Learning About Business Grants Portal

Business Grants

As a progressive business hub, Singapore is considered one of the top destinations to incorporate a business in South East Asia. Moreover, with a pro-business approach, the government has passed several laws and regulations that advocate the company’s competitiveness and growth in both the local and global markets.

One of the initiatives the government has passed is the availability of business grants. Through the Business Grants Portal, entrepreneurs can easily and conveniently access a wide array of available grants and apply for financial assistance to help boost their businesses.

If you want to know more about the Business Grants Portal, this helpful guide will take you through the important details and show you how you can benefit from this initiative.

What is the Business Grants Portal (BGP)?

The Business Grants Portal was introduced in early 2017 under the Ministry of Trade and the Ministry of Finance. It is an all-inclusive, one-stop-destination that allows company owners to easily apply for grants depending on their specific industry and requirements.

Specifically, the BGP was created with the following objectives in mind:

  • To help businesses search, evaluate, and apply for relevant grants conveniently and efficiently
  • To offer a more simplified application process for all entrepreneurs
  • To centralise all business information based on ACRA’s database and effectively reduce the processing period

That said, this all-in-one portal enables businesses to conveniently submit and track their applications without needing to coordinate with multiple agencies.

Why is the BGP Important for your Business?

As a business owner, gaining access to a myriad of government grants in Singapore is an unparalleled advantage. However, sifting through countless grants can be time-consuming, taxing, and overwhelming. Additionally, you might find yourself applying for the wrong grant, resulting in disqualification.

With the BGP, you can easily navigate the different grants offered and effortlessly find one that meets your needs. Here are some reasons why the BGP is a valuable resource for every business entity:

  • It streamlines application processes
    The BGP centralises all your business information from ACRA’s database in one portal, making it easier to apply to different grants.The information you input during your first application will be stored in the portal, so you won’t need to provide the same information again when you apply for grants in the future.
  • It routes your application to the relevant agencies through e-Adviser
    Based on your input, the portal automatically routes your applications to relevant agencies. So, when you’re unsure which agency is right for you, BGP takes the initiative to guide you to the right grants. All you need to do is simply answer a short questionnaire on e-Adviser.

How Do you Apply for a Grant?

Once you’ve accomplished company registration through Singapore incorporation services, you can apply for a grant through the portal by following these steps:

  1. Go to the website and click the button that says “Get New Grant.”
  2. Then, answer the questionnaire regarding your project.
  3. Next, you need to submit the form online.
  4. After submission, you have to wait until you get approval. So be sure to check the portal regularly for updates on your grant status.
  5. Once it’s approved, you will receive a Letter of Offer via email.

Upon logging into the website, you need to choose your respective business industry and requirements so the portal can present the most appropriate grants for your company. Otherwise, you can go to an e-Adviser for further government assistance in finding the best grants for your business needs.

How Do you Take Advantage of Grants to Grow your Business?

Having access to the Business Grants Portal opens incredible opportunities for your business. However, you need to know how to use it properly to benefit significantly from it. Here are some tips to help you take advantage of this useful resource:

  • Study the grant structure
    The best way to see if the grant is right for your business is to understand how it works. Having this in-depth knowledge of what the grant is all about can help you make better decisions for your business.
  • Make sure you fit the criteria before applying
    Different grants have different eligibility criteria, so before you can apply, you need to check whether you qualify for the grant or not. Often, the criteria take into account company size, nature of business, and revenue. If you find that your business doesn’t match, don’t waste your time in applying.
  • Work with a grant specialist
    Another tip is to work with a specialist. Specialists are experts in the field that can provide substantial advice and improve your chances of success.
  • Draft your proposal and align it with the grant provider’s objectives
    Grant providers often approve applicants who meet their objectives and priorities. So, when you draft your proposal, be sure that it meets their priorities to get the upper hand.

Conclusion

If you plan to incorporate a company in Singapore, you should take advantage of BGP.  This portal can help entrepreneurs get the support they need to operate their businesses. Moreover, it can give you a head start in your corporate ventures by helping you acquire the resources you need to build a successful company.

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