Do you own a company in Singapore but find it tough to grow bigger because of insufficient financial resources? Then, perhaps, the Business Grant Portal can be your key to success!
Business grants in Singapore play an indispensable role in providing substantial financial support to startups and SMEs. Therefore, it allows them to grow and bring efficiency in their daily operations. The main purpose is to enable businesses to add productivity, venture into new markets, and adopt various innovative solutions.
The Business Grant Portal is one of those resources where each avenue presents an opportunity. It is like a single window where businesses can apply for different grants without much hassle in an efficient manner. This guide will walk you through the importance of BGP, especially for SMEs and startups, explaining how you can navigate it.
What is Business Grant Portal (BGP)?
Business Grants Portal, in short BGP, is basically an online platform that was introduced by the government of Singapore for easy grant application for businesses. Since it hosts various government grants under one umbrella, it is easier for businesses to apply for different fundings. It serves as a single avenue where all businesses can seek government support with regard to finances clearly or openly.
It helps Singaporean businesses, especially the SMEs, because it will make it easier to apply for grants, which would help them gain much-needed funding for expansion or diversification purposes.
Essential Features of Business Grant Portal
Business Grant Portal has intuitively designed user-friendly features that assist a business through an effortless grant application process. Here is a bird’s eye view of its main features:
Ease of Use: The BGP interface is user-friendly, and different kinds of grants are allocated in various sections.
Grants Available: Businesses can make use of some of the grants available through the portal. Such as PSG or Enterprise Development Grant amongst many others.
Benefits from Using BGP: The portal saves time and effort, therefore, as it would provide a single source for multiple funding solutions. So, it enables easy tracking by the businesses.
Detailed Approach for Application Process on BGP
Go through the simple steps to apply for grants at the Business Grant Portal:
Registration and Login: Register your business at the BGP portal, followed by logging in using credentials. You can access the portal through the Business Grant Portal login page.
Preparing Required Documents: Get the required documents ready, which include your business registration, financial statements, and project information.
How to Use the Portal: View the different types of grants shown on the portal. Choose the most suitable for your business needs, and fill out the application form.
Upload Application: After filling out the form, upload the necessary documents, review your application, and click the “SUBMIT” button.
Preparing for BGP Application
It requires some groundwork and a whole lot of preparation to make an application to the BGP successful. Proper preparation will go a long way in enhancing your chances of obtaining the funds needed by your business.
Evaluation of Business Needs
Begin with a critical evaluation of your business needs. This involves pointing out what your company is in dire need of. This step is often highly crucial for the identification of the most ideal grants that may suit your firm. Things to consider include:
- Present Financial Situation
- Growth Projections
- Areas that need improvement or expansion
- Specific problems your business faces
Know the available grants
After knowing your needs, know what grants are available under the BGP. Some popular ones are given below:
|
Grant Type |
Focus Area |
Maximum Funding |
|
EDG |
Core Capabilities, Innovation & Productivity, Market Access |
Up to 70% of costs |
|
PSG |
IT Solutions & Equipment |
Up to 70% of costs |
|
MRA |
Overseas Expansion |
Up to 70% of costs, capped at S$100,000 |
Create a CorpPass Account
You need to have a CorpPass account to access the BGP. Steps to do that are given below:
- Access the CorpPass website
- Click on “Register for CorpPass”
- Fill in company and personal particulars
- Verify your email and mobile number
- Set up your CorpPass ID and password
Documentation and information requirements
Gather all necessary documentation before commencing your application. Common requirements include:
- Company registration details
- Financial statements
- Project proposals
- Quotations from vendors – if applicable
- Employee information
By properly preparing for your BGP application, you will get through the process as painless as possible and give yourself the best possible chance of success. Now, you are ready to walk through the interface of the BGP and start your application process.
Tracking Application at Business Grant Portal
Application status after submission can also be tracked directly through the Business Grant Portal. This allows:
Application Status Tracking: You can view in real-time the progress updates on your application.
Managing Multiple Applications: In case you apply for more than one grant, BGP can help you work on each one separately in an organized way.
Therefore, businesses using BGP will constantly update themselves and know whether any deadlines have to be met concerning the applications for grants.
Common Errors to Avoid During the Application
Avoid the following common errors so that you can increase your chances of having your grant approved:
Inadequate Documentation: All necessary documents should be furnished.
Incorrect Selection of Grant: Time should be taken to decide on the correct grant for your requirement.
Inadequate Information in Projects: Mention your specific utilization of a grant in your application.
That little extra time to prepare a full and complete application of all the information requested can make the difference between approval and denial.
Recap of Business Grant Application
The Business Grant Portal is indeed an effective platform where businesses in Singapore can apply for or manage various government grants with much efficiency. By using BGP, different types of funding can become available, traceable, thereby minimizing the red tape related to grant applications. The following guide provides steps to maximize the benefits of BGP towards increasing business growth.
Navigating the Business Grant Portal in Singapore can be quite hassle when you are also operating your business. However, we at FastLane HR is here to assist you with great experience in business visa services and cloud-based human resource management solutions, so that you can focus on what matters most .
FAQs: Business Grant Portal and Application Process
Verify your logon information and that your business is registered. If the problem persists, then you can reach out to the support team at BGP.
The popular grants amongst the SMEs are PSG, EDG, and MRA.
This varies according to the grant, but usually general applications take a few weeks to process.