Wednesday, September 21, 2022

Government Grants For Sole Proprietorship

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Singapore Government Business Grants

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Dont we all love government grants?

Not that we should ever complain about having too many options and too much support but for a new business owner it can be daunting to navigate through the world of ACEs, A*STARs, IDAs, NRFs, and SPRINGs world of acronyms.

Below we list some of the most popular and widely-used government grants in Singapore for startups and small and medium enterprises in Singapore, as well as a short description on how they can apply to you and eligibility:

Government Small Business Grants

The U.S. Small Business Administration has many different grants available. These include Women-Owned Small Business Federal Contracting Program, 7 Management and Technical Assistance Program, State Trade Expansion Program , Small Business Innovation Research Program , and Small Business Technology Transfer Program .

Gottlieb Foundation Individual Support Grants

The Gottlieb Foundation provides grants specifically for mature artists. The program is aimed at fine artists like painters and sculptors who have been in the industry for 20 years or more, regardless of their level of commercial success. This is an annual program. Last year, the foundation provided 20 grants of $25,000.

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Consider Hiring A Grant Writer

Grant writing is an art, so consider hiring a grant writer if possible. A grant writer will know what kind of language to use to make your application stand out, which can make quite the impact when you’re competing.

It’s worth noting that grant writers can be rather expensive, so if you’re strapped for cash you may want to hold off and consider taking some free grant writing courses instead.

Instead of taking out loans you’ll have to pay back, grants offer you the opportunity to earn money without going into debt. Before you start applying to grant programs, ensure you’ve covered all your business’s legal bases.

Chicago Small Business Improvement Fund

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The SBIF supports small businesses repairing or remodeling their location, whether by updating windows and floors, replacing signage, or purchasing nearby property to expand into. Note that youâd receive this matching grant after completing and paying for your remodeling, so be cautiousâplenty of other businesses are likely competing for small business grants like these.

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Types Of Small Business Grants

There are several types of grants, and you may only be eligible for certain ones. Grants generally come from the following sources:

  • Federal state or local governments
  • Foundations
  • Businesses

Government grants are often the most involved, while grants made by businesses may include a competition aspect.

Here weve rounded up examples of some popular grants in these categories. However, dont limit your search to just these grants. Weve also included several research tools you can use to find grants that may be a fit for your business.

New York Foundation For The Arts Grants

The New York Foundation for the Arts provides over $3 million in funding to artists each year. The cash grants are open to individuals pursuing various artistic careers or starting their own ventures. There are various programs available throughout the year, including grants for visual artists, dancers, and those experiencing medical emergencies.

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The Sba’s Funding Programs

The SBA grant program offers a few funding options COVID-19 relief, research and development, exporting, and associate rewards. Grants vary by the year, and your eligibility may differ depending on each grant. They also offer a Veterans Business Outreach Center services for veterans to help assist in operations, funding, and other business needs.

  • Award amount: Varies
  • Where to apply: For more information, visit their website.

Small Business Technology Transfer Program

How Do Providers Pay Themselves?

Small Business Technology Transfer Programs are similar to SBIRs but focused on the technology industry. This grant is issued to businesses in the technology industry. These grants help fund innovative technological advancement, boosting the economy and business owners.

  • Award amount: Funding for a phase one award is up to $259,613 and phase two up to $1,730,751.
  • Where to apply: If you fit industry requirements, you must apply to a specific solicitation on their website.

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Small Business Grants For Startups

Many small business grants are open only to businesses that have been operating for a few years and have an established product or service. However, its often the newest businesses that need the most financial assistance and traditional loans to start a business can be hard to find. Therefore, you might check out these grants for small business startups.

Shuttered Venue Operators Grant

The SBA introduced this COVID-19 grant as part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. Shuttered Venue Operators Grants are available to individuals such as movie theater operators, talent representatives, and others who were affected by having their venue closed due to the pandemic.

Eligible applicants can receive a grant worth up to 45% of their gross earned revenue. The maximum grant amount is $10 million. To be eligible, applicants or venues must have been in operation as of February 29, 2020, and have not applied for or received a PPP loan on or after December 27, 2020.

As of August 2021, applications for Shuttered Venue Operators Grants are closed. The SBA intends to open the program for supplemental grants worth 50% of the original award amount, capped at a total of $10 million, but has not yet announced additional details. Visit the SBA website for updates on this timing.

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Idaho State Trade Expansion Program Grant

Many states actually have a STEP program, Idaho included. However, they each have individual application processes and qualification criteria, so youll want to make sure you double-check what you need to do to apply. In Idaho, these government grants are primarily for small businesses that want to enter international markets.

