- Web Design

What Must You Know About Website Funding Grants?

As you already know, the Internet has changed our lives, for better or worse. With the ability to connect with millions to billions of people online, there is no doubt there—the pros indeed outweigh the cons. Moreover, it has changed the way people do and market their business forever. Now, you are less likely to see a company without its very own website. 

You can thank the Internet for that since you would not need to buy space nor rent one to establish a business. In this new platform, all you need to do is build an eCommerce website design for your company in Singapore. From there, you can start marketing your products and services. However, creating one is easier said than done. That is why businesses considered hiring web developers to build the website on their behalf.  Unfortunately, there is one problem that stands in your way. That is your lack of capital. Without having enough funds, you cannot hire qualified professionals who can help you. 

The most common option you could do is apply for a loan. But that is something you need to pay back with interest. Of course, that is not good since you would be in debt, and it might take a while before you return everything you borrowed. The good news is, there is another way you can obtain the money you need. That option is to apply for website funding grants from the government. 

Why Website Funding Grants Are Worth It?

For sure, this option surprises you a lot. Probably, you cannot believe that you can get money from the government to build a website of your own. But this option is indeed real. As the eCommerce industry continues to grow each year, the government decided to provide funds. They thought it would be a great way to stimulate the country’s economy. To convince you more about why you should get one, read these reasons below. 

You Can Get It for Free!

What is so great about grants for website design is that it is free. You do not have to pay for anything to obtain the funds you need to build your website. As long as you are eligible to apply, you could get free money from the government. Of course, you have to prepare your application well so that you could get approval right away. 

Makes Your Brand More Reliable.

Your business’ reputation will increase if you manage to earn grants for web development from the government. You see, receiving grants means that your business has so much potential to become successful. It has the qualification to stimulate the economy.

More Opportunities to Get Other Grants.

Once you obtain one, it would be a lot easier for you to get other grants from different organisations. As a result, you would not have to worry if you have enough money to expand your business or restock your inventory. All you need to do is show them that the grants you have received would produce great results. 

Expanding the Influence of Your Brand.

You could also use the grants you have received for your existing website. That way, the web developers would only need to improve and add more function. As a result, your website would become more user-friendly and aesthetically pleasing. 

You Still Have the Control of Your Business.

Through this option, you would not need to lose your rights to control your business. Compared to venture capital firms, you would have more freedom on how to manage your business with the funds you receive from the government. Just make sure that your purpose is for the development of your website. 

It Builds Equity.

Once your newly designed website gains new customers, for sure, your sales will increase. The profit you got from it is something you can use to expand your business. If it is big enough, you might be able to open a new branch or restock your inventory with new items. 

Now, are you finally convinced to get grants for a website design? If yes, and you think it would be a lot of help for your business, make sure you know what type of grants suit you. That way, you could get the most out of what you would be applying for. 

What Are the Types of Grants for a Website Design?

Similar to loans, you can use grants in various ways, but one thing is for sure, it would benefit your business. However, with all the types of grants for website development available, which one suits your business? Well, to give you a hand, below are the breakdown of each funding you can get from the government.

Enterprise Development Grant (EDG)

EDG is for businesses that want to grow and transform. This grant is a combination of Capability Development Grant (CDG) and International Enterprise Global Company Partnership (GCP). These two parties allow a brand to venture its presence abroad and expand its influence. If you chose this one, you would get up to 80%website funding grants.

Productivity Solutions Grant (PSG)

This grant is mostly suited for businesses that want to venture and adapt to the latest IT solutions and equipment. So, if you prefer this one, revamping your website is not the only thing you can expect. This grant could also cover some expenses on your operation. 

SkillFuture Enterprise Credit (SFEC)

Since most businesses need more money to build their website, the government decided to provide this grant. They would give at least 98% funding coverage for the website development of a business. Furthermore, those who chose this grant would get a chance to improve their IT solutions. 

Digital Resilience Bonus (DRB)

This one is a new policy that prioritises food services and retail sectors. That way, they could quickly adapt to the post-COVID-19. They offer S$10,000 amount of website funding grants. However, you need to qualify first to the three categories before you would receive the exact amount. 

