There are various startup schemes and government grants provided by the government in International Business Park Singapore that you can benefit from. There are a number of business support grants for companies to help them overcome obstacles in their growth. Overall aim of these grants is to help businesses in capability upgrading and internationalization.
Government knows the important role that its startups and SMEs play in its economy and hence support these entities with business support grants. Financing is one of the most fundamental aspects of starting and growing your business. There are hundreds of government grants available for small businesses that help in saving money, lowering startup costs and helping grow your business.
Business support grants are small amount of seed money that further the goals of federal, state, or non-profit organizations. Unlike a loan, you don’t have to repay it. Most business support grants in International Business Park are awarded to help launch a start-up or new business, with the aim to generate jobs and stimulate the economy. There are fewer grants available for established businesses.
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Government can assist businesses in two ways- financial help and administrative support. Understand what government grants are available to businesses. Grants are available to sole traders, partnership, limited companies and social enterprises.
Now grants aren’t just government funded as more and more organizations develop grants program in International Business Park. Grants are now offered by government, private agencies, universities, corporations and humanitarians.
Business grants are available in all kinds of forms. Generally, business support grants are either a direct grant, equity finance or a soft loan. Direct grant is money given to your new business to cover startup essentials such as investment in equipment, training or reaching new markets. Equity finance, not strictly a grant, offers reduction in income tax on investment made in new businesses. Soft loans are actually loans with lower interest rates and more generous terms than other lending.
Training and development (also labelled as "learning and development") is always acknowledged as crucial to the success of any business; both in-house and outsourced; whether training courses, on-line learning or executive coaching. Conversely, it is often the first area to feel the cutbacks when times are hard. As a busy executive, it can be challenging to balance the responsibility for developing your team with reducing budgets and focusing on the bottom line. However, think positive, it may not be your responsibility only.
So how do we define training and development (or T&D for short)? How about: equipping people with new skills, knowledge, attitudes or experience which they are then able to apply to their workplace and careers? That's a nice, broad definition which we can break down into three broad categories:
* what people need to do their job as it is today;
* what people need to do their job was it will be tomorrow; and
* what people need to do the jobs they want in the future.
From this we see that T&D can equip people to do their job, stay abreast of the changing requirements of that job and also help them in their career progression. Therefore, there are clear immediate benefits to the business (the first two categories) and definite future benefits to the individual (their career.) Of course, the individual also benefits from being well-trained in their daily role and the business benefits from developing its own future executives in-house.
At this point, we might want to question this word, "training", which tends to suggest activity geared towards a specific task or role. It also implies a process that is done to the individual rather than being something that they can fully engage with (after all, dogs are 'trained'.) Perhaps the better and more inclusive term would be "learning", which suggests a wider range of options (including mentoring and coaching) and also, perhaps, a wider range of applications.
Returning to the issue of responsibility: if the benefits are shared, shouldn't the responsibility also be shared? Traditionally, a manager might appraise each team member (sometimes in secret), personally decide what they needed by way of improvement and then prescribe the appropriate off-the-shelf training course. This is a Doctor model, where the manager acts as authority, diagnostician and decision-maker. Within limits, it can be efficient and it certainly saves time, but the lack of involvement of the individual can lead to lack of engagement with the training and therefore a lack of benefit.
These days we see more of a Coach model in which the manager and individual discuss the training needs and make decisions together. The coach guides the individual through the process of identifying and meeting their development needs with an emphasis on which solution will suit both them and the business. Those with particular potential, the 'rising stars' may even manage their own development allowance or budget and be free to seek tailored coaching outside the organisation (on the understanding that the results are applied within the organisation.)
Ask yourself how it works in your workplace. Do individuals have development objectives? Are they imposed or agreed? How are development options chosen? Is the criteria solely business efficiency or does it also take into account the individual's learning style? Is there support available to apply the learning to their role? Are they coached through their career development?
So think positive and engage your team in their own learning. The key factors are: involvement; discussion; business needs and personal aspirations; not just "training" but "learning"; and joint decision-making. That can mean joint success for you and your people.
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Many programs can assist small business to access professional advice and support in critical early stages of establishing a business. While there are a lot of grants available, getting a business support grant from the government can be a challenge. Government grants are often complex with lots of processes and stages, and each grant will have its own requirements and criteria for applying.
While being awarded a grant is winning, they are notoriously hard to acquire. Not only are grants programs highly competitive, they can take months to process. Aside from finding one you’d be eligible for, you have to compete with other companies for the same. The other downside is that grants usually come with specific instructions on how you can use the money.
A grant for companies in International Business Park Singapore can give your business a huge leg up and can be a great alternative to traditional finance. To apply for grants, first become familiar with the process. Eligibility for grants will vary depending on the grant in question.
Do your research. Identify programs that are a match for your business. Apply for the grant and submit eligibility requirements. Keep in mind that you’ll need to meet certain criteria to be eligible.
Federal government funding to state and local projects. In the country, Government grants are economic aid issued by the United States government out of the general federal revenue. A federal grant is an award of financial assistance from a federal agency to a recipient to carry out a public purpose of support or stimulation authorized by a law.
Grants are federal assistance to individuals, benefits or entitlements. A grant is not used to acquire property or services for the federal government's direct benefit.
Grants may also be issued by private non-profit organizations such as foundations, not-for-profit corporations or charitable trusts which are all collectively referred to as charities.
Outside the country grants, subventions or subsidies are used to in similar fashion by government or private charities to subsidize programs and projects that fit within the funding criteria of the grant-giving entity or donor. Grants can be unrestricted, to be used by the recipient in any fashion within the perimeter of the recipient organization's activities or they may be restricted to a specific purpose by the benefactor.
Federal grants are defined and governed by the Federal Grant and Cooperative Agreement Act. A Federal grant is a "...legal instrument reflecting the relationship between the Government and an other entity when 1) the principal purpose of the relationship is to transfer a thing of value to the other recipient to carry out a public purpose of support or stimulation authorized by a law of the United States instead of acquiring (by purchase, lease, or barter) property or services for the direct benefit or use of the Government; and 2) substantial involvement is not expected between the executive agency and other recipient when carrying out the activity contemplated in the agreement."
When an awarding agency expects to be substantially involved in a project (beyond routine monitoring and technical assistance), the law requires use of a cooperative agreement instead. When the government is procuring goods or services for its own direct benefit, and not for a broader public purpose, the law requires use of a federal contract. For charitable grants and funds for schools and organizations see: Grant writing and Grants.
There are over 10 grant programs offered by the federal grant-making agencies. These programs fall into 5 categories: Award information in grants generally includes:
Eligibility information includes:
Federal and state grants frequently receive criticism due to what are perceived to be excessive regulations and not include opportunities for small business, as well as for often giving more money per person to smaller states regardless of population or need. These criticisms include problems of overlap, duplication, excessive categorization, insufficient information, varying requirements, arbitrary federal decision-making, and grantsmanship (a funding bias toward entities most familiar with how to exploit the system, rather than to those most in need).
Each scheme is different. Check you meet the general terms and conditions. Talk to the grant body to assess chances of success. Read grant objectives carefully. Have a great business plan.