Are you tired of slogging through the grant application process without any success? Well, you're in luck because we're about to demystify the world of business grants for you. With a 100% hit rate on our grant succession for digital transformation projects, we're confident that our expertise will help you navigate the grant landscape like a pro.
Quick word from us, the team at Devhaus - we've taken a careful approach into crafting this article to accomodate to 3 types of readers personas (So if you're any of them, this article will definitely come in handy):
- The Entrepreneur
- Goals: To start a new business and secure funding through grants.
- Pain Points: Uncertainty about the grant application process, eligibility criteria, and available grants for startups.
- Your burning questions:
- How to get a grant to start a business
- How to apply for a grant to start a business
- How to get a startup business grant
- How to apply for a startup business grant
- The Small Business Owner
- Goals: To grow and expand their existing small business using grants.
- Pain Points: Difficulty in finding and applying for relevant grants, understanding the grant application process, and meeting eligibility criteria.
- Your Burning Questions:
- How to get a small business grant
- How to apply for a small business grant
- How to qualify for a small business grant
- How to get a grant for a small business
- Business Development Professional (Most ideal)
You could be leading a growth, marketing, sales, of product team - it'll all make sense once you've read through this- Goals: To stay updated on the latest grant opportunities and best practices for securing grants.
- Pain Points: Staying informed about new grant programs, understanding the grant writing process, and ensuring successful grant applications.
- Your Burning questions:
- How to write a grant proposal for a small business
- How to write a business proposal for a grant
- How to get approved for a business grant
- How to apply for a government grant to start a business
We'll do our best to cover them all - if you can't find it here, we're 100% sure you'll be able to look through for answers within our guided resources.
What Are Business Grants?
So, what exactly are business grants? Simply put, they're funds provided by government agencies, private organizations, or non-profit entities to support businesses in various stages of development. Unlike loans, grants don't need to be repaid, making them an attractive option for entrepreneurs looking to grow their ventures.
Business grants are funds are typically provided by government agencies ( for Example - Enterprise Singapore ), private organizations, or non-profit entities to support businesses in various stages of development. Unlike loans, grants don't need to be repaid, making them an attractive option for entrepreneurs looking to grow their ventures. These funds can be used to support a wide range of business activities, from research and development to market entry and export promotion.
For example, a startup in the technology sector might receive a grant to develop a new product or service. This grant would provide the necessary funding to cover the costs of research and development, allowing the startup to bring its innovative idea to market.
Types of Business Grants Available
Now that we've got the basics covered, let's dive into the different types of business grants available. You've got your government grants, private grants, and non-profit grants, each with their own set of requirements and benefits.
Before we go in too deep into the types of grants available, I'll have you know that there are just...TOO MANY, so brace yourself because this is definitely a good kind of problem for business leaders to tap on. (P.s. we'll focus only on Grants for Businesses Operating in Singapore for this article)
So here are the 3 main compartments of the most common grants you could typically look for to help grow your business (or even departments, yes - you can use them to purchase new software licenses, equipment, drive RÂ &Â DÂ projects in your company and much much more). Here's more on it.
Government Grants
Government grants are provided by local, state, or federal governments to support businesses in specific industries or regions. These grants often have strict eligibility criteria and application processes, but they can provide significant funding for businesses that meet the requirements.
For instance, the Singapore government offers grants to support startups and small businesses in the technology sector. These grants can provide up to 50% (or even 80%Â for projects around sustainability too) of the project costs, helping businesses to develop new products and services.
Here are our top picks of grants this 2024!
1. Enterprise Development Grant (EDG): Strategic Brand and Marketing Development
The EDG is a comprehensive grant that supports businesses in various areas, including strategic brand and marketing development. This grant can help businesses to develop and implement effective branding and marketing strategies, which can lead to increased brand awareness and customer acquisition.
Case Study: A local fashion retailer used the EDG to develop a new brand identity and marketing campaign. The grant helped the company to hire a branding agency and implement a comprehensive marketing strategy, which resulted in a 30% increase in sales and a 50% increase in brand awareness.
2. Enterprise Development Grant (EDG): Automation Grant
The EDG also supports businesses in the area of automation and productivity improvement. This grant can help businesses to adopt new technologies and automate their processes, which can lead to increased efficiency and cost savings.
Case Study: A manufacturing company used the EDG to implement a new automated production line. The grant helped the company to purchase new equipment and train its staff, which resulted in a 50% increase in productivity and a 30% reduction in production costs.
3. Market Readiness Assistance (MRA) Grant
The MRA grant supports businesses in their overseas expansion efforts. This grant can help businesses to conduct market research, participate in overseas trade fairs, and develop marketing collateral for overseas markets.
Case Study: A local food and beverage company used the MRA grant to expand into the Chinese market. The grant helped the company to conduct market research, develop localized packaging and marketing materials, and participate in a trade fair in Shanghai. As a result, the company secured several new distributors and increased its export revenue by 200%.