Tech-and-Go Grants

This grant is similar to PSG.  But for you to be eligible, you need to become a member of the National Council of Social Service. That organisation is under the Ministry of Social Family Development that offers 80% website funding grants. That percentage is equal to $S30,000. 

Market Readiness Assistance (MRA)

MRA grant is mostly suited for startups and SMEs since they offer financial aid up to 80%. Besides that, you could market your products and services overseas if you manage to get this grant. 

See, there are a lot of grants for website development available in Singapore. In any case, you have no idea which one suits your business the most, consider seeking help. Ask an eCommerce website design company in Singapore. For sure, their advice would help you decide what type of grants you should apply for. So, start searching for a reliable one right now.

How to Apply Grants for Website Development?

Whatever plans you have for your website, you made a great choice. Website funding grants are way better than applying for a loan. Instead of paying back the money you borrowed, you only need to show them that you would use it for your business located in the country. 

Since this is your first time applying for grants, you are probably clueless about what you need to do and avoid. So, make sure to keep the following in mind, so you would not commit any mistakes when submitting your grants for a website design application. 

What You Must Do

Read the Guidelines Carefully.

You have to, so you would know what you need to do and when you need to submit your application. Also, reading the guidelines would give you hints on how to fill out the website finding grants application. So, make sure to read each line carefully. 

Attend Seminars for Grants for Website Design.

You will learn many things if you attend one. Here, you know what to avoid and the difference between the types of grants available in Singapore. Therefore, considering attending one when you are free. It gives you an idea of how to solve things if you encounter such problems later on. 

Prepare and Compile the Proper Documents.

To make sure your application will process flawlessly, you have to prepare the following documents. That way, the government will know how eager you are to get funding from them. 

Files About Products and Services

Make sure these files contain what products and services your brand offer in the market. It will help the government weigh if your business has any value to get a fund. That is why you have to be clear and concise on the content of these files. 

Upgrade Plans

Thegrants for a website design is for the development of your selling platform. That is why you must explain what improvements it would have once you receive approval from your application. It would be a good idea if you could attach some visuals. That way, the reviewers would not have a hard time imagining what would happen on your website in the future.

Financial Statements

Since it involves money, you have to be ready with your financial statements before submitting your application. Submitting this document would prove that you indeed lack the capital to build a website of your own. For this document, contact your account to provide your accurate calculations.

Proof of Payment

You would only need to submit this document if you already seek help from an eCommerce website design company in Singapore. So, the government could calculate how much money you still need. Nevertheless, you could also provide this as an estimate of how much the website development could cost. You could get this from any eCommerce website design companies.

Final Contract

Lastly, once you found which web developers you would hire, you must provide the signed contract you had with them. That way, the government would know what kind of agreement you agreed on.  So, make sure to give them a copy of the final contract. 

If Possible, Get In Touch With The Grant Staff If You Have Specific Concerns.

You do not necessarily have to do this. However, if you have questions, they are the best person you can ask. Therefore, try not to be shy asking them about any concerns you have in mind. 

Double-check Everything Before Submitting

Of course, there will be no miscalculation on your financial statement and misspelt words on your upgrade plans. So, if you can, ask family and friends who can review your application before submitting it. Better yet, let your employees check it. 

What You Must Not Do

Assume They Know Your Industry.

Whatever industry you are in, try not to assume the government knows it. Make sure to give them concrete information about what you do and offer in the market. You could also include how you promote your brands to your customers. 

Submit a Messy Application.

Naturally, otherwise, how would the reviewer analyse your application if what you have submitted is unclear. So, make sure to double-check everything.

Wait Until the Due Date.

Waiting for the deadline would only cause you stress. So make sure to prepare everything as early as possible. That way, you would be able to submit your application on time. 

Remember, whatever you did and did not do, it would always influence your application. Therefore, make sure everything is clear, concise, and correct. That way, you would not encounter any problems after you submit your grants for a website design application. 

So, What Must You Do Now?

Well, it’s simple. All you need to do is to decide whether you should apply for website funding grants. Once you determine you indeed to do so, make sure all of your documents are in order. In any case, you need help choosing which grants suit you, Efusion is here to give you a hand. Their bits of advice might give you a hint of which grant you should apply for your business.

You can get in touch with them by visiting their website here.

About Clare Louise

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