Singapore is the best place for starting a business owing to the ease of incorporation activities. There are several Grants for supermarket businesses provided by the Government to support new businesses to flourish.
To start a Supermarket business, you need to first register with ACRA and get all the necessary permits and licenses. The other major requirements are finance, location, hiring the right employees, etc. With all the above in place, a supermarket can be effectively run.
Let us now discuss the Grants for Supermarket Businesses available in Singapore.
What is a Grant?
Grants are reliefs given by specific institutions to an individual or company for the benefit of the public. Singapore Government supports new businesses to flourish with Grants.
Grants for supermarkets in Singapore
1. Productivity Solutions Grant – PSG – Business owners receive financial assistance to use pre-scoped IT systems.
2. Enterprise Development Grant –EDG – Aids in the growth and transformation of Singaporean enterprises to Core Capabilities, Innovation & Productivity, and Market Access.
3. Enterprise Financing Scheme (EFS)
What is the Eligibility for the Grants?
The following eligibility criteria are there for the below Grants:
Productivity Solutions Grant
The eligibility criteria are as follows;
The company should be registered and operating in Singapore
Purchase/Lease/Subscription of the IT solutions must be used in Singapore
Have a minimum of 30 per cent local shareholdings with an annual turnover of less than $100 million or less than 200 employees.
Enterprise Development Grant
The company should be registered and operating in Singapore
Have a minimum shareholding of 30 per cent
Be in a financially viable position to start and complete the project
Enterprise Financing Scheme
Be incorporated or operating in Singapore with 100 per cent shareholding
Business set up of at least 2 years
Annual revenue below $500 million
How to apply for a grant?
For PSG
Get your desired quotation from the respective vendor, and login to your corpass id. Check if you are eligible to apply for the claim. Fill in the application and submit your claim. The IMDA can raise queries which will appear when you login to your corpass id. Once you submit your queries if everything is in order the claim will be processed within 4 to 6 weeks’ time.
For EDG
Check if you are eligible for EDG, identify the project category, submit the project proposal, prepare the required documents, prepare the checklist, sign into the Business portal with your corpass id submit your application, once reviewed it takes about 8 to 12 weeks to complete the submission. You will receive the letter of offer if the grant is awarded to you. You need to acknowledge receipt and accept the letter of offer within the stipulated time.
For EFS
Submit a loan enquiry, Eligible SME’s can upload the required documents to be reviewed for approval. The approval process takes 48 hours, upon approval the loan gets funded to accredited and reliable investors.
Moiboo supermarket business software is an ideal billing software which can automate your business end to end. It can be used by supermarkets, hypermarkets, grocery stores, convenience stores, mom and pop shops etc. Moiboo software can also avoid pilferage , over stocking can be avoided.
Grants for supermarket businesses in Singapore help in the following ways:
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Financial assistance: These grants provide financial support to supermarkets, allowing them to purchase necessary equipment, technology, or software that can improve their operations and competitiveness.
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Boosting productivity: The grants aim to enhance the productivity of supermarket businesses, enabling them to achieve better efficiency, reduce costs, and increase sales.
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Access to new technology: These grants enable supermarkets to adopt new and innovative technology that can help improve their services, attract customers, and stay ahead of the competition.
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Encouraging growth: By providing financial support and access to new technology, grants for supermarket businesses in Singapore can encourage and facilitate their growth and expansion.
The features of Moiboo software are:
- Whatsapp ordering
- SMS Promotions
- Run promotions
- Sell online
- Gift cards
- Loyalty cards
- Cloud server
- Reduce pilferage
- Informed purchase
- Reduce overstocking
- Super-fast billing
- Print barcodes
- Integrate Weighing Machine
- Simple Accounting
- E-file GST
- Multi-branch management
Conclusion:
In Singapore, there are several government agencies and organizations that offer grants and financial support to small and medium-sized enterprises (SMEs), including supermarkets. Grants for supermarket businesses in Singapore can provide much-needed financial and technological support to help these businesses improve their operations, increase competitiveness, and achieve sustainable growth. Choosing the right software can be a very difficult decision. You need a software that has all the features that your business needs and also the software must fit into the budget of the business.
Moiboo is the Pre-approved vendor for PSG Grant. To know more please feel free to chat with our consultants at Click here
Disclaimer: The given grants and eligibility criteria are provided at the discretion of the relevant government authority. You are advised to check with the relevance and eligibility in the appropriate Government websites. The eligibility criteria and terms for these grants and loans vary, so it’s best to check with the respective organizations for the latest information.