Entrepreneurs understand the difficulties of seeing new business ventures through and dealing with multiple financial and planning challenges in the early stages of business development. Those who have done extensive research will be aware of the government’s assistance to local businesses through a variety of grants.
The process of applying for grants may be taxing if you dislike doing administrative work but the benefits of grants far outweigh the hassle you’ll face while preparing your application.
Today, there are numerous grants available for local businesses to tap on. Some of the grants support startups during their initial business development phase, while others support projects related to technology and digital solutions, such as grants for website development.
What are website funding grants, and what benefit do they provide to Singapore businesses?
Government Grants for Web Development
Government grants are common in this day and age. These are some of the methods by which the government funds ideas and projects in order to provide public services and stimulate economic growth.
In Singapore, there are multiple grants available for website development. Among them are the Productivity Solutions Grant, SkillsFuture Enterprise Credit, and many others. The majority of these grants fund the creation of e-commerce websites and other IT solutions.
The Benefits of taking these Grants
1. Achieve Your Goals
Grants for website design and development support businesses looking to engage web design and development services from a list of approved companies. These grants are extremely beneficial, particularly for new startups or businesses looking to rebrand or recreate a website.
Businesses are given a platform to do what they want with their website in order to achieve their business goals. Whether it’s a premium feature that you previously could not afford, a simple layout change, or the development of an entirely new website, you can take advantage of this opportunity to finally give your website a revamp.
2. Redirect Cashflow
Typically, government grants do not cover the entire cost of all approved projects. Certain grants may provide up to 90 per cent funding to eligible companies, while others may only provide 50 per cent to 80 per cent funding.
However, because your project will be heavily subsidised by these grants, you can take this opportunity to free up cash flow for other business ventures or newer projects that may require the extra funds.
3. Pave way for more grants
Applying for grants in Singapore requires your business to fall under certain categories. Many times, the eligibility requirements are similar across all types of business grants provided by the government. This means that once your company has been awarded a website funding grant, chances are you’ll be eligible for many other types of grants too.
Aside from grants for website development, there are various other grants and government subsidies available for a wide range of other projects. Your company can use this opportunity to apply for additional grants to receive funding for other business opportunities.
4. Boost revenue
Grants for website development enable you to tap into the expertise of web designers and developers to help you improve your website’s user interface for a better user experience.
If your company operates an e-commerce website, this will result in a much more seamless online shopping experience. If your website is a corporate website, this means impressing potential clients and making a good first impression with a unique and well-designed website.
5. Support other local businesses
Grants benefit not only you and your business but also the company that provides services to you as part of the grant programme. Not only are you benefitting from the subsidised services, but the company providing you with the service will also benefit from the extra revenue.
Website development is critical for any business, especially in this digital age. Learn more about the website development grants you can apply for when you engage eFusion Technology for web development and IT solution services.