Schemes such as the small business grant fund can help you keep your business afloat in these times at least in the short term. In addition to this another area to investigate is charities, industry bodies and other organizations out there that are supporting specific industries, such as the creative sector.
However, for some businesses and start-ups which might not fit the eligibility criteria of the government schemes, then other options need to be investigated. Even for businesses that do meet the criteria for support, more is often needed to keep the business viable. Small business grants from the Singaporean government can only provide a certain amount of financial support to Singaporean business owners and there are other ways your business can raise capital too.
Market Readiness Assistance (MRA) Grant
This grant that is available in Singapore has been designed to help businesses in Singapore expand overseas. This grant can help with a range of different aspects to business promotion and expansion for those looking to start exporting their products and services to other countries. Generally, this grant is used for overseas development and promotion.
Enterprise Development Grant (EDG)
This is a grant that is for established businesses in Singapore that are looking to develop their business further. Typically, some of the aspects that this grant can be used for are things such as third-party consultancy fees, software, and office equipment. It can also be used for internal staff costs.
Business Improvement Fund (BIF)
If your business either works in the tourism or supports the tourism industry in some way, such as through software and services aimed at the tourism sector, then this grant might be useful. The Business Improvement Fund (BIF) has been launched to help promote and fund technology innovation and adoption to aid competitiveness.
Productivity Solutions Grant (PSG)
If you have a Singapore business that needs to improve productivity by adopting a more efficient IT strategy then the PSG grant might help. The grant can be used for the adoption of IT equipment and software that can help improve productivity within the business.
Aviation Development Fund (ADF)
If your business operates in the aviation sector, then your firm may be eligible for the ADF grant which has been designed to support and promote the aviation sector in Singapore.
As the above list of grants highlights, not all grants are available to all businesses in Singapore. Some of these grants are specific to certain industries that the government in Singapore are looking to promote, such as tourism and aviation, whereas other grants are for established businesses looking to expand in certain ways, such as with export. For businesses in Singapore that fall out of the criteria for grants then entrepreneurs looking for business funding must explore other options.
Seeking investment from Angel Investors
Another option to consider is to join forces with an Angel Investor to help support your business financially. Angel investors obviously won't invest in just any business, you will need to prove that you have a sound business idea, or if you are a start-up, have figures and research to show what the current and future prospects are for a financial return. Ultimately, if you do decide to go down the angel investment route you will need to give up some equity in your business and guarantee a certain amount of return.
The benefits of partnering with an Angel Investor in Singapore is not just one based on a financial injection into your business, if you pick the right investor, they will also provide support and advice to you. Often, an Angel Investor will be very experienced in the marketplace that they are investing in and can open the door to new contact and new business opportunities to you that were not otherwise available. Remember that Angel Investors are financially invested in the projects and start-ups that they invest in so are keen that you make a success of your venture since it is also in their own best interest.
It is not easy running a small business in the current market, but there are a few government schemes and grant funding that can help you in the short term. However, the Angel Investment Network in Singapore can also be especially useful in this time since you can make vital contacts with experienced Angel Investors. Many investors are looking to invest in businesses based in Singapore for the long term and if you have a sound business idea then you may find the business support and financial help you need.