The development in the communication and e-commerce sector has led to the growth in textile business in Singapore. Singapore majorily exports products to Indonesia, United States, Malaysia, Japan and United Kingdom. To start a textile business it is necessary to have the following things in mind;
1. Learn from the people who are already in this business
2. Research the market and understand your customers
3. Connect with vendors for supply of raw materials
4. Managing the finance
5. Location of the business
6. Effective time management
8. Advertising your business
What is a Grant?
Grant is a fund usually given by a public entity usually a specialized institution to an individual or another entity for a specific purpose but linked to public benefit. Singapore is one place where many startups wish to invest their time and money as Government has many grants in store for them.
What Grant Does a Textile Business Qualify for?
There are two major grants provided for Textile business in Singapore
1. The Productivity Solutions Grant (PSG)- maximum support level of UP TO 80%
2. 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 mimimum of 30 per cent local share holdings with the annual turnover less than $100 million or less than 200 employees.
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?
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.
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 software is an ideal software for textile business. It is specially tailored to meet the needs of the textile business. It can manage your business end to end. Moiboo software is ideal for baby shop, Toy shops and Boutiques. Moiboo is a pre-approved vendor of PSG Grants which means that your purchase will be funded up to 80 percent of your cost.
The features provided by Moiboo software are ;
- Whatsapp ordering
- SMS Promotions
- Cloud Server
- Reduce pilferage
- Informed purchase
- Super-fast billing
- Reduce overstocking
- E-file GST
- Simple Accounting
- Print Barcodes
- Loyalty cards
Textile Business is a fast growing business in Singapore. New start ups have the advantage of grants by Government to start a business in Singapore. If you wish to know more about the grants please feel free to chat with our consultants by clicking here 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.