Different Types of SME Grants

An SME grant is basically a monies allotment or grant that is given to an organization to further their development. In most cases, SME grants are disbursed by corporations, governments, foundations and non-profit organizations. Grants are not intended to be repaid like personal loans. As a grantor, you have the sole right to receive this money and use it for your purposes. But as a recipient, you should learn how to properly spend it so you can maximize your investment.

There are various types of grants that are available in Singapore. You can avail these from the following establishments: the Central Provident Fund (CPF), the Singapore Relief Funds, the Singapore Development Fund (SDF), the Singapore Consumer Finance Commission (SCFC) and the Supervisory Service Boards (SSB). Each of these organizations will allot funds to different categories of businesses in different categories. In this article, we discuss the measures that you can take to properly use the funds.

For startups, it is important to note that there are several government programmes that can help businesses in using the grants for startup requirements. The Small Business Administration (SBA), the Entrepreneurship Development Agency (EDA) and the Singapore Corporation all provide programmes that are dedicated to helping startups establish. These programmes may also help in providing assistance in advertising and marketing to businesses. These programmes also encourage startups to undertake international expansion.

While seeking startup support, entrepreneurs should also look for grants that will help them get start-up funding. This can come in the form of loans, partnership agreements and other financial options. For instance, the Small Business Administration (SBA) has a loan scheme that can be availed by businesses that meet certain criteria. To apply for the programme, a company needs to have at least one year of experience within the industry or service it offers. The Singapore Corporation on the other hand provides grants to startups that involve businesses that offer services and products that are similar to those offered by the parent company.

The Government of Singapore also has a number of supportive policies that you can avail of. One of these is the Citizen's Income scheme. This policy allows you to avail of grants and receive up to $1950 per annum, depending on your income levels per month. The rate of this cash award varies from person to person, with an average of about $1350 per annum. Apart from the Singaporean citizens, this scheme is also beneficial to Permanent Residents of the country, Singaporeans or Permanent residents of the region.

On the other hand, the Singapore company also has a number of corporate grant schemes that you can avail of. One of these is the local shareholding scheme. You can also avail of the Special Economic Zone (SEZ) grants for start-ups. If you are a firm or an organization that aims to establish a manufacturing unit in Singapore, the local shareholding scheme can be the right option for you.

You can also consider the Special Needs Funds as well. This is a grant amount that is designed specifically for students who are pursuing higher education in specific fields. For instance, the Special Needs Trust Fund is available for needy secondary students in order for them to complete a short-term or full degree course. The SEZ grants can help them complete their education and get a high paying job after graduating. The National Service (NS) Grant is another alternative if you want a short-term career trial.

When it comes to the national skills Future Enterprise Credit (SFE) grants, there are some eligibility requirements that you need to meet. To avail of the SFE grant amount, you have to work in the designated fields for a certain period of time. You also need to reach the age of 55 or above. Another form of the SFE is the Special Qualification Retirement Fund (QRTF) that is designed for eligible employers who want to retain their employees after the completion of their service period. The QRTF is also a supplement to the regular retirement scheme and works on a sliding scale. By engaging in the SFE program, you will be able to increase your cash flow as well as save tax money.

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