5 Government Grants You Should know

How to finance your next business venture

Starting a new business can be overwhelming but the Singapore climate is primed for entrepreneurship — just look at all the government-backed initiatives aimed at supporting business owners and new startups. Here’s how to get the support you need.

Infocomm Development Authority (IDA) iSPRINT Grant

IDA supports SMEs by offering pre-packaged IT solutions for small to medium enterprises. Basically, if you need to buy a new accounting tool, upgrade your content management software, or just need to get your IT sorted, iSPRINT can fund up to 70 percent off your packaged solutions purchases (capped at $20,000).

Who’s eligible?

Any company registered or incorporated in Singapore that has at least 30 percent local shareholding, and less than 200 employees, or an annual sales turnover of not more than S$100 million.

To learn more, click here.

National Arts Council (NAC) Market and Audience Development Grant

Any individual or organisations working in the arts can get up to S$70,000 for their marketing initiatives: from audience surveys, marketing collaterals development, to attending international festivals and international visit programmes (yes, that includes airfare).

Who’s eligible?

Individuals who are Singaporean and Permanent Residents, preferably residing in Singapore, and actively contributing to the local art scene. Collectives and organisations (both non-profit and for-profit) must have a core focus on the arts and are either registered with ACRA, or be registered as a society with the Registry of Societies.

To learn more, click here.

SkillsFuture Singapore (SSG) Enhanced Training Support Scheme

Employers can enjoy up to 90 percent subsidies when they send their employees for courses supported by the SSG, or academic CET programmes offered by Polytechnics and ITE.

Who’s eligible?

Singaporean or Permanent Residents employees working for companies registered or incorporated in Singapore with a minimum of 30 percent local shareholding and less than 200 employees, or less than S$100 million annual sales turnover.

To learn more, click here.

SPRING Action Community for Entrepreneurship (ACE) Start-ups Scheme

First time entrepreneurs can get up to $50,000 in a co-matching grant to kickstart their business. SPRING will match $7 to every $3 raised by an entrepreneur. If you want to get the full grant of $50,000, you’ll need to raise $21,429 for co-matching. SPRING does not take equity in exchange for the grant, and instead you’ll be given the funds over 2-3 tranches while paired with a mentor who will support your startup in its first year.

Who’s eligible?

Singapore Citizens and Permanent Residents who are first-time entrepreneurs holding at least 51 percent of equity in the company, and are committed to the company on a full-time basis. To qualify as a first time entrepreneur, you must never have registered for any type of business with ACRA.

To learn more, click here.

Technology Enterprise Commercialisation Scheme (TECS)

Working on a new tech product? Jointly administered by IDA and SPRING, TEC aims to help technology-oriented startups grow. If your venture is only in its initial stage, simply submit a Proof of Concept proposal and get up to $250,000 funding for your project. For entrepreneurs needing research and development funds, apply a Proof of Value project proposal to get up to 85 percent of qualifying cost at S$500,000 maximum.

Who’s eligible?
Startups registered for less than 5 years, with at least 30 percent local shareholding, with either a sales turnover of not more than S$100 million, or with less than 200 employees. Your technology innovation project must fall under one of the following areas: robotics, biomedical sciences, clean techonology, precision engineering, transport engineering, information and communication technologies.

To learn more, click here.