Looking for alternative types of funding is an important step in growing a business. In this post, we have outlined the differences between Grant Vs Government Funding as well as provided links to grants across Asia. This list will be updated on a regular basis, so make sure to check back in often!
Grants vs Government Funding
Grant
A grant is money that is given to a person, business or corporation from federal, state, county or local governments, or private businesses or corporations. Grants do not require repayment of any kind. It is most definitely an attractive financial consideration for entrepreneurs and small or online businesses with little cash available for start-up, growth or expansion. The key is finding the grants for which you qualify and then doing the nose-to-the-grindstone work to apply for the small business grant.
Even in the most economically challenged of times, the government is one of the best sources for grants.
Grants are often hyper-specific. While some are wide-ranging enough to apply to plenty of small businesses, especially among the corporate programs, many target a very narrow selection of categories only. And whether it’s specific to certain industries, locations, demographics, or all of the above, you can bet that grant is also limiting in how you can use its funds. Unlike with a loan, with a grant you’ll have a set of guidelines to follow—or you risk having to pay it back.
Government Funding
Government funding refers to financial assistance received by non government entities in the form of federal, state, or local government grants, loans, loan guarantees, property, cooperative agreements, food commodities, direct appropriations, or other assistance. The government backs, funds, runs, or otherwise supports a number of programs that can help you find growth capital, and sometimes even startup funds, for your business.
Government programs that offer startup capital are an excellent way to source funding for your business. You are required to submit a plan that can be accepted by the grant committee. Once your plan has been scrutinized and approved, you will be provided with the funds to start up your business.
The government provides business finance, support, grants and loans to help small businesses gain stronger footholds. There are also national business support programmes. The government is more than willing to help new businesses get started with loans, tax incentives and – in some cases – even grants.
We have curated lists below where you can explore grants that might be applicable to your business
Singapore
https://www.businessgrants.gov.sg/
https://www.gobusiness.gov.sg/gov-assist/grants/
https://www.startupsg.gov.sg/programmes/4894/startup-sg-founder
https://www.startupsg.gov.sg/programmes/4897/startup-sg-tech
https://www.singsaver.com.sg/blog/guide-to-sme-grants
Hong Kong
https://www.ip.gov.hk/en/resources/government-funding-support.html
https://www.gov.hk/en/business/supportenterprises/funding/index.htm
https://www.startmeup.hk/startup-resources/government-funding-scheme-and-support/
https://www.youth.gov.hk/en/startup/stories/detail.htm?content-id=2395616§ion=SA
https://socialenterprise.org.hk/en/content/useful-links
Australia
https://business.gov.au/grants-and-programs?resultsNum=10
https://www.smallbusiness.wa.gov.au/coronavirus/grants
https://www.business.qld.gov.au/starting-business/advice-support/grants/schedule
https://www.energy.gov.au/business/grants-and-funding
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