4. Career Trial Grant
The Career Trial Grant supports businesses in hiring and training new employees. This grant can help businesses to provide on-the-job training to new hires, which can lead to increased productivity and employee retention.
Case Study: A local IT company used the Career Trial Grant to hire and train several new software developers. The grant helped the company to provide comprehensive on-the-job training to the new hires, which resulted in a 90% retention rate and a 30% increase in project delivery speed.
5. Upskill Today Program
The Upskill Today Program supports businesses in upskilling their employees. This program provides subsidies for employee training courses, which can help businesses to develop a more skilled and competitive workforce.
Case Study: A local logistics company used the Upskill Today Program to train its employees in new technologies and processes. The program helped the company to provide training in areas such as data analytics, automation, and supply chain management. As a result, the company was able to improve its operational efficiency by 40% and reduce its employee turnover rate by 50%.
These are just a few examples of the many grants available to businesses in Singapore - if you'd like to explore further, feel free to reach out to our team and we'll be more than happy to walk you through our success use-cases!
Private Grants
Private grants are offered by corporations and foundations to support businesses that align with their goals and values. These grants can be more flexible than government grants and may have fewer eligibility criteria, but they often require a strong business plan and proposal.
Here are our top 5 private grant picks for businesses in Singapore:
1. DBS Foundation Social Enterprise Grant Programme
The DBS Foundation Social Enterprise Grant Programme supports social enterprises in Singapore that are working to address social and environmental issues. This grant provides funding of up to S$250,000 to help social enterprises scale their impact and achieve sustainability.
Case Study: A local social enterprise that provides employment opportunities for individuals with disabilities used the DBS Foundation Social Enterprise Grant Programme to expand its operations. The grant helped the company to purchase new equipment and hire additional staff, which resulted in a 50% increase in the number of individuals employed and a 30% increase in revenue.
2. Singtel Future Makers Grant
The Singtel Future Makers Grant supports startups and social enterprises that are using technology to address social and environmental challenges. This grant provides funding of up to S$20,000, as well as mentorship and networking opportunities.
Case Study: A local startup that developed a mobile app to connect volunteers with community service opportunities used the Singtel Future Makers Grant to expand its user base and improve its technology. The grant helped the company to hire additional developers and implement new features, which resulted in a 200% increase in user registrations and a 50% increase in volunteer hours logged.
3. Temasek Foundation Ecosperity Grant
The Temasek Foundation Ecosperity Grant supports businesses and organizations that are developing innovative solutions to address environmental challenges. This grant provides funding of up to S$500,000 to support research and development, as well as commercialization efforts.
Case Study: A local cleantech company that developed a new water filtration system used the Temasek Foundation Ecosperity Grant to conduct further research and testing. The grant helped the company to refine its technology and conduct pilot tests with potential customers, which resulted in several large orders and a 300% increase in revenue.
4. OCBC 90°N Programme
The OCBC 90°N Programme supports startups and small businesses in Singapore that are working on innovative solutions in areas such as fintech, healthcare, and sustainability. This programme provides funding of up to S$250,000, as well as mentorship and networking opportunities.
Case Study: A local fintech startup that developed a new payment processing platform used the OCBC 90°N Programme to expand its operations and acquire new customers. The programme helped the company to hire additional sales and marketing staff, as well as develop new features and integrations. As a result, the company was able to increase its transaction volume by 500% and secure several key partnerships with major retailers.
5. Cartier Women's Initiative Award
The Cartier Women's Initiative Award supports women entrepreneurs from around the world who are working on innovative solutions to social and environmental challenges. This award provides funding of up to US$100,000, as well as mentorship and networking opportunities.
Case Study: A local woman entrepreneur who founded a sustainable fashion brand used the Cartier Women's Initiative Award to expand her business and increase her impact. The award helped her to hire additional staff, develop new product lines, and expand into new markets. As a result, she was able to increase her revenue by 400% and create jobs for over 50 women from disadvantaged backgrounds.
Non-Profit Grants
Non-profit grants are provided by NGOs and charitable organizations to support businesses that address specific social or environmental issues. These grants often have a strong focus on community development and may require businesses to demonstrate their impact on the local community.
Here are our top 5 non-profit grant picks for businesses in Singapore:
1. National Volunteer & Philanthropy Centre (NVPC) Grant
The NVPC Grant supports non-profit organizations and social enterprises in Singapore that are working to address social and community issues. This grant provides funding of up to S$100,000 to support various initiatives, such as capacity building, program development, and community engagement.Case Study: A local non-profit organization that provides education and support services to low-income families used the NVPC Grant to expand its programs and reach more beneficiaries. The grant helped the organization to hire additional staff, develop new curriculum materials, and conduct outreach activities in the community. As a result, the organization was able to increase the number of families served by 200% and improve the academic performance of the children in its programs.
