Sometime ago, I have given a tip “how can start-ups get low-cost funding“. However, If you are a first-time entrepreneur with a unique business idea, where can you get the funding to start the business?
Ace Startup grant, which gives up to $50,000 for first-tier funding, may well be your savior.
Ace is a government initiative to to encourage local entrepreneurship by providing funding support for first-time entrepreneurs start a unique business venture. Ace will match $7 to every $3 raised by the entrepreneur, up to $50,000. For example, to receive a grant of $50,000, the entrepreneur will need to raise $21,429 himself.
If your business is in a capital-intensive industry, you may consider applying for a second tier of funding, for an additional $50,000. For this, Ace will match $3 to every $7 raised by the entrepreneur. For example, to receive a grant of $100,000, you will need to raise $138,095 ($21,429 + $116,667) in total.
Ace will assess your business proposal based on how you plan to differentiate your company from existing competitors, the feasibility of your business model, the potential market opportunity in the industry you plan to enter and your management team.
Who is eligible?
- All Singapore Citizens and Permanent Residents who:
- are first-time entrepreneurs
- has 51%–100% of equity in the business
- are the key decision makers, committed to the business on a full-time basis
- have parental consent if you are 18 years old and below at the point of application
- Your business must not:
- be registered or incorporated for more than 6 months from the date of submission
- have received any funding for the proposed business idea from another Government agency
How to Apply ACE Startups Grant?
Before you apply
- Learn more about the ACE Startups Grant from the ACE Grant Info Sheet .
- Ensure that you are eligible for the grant.
- Contact ACE if you need help.
Applying for the grant
- Download the ACE Startups Grant Interest Form .
- (Optional) Write your business plan in not more than 20 pages.
- Prepare the following documents for submission:
- Hardcopy of signed Submission Form
- (Optional) Hardcopy of your CV and of the management team
- (Optional) Copy of you and your management team’s NRIC
- (Optional) Hardcopy of business plan
- (Optional) Hardcopy of Accounting & Corporate Regulatory Authority (ACRA) e-statement to declare that you are a first-time entrepreneur. You can do this by visiting www.bizfile.gov.sg. Refer to ACE Grant Info Sheet for more details.
- Submit a hardcopy of the required documents to:
ACE Startups Administrator
1 Fusionopolis Way
#20-01 Connexis South
- You will receive notice on the status of your proposal within 6-8 weeks of the submission deadline.
- If you are shortlisted, you must pitch your proposal to an Evaluation Panel, which comprises of experienced entrepreneurs, entrepreneurship educators and professionals in the field.
Upon successful application
- Receive your Letter of Offer from ACE and return the Letter of Acceptance within one month from the date of Letter of Offer.
- Start your business.
- Keep proper financial records.
E.g. expenses, invoices, receipts relating to the project
- Keep proper project records.
E.g. timeline, productivity measurements, redesigned job scopes, work plans, project sign-offs
Claiming for the grant
- The grant will be disbursed in tranches. The first tranche of funding is capped at 50% of the approved grant amount. It will be released upon acceptance of the Letter of Offer.
- Subsequent tranches of funding will be released upon meeting the milestones stated in the Letter of Offer.
Where can you find more info
ACE Startups Grant
Action Community for Entrepreneurship (ACE)
1 Fusionopolis Walk
#01-02 South Tower, Solaris