What are the list of Grants for Supermarket Business in Singapore?

Supermarket Business

Singapore is the best place for starting a business owing to the ease in the incorporation activities and also the number of Grants 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, the right employees need to be hired etc. With all the above in place a supermarket can be effectively run.

Let us now discuss the grants that are available for Supermarkets business 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- maximum support level of UP TO 80%

2. Enterprise Development Grant –EDG-maximum support level of up to 80% 

3. Enterprise Financing Scheme (EFS)- Loan Amount: Up to $250,000 (max. 60% of PO value)

What is the Eligibility for the Grants?

Productivity Solutions Grant

The eligibility criteria is 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 share holdings with the annual turnover 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 grant?

For PSG

 Get your desired quotation from the respective vendor, 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 supermarket software is a pre approved PSG software which comes with 80 per cent PSG grants ie your purchase will be funded upto 80 per cent. Moiboo software can also avoid pilferage , over stocking can be avoided.

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

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. 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.

https://www.enterprisesg.gov.sg/financial-assistance/grants/for-local-companies/productivity-solutions-grant

https://www.enterprisesg.gov.sg/financial-assistance/grants/for-local-companies/enterprise-development-grant/overview

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