2. Community Chest Fu Dai Scheme
The Community Chest Fu Dai Scheme supports social service agencies and non-profit organizations in Singapore that are working to address the needs of vulnerable and disadvantaged groups. This scheme provides funding of up to S$200,000 to support various initiatives, such as capacity building, program development, and community engagement.
Case Study: A local social service agency that provides support services to individuals with mental health conditions used the Community Chest Fu Dai Scheme to expand its programs and improve its services. The scheme helped the agency to hire additional staff, develop new therapy programs, and conduct outreach activities in the community. As a result, the agency was able to increase the number of individuals served by 150% and improve the mental health outcomes of its clients.
3. Tote Board Non-Profit Sector Transformation Initiative
The Tote Board Non-Profit Sector Transformation Initiative supports non-profit organizations in Singapore that are working to build their capabilities and improve their services. This initiative provides funding of up to S$200,000 to support various initiatives, such as technology adoption, process improvement, and staff training.
Case Study: A local non-profit organization that provides employment support services to individuals with disabilities used the Tote Board Non-Profit Sector Transformation Initiative to improve its operations and services. The initiative helped the organization to implement a new case management system, train its staff in new skills, and develop new employment programs. As a result, the organization was able to increase its efficiency by 50% and improve the employment outcomes of its clients.
4. SG Eco Fund
The SG Eco Fund supports organizations and individuals in Singapore that are working on environmental sustainability projects. This fund provides funding of up to S$1 million to support various initiatives, such as research and development, community outreach, and public education.
Case Study: A local environmental organization that promotes sustainable living practices used the SG Eco Fund to expand its programs and reach more individuals. The fund helped the organization to develop new educational materials, conduct workshops and events, and engage with schools and community groups. As a result, the organization was able to increase its outreach by 300% and inspire more individuals to adopt sustainable living practices.
5. President's Challenge Social Enterprise Award
The President's Challenge Social Enterprise Award supports social enterprises in Singapore that are working to address social and environmental challenges. This award provides funding of up to S$50,000, as well as mentorship and networking opportunities.
Case Study: A local social enterprise that provides training and employment opportunities for individuals with special needs used the President's Challenge Social Enterprise Award to expand its operations and impact. The award helped the enterprise to purchase new equipment, hire additional staff, and develop new training programs. As a result, the enterprise was able to increase the number of individuals trained and employed by 100% and improve the quality of its products and services. These are just a few examples of the many private and non-profit grants available to businesses and organizations in Singapore. By leveraging these grants, businesses and organizations can access the funding and support they need to address social and environmental challenges and make a positive impact in their communities.
Who Can Apply for Business Grants?
So, who can apply for these fabulous grants? Well, it's not just limited to startups. Small businesses, entrepreneurs, and even established companies can apply for grants, provided they meet the eligibility criteria. Whether you're just starting out or looking to expand your operations, grants can provide the necessary funding to support your business goals.
For example, a small business in the retail sector might apply for a grant to support the development of an e-commerce platform. This grant would provide the necessary funding to cover the costs of development, allowing the business to expand its online presence and reach new customers.
Benefits of Business Grants
Now, let's talk about the benefits of business grants. Not only do they provide financial support without requiring equity loss, but they also offer opportunities for growth and expansion. Plus, grants can fund research and development initiatives, market entry, and export promotion. For instance, a grant might provide funding for a business to conduct market research and develop a new product or service. This would allow the business to enter new markets and expand its customer base, leading to increased revenue and growth.
Common Misconceptions About Business Grants
Time to bust some myths about business grants. Firstly, grants aren't 'free money.' They require a lot of effort and dedication to secure. Secondly, the application process might be competitive, but it's not impossible. And lastly, eligibility criteria aren't as daunting as they seem. For example, some businesses might think that grants are only available for specific industries or sectors. However, grants are available for a wide range of businesses, from technology and healthcare to retail and manufacturing.
How to Find the Right Business Grant
So, how do you find the right business grant for your venture? Research, research, research Research online databases, government websites, and grant directories. Network with industry connections and grant experts. And don't be afraid to reach out to us for guidance. For instance, you might search online for grants specific to your industry or sector. You could also reach out to industry associations or trade organizations for guidance on available grants.
Application Process Overview
Now that you've found the perfect grant, it's time to apply. The application process might seem daunting, but it's worth it. Make sure you've got a strong business plan and proposal in place. And don't forget to tailor your proposal to the grant provider's goals. For example, you might need to provide a detailed business plan, including financial projections and market analysis. You might also need to demonstrate how your business aligns with the grant provider's goals and objectives.
Tips for a Successful Grant Application
Here are some tips to increase your chances of securing a grant:
- Tailor your proposal to the grant provider's goals.
- Highlight the impact and potential of your business.
- Keep your application concise and clear.
If you'd like to go down the rabbit hole and explore how to apply for the grants further, read through our article on how to apply for your business grants over at the Business Grants Portal. Read through our article guide via this link.
