Finding the initial capital to start your business can prove to be a daunting task. Without having enough money in your savings, you might have to wait longer before venturing into business. That is where grants for SME come into play as they offer the financial assistance you need. Even though you may dream of getting grants to fund your startup, they may not be easy to get as most people tend to think. However, if you know where to look and how to complete the application process, you might be successful in securing SME grants Singapore. To offer a helping hand, here are some of the things you need to know about SME grants.
What is a Startup Small Business Grant?
Small business grants are monetary funding from the government or any other organization offered to small companies and nonprofits to achieve business success. Unlike loans, you do not have to pay back a government grant for SME. What is even more fascinating is the fact that there is no collateral needed and the money is yours to keep. Even though the money is awarded to people looking forward to succeeding in building and growing their business, it might come with rules dictating how to spend it.
Who is Eligible for a Startup Small Business Grant?
By now you might already be wondering who is eligible to get government funding for SME. To clear any doubts you might have in mind, government startup small business grants are not available to individuals looking forward to starting a business, catering for operational expenses or paying off debt. And unless your business is launching a project associated with areas such as medical research, technology or education, you may find it hard in getting one. So, if you are searching for research and development funding then government grants will come in handy.
The Bottom Line
Despite the fact that research grants Singapore might be hard to get, there are a number of things you can do to increase your chances. To give you a tip of the iceberg, you should have a clear idea of what is expected in the application, when it is due or any other piece of information you may need. Through this action, you will increase your chances of getting Singapore research funding from the government without going through a hard time.