Grants For Particular Places And People

PPT
  • Grants to Small Business Program Northwest Territories: Through the SEED Entrepreneur Support Program, All NWT Businesses are eligible for up to $25,000 per year to assist with costs associated with startup, capital assistance, operational support, market development, and product promotion.
  • Startup Grant for Aspiring Farmers in Quebec: Aspiring farmers between ages 18 and 40 who reside in Quebec and are just starting out in agriculture can apply for a grant of up to $50,000 for land improvement, equipment purchases, and more.
  • Northern Ontario Heritage Fund : Programs provide grants and loans for small- to medium-sized businesses based in Northern Ontario with the goal of creating employment. The fund operates several programs supporting business opportunities, expansion, internships, and more. Qualifications vary by program.

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It Improvements: Productivity Solutions Grant

The Productivity Solutions Grant supports companies interested in adopting IT solutions and equipment in order to enhance their existing business processes and improve productivity. The PSG covers up to 70% of the costs of investing in government-approved long-term technology solutions such as Customer Relationship Management solutions and Human Resource Management systems.

To apply, you will have to go through the following steps:

  • Access the list of approved IT solutions and equipment, via the e-Adviser on the GoBusiness Gov Assist Portal, to identify if any of them suit your needs.
  • Get a quotation for your chosen IT solution or equipment from either a pre-approved vendor, or a vendor that you sourced for yourself.
  • Submit an application for the PSG on the Business Grants Portal with your CorpPass account.
  • More information about this grant can be found at the Enterprise Singapore website.

    Improving Productivity: Enterprise Development Grant

    The Enterprise Development Grant is a programme managed by Enterprise Singapore. The grant is aimed at supporting projects that help startups strengthen their business foundations, pursue innovation and improve productivity, and expand into overseas markets.

    The EDG covers up to 30% 70% of qualifying project costs, depending on whether your business is a Small Medium Enterprise , and whether your costs are related to software and equipment.

    The application process for the EDG is as follows:

  • Identify the key project category you wish to apply for followed by the suitable service providers to support your project.
  • Sign in to the Business Grants Portal with your CorpPass account and submit your project proposal according to the relevant project proposal templates which can be found here.
  • Your application for the grant will be assessed based on project scope, project outcomes, and competency of your service provider. Your application will be processed within 8 12 weeks from the time you submit your application.
  • If you are awarded the grant, your company will receive a Letter of Offer indicating the conditions of support and the amount of grant awarded.
  • You can visit the Enterprise Singapore as well as the IMDA websites for more information about the grant.

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    Private Sector Grant Competitions

    There are a few highly competitive private sector grants for certain types of businesses, and a few specifically for woman-owned businesses. Given the frequency at which these competitions change, we suggest that you investigate each of them carefully to determine if you might be eligible to compete, and understand how and when to apply.

    Available Competitions

    The vast majority of government grants are given to non-profit organizations for programs and services that benefit the community or the public at large. There are other types of grants such as those from foundations, corporations, or private organizations. These non-government organizations have specific requirements as to who is eligible to apply for and receive grant funding. By and large, foundations do not make grants to for-profit enterprises.

    Economic Injury Disaster Loan

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    This federal program is meant to offer small businesses a lifeline by offering stopgap funds immediately after a disaster occurs. While the EIDL reopened June 15th, offering two types of relief

  • EIDL Advance: Basically a loan that can be forgiven. Unfortunately, all advances have been allocated as of July 11th. Sad face.
  • EIDL Loan: Application for this loan are still open. First payment is deferred one year and has a maturity date of 30 years, with a 3.75% interest rate attached to it
  • So if you’re in the market for a loan, you can throw your hat into the ring and apply for up to 2M. However, rumor has it that EIDL loans are capped at $150,000 .

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    Small Business Innovation Research And Small Business Technology Transfer Programs

    The SBIR and STTR programs are some of the best government grants available to for-profit small businesses innovating in science and technology. They are highly competitive and incentivize small businesses to conduct research and development, in hopes to eventually commercialize their product.

    In addition to funding, these programs also offer opportunities for small businesses to work with nonprofit organizations. To be eligible, you must operate a U.S.-based small business that is more than 50% U.S.-citizen owned and has less than 500 employees.

    These programs are broken down into three phases:

    • Phase I: Award is between $50,000 and $250,000 for six months or one year . The objective is to determine technical merit, commercial potential and feasibility.
    • Phase II: Award is generally $750,000 for two years . The objective is to continue research and development efforts from Phase I.
    • Phase III: Funding is not provided by SBIR or STTR programs. The objective is to pursue commercialization.

    State Government: Coronavirus Small Business Grants And Loans

    Okay, let’s review:

  • You applied for the PPP loan, which will give you a lifeline for the next 2.5 months of expenses. Great job!
  • You’ve talked to your accountant about revising your 2020 estimated taxes. Huzzah!
  • Next step? Find the small business grants through your state government.

    Next step? Find the small business grants through your state government. Keeping track of the small business grants at the state level is A LOT of work . . . and lucky for me, has already been done. 🙂

    I just discovered there is an organization called the National Governors Association! There’s an association for everything, I tell ya. Anyhow, on their site they have your state government’s responses to coronavirus. You’ll find a list of all the actions taken, and in there, you’ll find if they passed any legislation to help small business at the state-level .

