Grants and Schemes to help businesses stay afloat during COVID-19
Schemes that will help your business
COVID-19’s tenacity has proven to be a real evaluation of the sustainability of businesses. To survive, there has been a sharp shift towards going digital and a real dependence on funds reserved for rainy days. Yet we all know that the savings pot is not a never-ending trench of cash — it will soon run out.
Besides being frugal with daily expenses, there are also grants and schemes that can act as an additional buffer to tide your business over this tumultuous period. Whether you are a startup or an SME, we’ve got you covered. Read on to find a suitable grant for your online business.
Grants for Startups
Special Situation Fund for Start-Ups (SSFS) — Growth for startups
The Special Situation Fund for Start-Ups (SSFS) is an investment fund funded by the Economic Development Board (EDBI) and SEEDS Capital. This pool of S$285 million aims to help eligible start-ups continue growing. Both early and late startups can benefit from this grant.
What is in it for you: EDBI and SEEDS Capital will be co-investing with private sector investors into successful applicants.
Eligibility criteria: Click here to find out more
Steps to apply: Email ssfs@enterprisesg.gov.sg (Early-stage start-ups), Email ssfs@edbi.com with the completed application form (Late-stage start-ups)
Validity: Valid till funds are fully consumed or by 31st October 2021
Website
Grants and Loans for SMEs
Enterprise Development Grant (EDG) — Supporting SMEs
Enterprise Development Grant (EDG) is a grant for Small-Medium Business (SME). SMEs can apply to benefit from this fund to maintain their business.
What is in it for you: 80% funding, 90% for businesses adversely affected
Eligibility criteria:
Steps to apply: Access the application here
Validity: Valid till the end of 2020
Website
Enterprise Financing Scheme — SME Working Capital Loan
The Enterprise Financing Scheme includes a range of loans, from SME Working Capital Loan to Venture Debt Loans. The SME Working Capital Loan specifically supports businesses in terms of everyday expenses.
What is in it for you: Maximum S$1 million per borrower (lasts 5 years), 90% of risk share absorbed by the Singapore government for successful applicants from 8th April 2020 to 31st March 2021
Eligibility criteria:
- Be a registered business, located in Singapore
- Have at least 30% worth of local shareholding
- SME must have a Group revenue of up to S$100 million or have a maximum of 200 employees
Steps to apply: Click here to apply
Validity: Valid till 31st March 2021
Website
Temporary Bridging Loan Program — Increases working capital for SMEs
Another scheme for SMEs to strengthen their working capital is the Temporary Bridging Loan Program (TBL). This scheme aims to equip businesses with greater capital while also absorbing some of the risk share of taking up this loan.
What is in it for you: Maximum S$5 million per borrower (lasts 5 years), 90% of risk share absorbed by the Singapore government for successful applicants from 8th April 2020 to 31st March 2021
Eligibility criteria:
- Be a registered business, located in Singapore
- Minimum of 30% equity to be in the possession of Singaporean(s) and/or Singapore PR(s)
Steps to apply: Apply through participating financial institutions* (PFIs)
Validity: Valid till 31st March 2021
Website
Boost net profits by cutting down on transaction costs
These government grants and buffer schemes can definitely help to alleviate some of the COVID-19 pressure off businesses. This list is non-exhaustive but besides applying for financial aid, cutting down on unnecessary expenses like high online transaction costs can be another way for you to amp up those savings and sustain your business.
At Maesh, we are charging 0.7% + $0.25 per transaction. The best thing is that you can pick from a range of options on when Maesh settles your payouts — we offer standard payouts and same-day payouts. This gives you greater autonomy, a flexibility that comes with many benefits especially if you are in the F&B industry.
Besides being significantly more affordable than credit card transaction costs, Maesh’s payment gateway also allows easier payments on the side of the consumers. All they have to do is scan a QR code with any PayNow app and pay (on desktop) or upload a screenshot of the QR into any PayNow app (on mobile).
If you are an online business functioning on WooCommerce or PrestaShop, we cannot wait to get you on board with our cheaper and smoother payment gateway. We also offer APIs and a Javascript library for custom integrations as well so do check out our documentation.
Originally published at https://maesh.io on September 25, 2020.
