Finding the Right "Money Bucket": A Guide to Top Grants for Your Small Business

Finding the Right "Money Bucket": A Guide to Top Grants for Your Small Business

By Season Feng Founder of Virtualassist.sg & Small Business Advocate

About the Author: Season Feng is the founder of Virtualassist.sg and a passionate advocate for Singaporean entrepreneurs. With over a decade of experience in navigating the local business landscape, she specializes in helping founders scale their operations, secure funding, and build efficient teams so they can focus on what truly matters.

My Personal Take

Let's be real: starting a business is an act of pure passion, guts, and maybe a little bit of insanity. You're trying to build something from nothing. But that passion doesn't pay the bills. And nothing's scarier than staring at your bank account, wondering how you'll fund that next big step. That's where government grants come in, and I know what you're thinking: "Ugh, paperwork. Jargon. I'll never qualify." I want you to pause that thought. Think of grants as "free money" that the government has specifically set aside to help you win. They want you to succeed. Your job is just to find the right "bucket" of money and show them your plan. This article is your map to those buckets.

Your Key Questions, Answered (The Quick Summary)

Before we dive in, here are the short answers to your most pressing questions.

• What's the main takeaway? There are many government grants available for you, and they are not loans (you don't pay them back). Each grant is for a specific purpose, like buying tech, expanding overseas, or even just getting your idea started.

• What if I just have a great idea? The Startup SG Founder Grant is for you. It gives you seed money and a mentor.

• What if I want to sell in another country? Look at the MRA Grant. It helps pay for your first steps to go global.

• What if I just need to buy software or equipment? The Productivity Solutions Grant (PSG) is your best friend. It helps you buy "off-the-shelf" tech to make your life easier.

• What if my team needs training? The Enhanced Training Support for SMEs helps you pay to upskill your employees.

• What if I have a big project, like a total business makeover? That's what the Enterprise Development Grant (EDG) is for. It’s for major, game-changing projects.

A Deeper Dive: Your Grant Questions, Answered

Let's expand on that. Here’s a more detailed breakdown of the top grants and what they really mean for you.

1. The Market Readiness Assistance (MRA) Grant

• What is the MRA Grant? The short answer: It’s your "go global" fund. The details: Managed by Enterprise Singapore, this grant is designed to help your business take its first steps into an overseas market. It’s a co-funding grant, meaning it covers up to 70% of the cost for eligible activities.

• What does it actually cover? It's for very specific things, like:

  • Overseas Market Setup: The cost of setting up a legal entity in another country.

  • Business Partners: The cost of "business matching" services to find the right distributors or partners.

  • Market Promotion: The cost of running your first marketing campaign or trade show in that new country.

• How do I apply? You apply through the official MRA grant portal. My biggest tip: read the eligibility criteria before you do anything else!

2. The Startup SG Founder Grant

• What is the Startup SG Founder Grant? The short answer: This is your "brilliant idea" fund. The details: This grant is for first-time entrepreneurs with an innovative business idea. It’s not just about the money; it’s a full support program. You get mentorship from an "Accredited Mentor Partner" (AMP) and a startup capital grant of up to S$30,000.

• What's the 'catch'? It's not really a catch, but a requirement. You need a unique, innovative idea (not a copy-paste business) and you must be ready to commit to it full-time. You'll have to pitch your idea to an AMP to get selected.

3. The Productivity Solutions Grant (PSG)

• What is the Productivity Solutions Grant (PSG)? The short answer: This is your "stop doing it the slow way" grant. The details: This is one of the most practical grants. It's for buying specific, pre-approved, off-the-shelf technology solutions that make your business more efficient. It can cover up to 80% of the cost.

• What can I actually buy with it? Think of the tools that save you time:

  • Accounting or invoicing software (like Xero)

  • Human resources software for payroll

  • Scheduling and booking systems for

  • Inventory management tools

4. The Enterprise Development Grant (EDG)

• What is the Enterprise Development Grant (EDG)? The short answer: This is your "major level-up" grant. The details: If the PSG is for buying a single tool, the EDG is for a massive project. It supports up to 80% of the costs for big, transformative projects that help your company grow and innovate.

• How is it different from the PSG? The EDG is for deep, strategic changes. Think of projects like:

  • Core Capabilities: A total re-branding or overhauling your financial management processes.

  • Innovation: Automating your entire production line or developing a brand-new product.

  • Market Access: A major, strategic entry into a new region (this is a bigger version of what the MRA covers).

5. Enhanced Training Support for SMEs

• What is this grant? The short answer: It’s a grant to make your team smarter. The details: Your business is only as good as your people. This grant provides huge subsidies on training course fees (often up to 90%) to help you upskill your employees. When your team is better trained, your business becomes more productive and competitive.

My Final Tip Before You Apply

Don't just apply for everything and hope for the best. Be strategic. First, get a crystal-clear idea of what your business needs. Do you need new software (PSG) or are you planning a massive project (EDG)? Second, get your documents ready before you start. Every grant requires a detailed proposal. You can't just say, "I need money." You have to show them, "I need $10,000 to buy this specific software, and here is exactly how it will help my business grow." Yes, there's some paperwork involved. But the boost you can get from these grants is real. They exist to help you succeed. So, go explore, find the right one, and get that funding!