Take advantage of the business grant program started by the Singaporean government and give your business the cutting-edge advancements it deserves. SME working capital loans are also available from the Singaporean government to support SMEs. Eligible businesses can apply for this loan to meet daily operating expenses and pursue growth opportunities.