    Want more? Local Initiatives Support published this free that outlines COVID funding relief for small businesses state-by-state .

    Psst! If you start at the end of the action list of your state, you can start with the most current actions and work your way back.

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    Operation Hope Small Business Empowerment Program

    Operation Hope Small Business Empowerment Program understands the struggle to seek funding and valuable resources for startup businesses. To advocate for minority entrepreneurs, they offer an 8- and 12-week entrepreneurship training program with funding opportunities. This program helps small businesses learn new tools and skills to develop their practice.

    • Program benefits: Entrepreneurship training programs in 8- and 12-week courses.
    • Where to apply: For more information, visit their website.

    For Social Enterprises: Ventureforgood Grant

    Sole Proprietorship In Malaysia

    The VFG Grant is available to new and existing social enterprises who need funds either to start up or expand their operations. It is provided by the Singapore Centre for Social Enterprise and supported by the Ministry of Social and Family Development. Interested applicants can apply for up to $300,000 in grants.

    Here are the steps to apply for the VFG Grant:

  • To apply, email your pitch deck to .
  • Within 3 weeks, raiSE will arrange a 1-on-1 consultation with you to learn more about your application.
  • You will then be notified of whether your application has been shortlisted within 3 weeks of the consultation.
  • If your application has been shortlisted, you will be required to submit a detailed proposal with financial projections for the final evaluation. You will also have to undergo interviews and presentations. Your application will be assessed based on whether your social enterprise has a compelling social objective, a viable business proposition, and a committed team. This final evaluation can take between 3 4 months.
  • If your application is approved, your company must be incorporated as well as registered as a raiSE member in order to receive the grant disbursement.
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    Small Business Innovation Research Program

    The Small Business Innovation Research Program is a competitive grant program for small businesses. This program helps fund entrepreneurs in the research and development industry to support scientific and technological innovation. These grants are used to build a strong national economy through business models.

    • Award amount: Funding for a phase one award is up to $259,613 and phase two up to $1,730,751.
    • Where to apply: If you fit industry requirements, you must apply to a specific solicitation on their website.

    Verizon Small Business Recovery Fund

    Verizon has partnered with the Local Initiatives Support Corporation to create the Verizon Small Business Recovery Fund, bringing small business grants up to $10,000 to offer critical relief and resiliency-building support. Applicants must be small businesses facing immediate financial threat because of the COVID-19 pandemic. Entrepreneurs of color, women-owned businesses and other enterprises in historically under-served places who dont have access to flexible, affordable capital are especially encouraged to apply.

  • If you are selected as a finalist, business owners will be asked to provide verification documentation
  • Being selected as a finalist does not guarantee you will receive a grant
  • You will be notified when your application is being processed. Businesses that have not been selected as finalists will not be notified.
  • If you are not selected as a finalist, you can re-submit your application in future rounds. .
  • Before completing the application, LISC recommends you review our Grant Information Overview and FAQ, which can be found here.

    The 6th round of funding is open. Deadline to apply is Monday Sept. 7th 11:59ET

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    What Type Of Credit Do You Need To Get A Grant

    However, youll likely need decent credit to get your business up and running in the first place before you can even apply for most grants.

    Additionally, most grants require that your small business be in good financial standing, meaning that you dont have any unreasonable debt that cant realistically be paid back.

    Double Tax Deduction For Internationalisation

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    The Double Tax Deduction for Internationalisation initiative was established to encourage Singapore businesses to embark on international expansion and internationalisation.

    Under the enhanced DTDi initiative which comes into effect on the Year of Assessment 2019, Singapore businesses carrying out select overseas business activities will be entitled to a 200% tax deduction up to S$150,000 up from the previous cap of S$100,000 on expenses for these activities.

    These activities include, but are not limited, to the following:

    • Overseas business development trips
    • Investment feasibility and due diligence studies
    • Overseas advertising or promotional campaigns
    • Expenses of Singaporean staff posted to overseas entities

    Businesses applying for the DTDi need to be registered in Singapore and primarily deal with goods and services. Foreign businesses who have their global headquarters in Singapore and intend to internationalise will also be considered on a case-by-case basis.

    Eligibility

    Businesses may claim double tax deduction on qualifying expenses incurred in the following four qualifying activities up to the specified expenditure cap, without approval from Enterprise Singapore or STB:

  • Overseas business development trips/ missions
  • Overseas investment study trips/ missions
  • Participation in overseas trade fairs and
  • Participation in approved local trade fairs.
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    Product Development And Small Business Incubator Fund

    The Product Development and Small Business Incubator Fund is a program offering long-term, asset-backed loans to product development companies, specifically in manufacturing. The primary objective of the program is to aid in the development, production and commercialization of new or improved products in the state.

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