What is a marketing grant?
All businesses need to indulge in marketing practices to gain more reach among the people and help flourish the business. The marketing strategies could include various methods, such as online websites, billboards, promotional videos, and much more.
Applying these strategies can be easy for someone who has a large capital. But for people with a smaller and limited capital amount, this may be difficult. The best way to deal with this is to get a marketing grant singapore. Certain companies and sometimes even the government provide a sum of money to these small businesses, non-profit organizations, and even individuals. This amount is strictly for investing in marketing strategies so that the business can grow.
These marketing grants Singapore can be profitable or non-profitable. The profitable ones are given based on a deal and negotiation stating that the amount of money with or without some interest will be paid back after a set amount of time. The deal is made between the two companies and there maybe be legal consequences if any of the two parties fail to keep their end of the deal.
The nonprofit grants are provided to organizations without the expectation of getting them back. These funds are given usually to companies or organizations that are also nonprofit and work to serve the community. Such grants may be granted by:
- Government: The money is given either from the government’s funds. It may be a small portion of all the tax money collected or there might be some other way.
- Foundation: These grants are given by foundations to the bodies that are doing something in the favour of a cause that is supported by the foundation.
The money is allowed to be used in different ways. These include:
- Restricted use: The money given can be used only for the cause mentioned when asking for it. It can be directed only towards the development of a particular project.
- Unrestricted use: This money can be used for a variety of different purposes. It may be to take care of the daily needs, the extra can be used for marketing or any other purpose that is deemed fit by the company.