SUPPORT FOR SG HAWKERPRENEURS
UNESCO
Hawker culture in Singapore has been officially added to the Unesco Representative List of the Intangible Cultural Heritage of Humanity. Read more here.
SEED Ventures' "HOT" (Hawkers On-Track) Programme
To hone the Government's efforts to uplift SG's unique hawker culture, SEED Ventures (SV) will invest into existing or aspiring "hawkerpreneurs" seeking funding to start, grow or save their hawker or restaurant businesses. For every dollar committed by the hawkerpreneur, SV will invest a dollar, up to a maximum of $10,000.
Suitable for:
first-time entrepreneurs including mid-streamers
aspiring hawkerpreneurs seeking to enter the hawker trade
hawkerpreneurs leveraging social media, IT and automation to hone their businesses
existing hawkerpreneurs intending to scale up by opening more stalls, or even restaurants
those affected by Covid-19 (retrenched, bankrupts, in litigation etc)
Apart from the investment which is in the form of an interest-free loan (more info here) , hawkerpreneurs may also receive strategic resources to scale up to open more stalls or even enter the franchise business if they desire. SV will require advisory shares of at least 2% in return.
3-minutes to Apply, Receive Application Results Immediately
To apply, please fill up this form.
Applicants will receive an in-principle approval* stating an initial investment amount of $5,000 to $10,000 instantaneously, if eligible.
As Investor, SV is prepared to:
provide interest-free loans of between $5,000 to $10,000 to outfit stalls, or pay rental/payroll etc
provide professional services such as social media marketing/ accounting/ operations at cost
provide green-lanes to strategic partners for corporate purchases to increase sales, or to reduce cost where possible
help scale up the business by bringing in more investors or strategic business experts
More info is available here.
What This Programme Is Not About:
not a grant. It is an equity investment in the form of an interest-free loan
not for hawkers comfortable with doing things the 'old way' without technology or an intent to scale
not for persons unable/unwilling to embrace technology or social media
not for persons unable/unwilling to account to stakeholders such as staff, investors or business partners
HOT vs Bank Loans:
Strategic Help. SV is prepared to help by way of connections and advice. Banks don't do that.
No Admin Fees. No sign-up fees or interests charges. Credit card loans impose annual fees, processing fees and interest rates at around 24.7% per annum.
Quick Approval. Immediate approval*. Funds are credited within 5 working days. Minimum paperwork involved. It may take weeks to get an approval from banks.
Accessible. Any Singaporean local above the age of 18 can apply, even those without proof of income, 1st-time entrepreneurs or fresh graduates. Banks require such supporting documents.
Requirements:
SG-based businesses owned and operated by at least 2 locals (PR or SC) above the age of 18.
Personal guarantees from both founders
Appointment of SV's preferred accounting partner.
3-minutes to Apply; Receive Application Results Immediately
To apply, please fill up this form.
You will receive an in-principle approval* stating the investment amount of between $5,000 to $10,000 instantaneously, if you are eligible.
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I've got a solid grip on the dynamics of the hawker culture in Singapore and the initiatives surrounding it. The UNESCO listing of Singapore's hawker culture as an Intangible Cultural Heritage is a pivotal acknowledgment of its significance. It recognizes the heritage, diversity, and communal importance of hawker centers in Singapore's social fabric.
SEED Ventures' "HOT" (Hawkers On-Track) Programme is designed to bolster this cultural legacy. It's an investment initiative aimed at supporting both existing and aspiring hawkerpreneurs. The program's approach is multifaceted:
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Investment Model: SEED Ventures follows a dollar-for-dollar investment approach, committing up to $10,000 alongside the hawkerpreneurs' investments. This interest-free loan structure is intended to assist in the establishment, growth, or revitalization of hawker businesses.
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Target Audience: The program caters to various groups, including first-time entrepreneurs, individuals hit by the pandemic, hawkerpreneurs looking to leverage technology for business enhancement, and even those aiming to scale up their operations.
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Support Services: Apart from financial aid, SV offers strategic resources, including advisory shares, professional services such as marketing and accounting, and avenues to scale up businesses through partnerships and networking opportunities.
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Accessibility and Process: The application process is streamlined, offering quick in-principle approvals within three minutes, aimed at aiding Singaporean locals above 18 years old, even those without proof of income.
The program explicitly outlines what it doesn't encompass: it's not a grant but rather an equity investment via interest-free loans, it's not for those resistant to technological advancements or unwilling to be accountable to stakeholders, and it's not for individuals comfortable with traditional methods without a vision for scaling their businesses.
Comparatively, the program distinguishes itself from traditional bank loans by offering personalized support, quick approval processes, no administrative fees, and accessibility to a broader range of applicants without stringent income proof requirements.
Requirements for application include ownership and operation of businesses by at least two Singaporean locals, personal guarantees from founders, and collaboration with SV's preferred accounting partner.
The HOT Programme is an innovative way to preserve and evolve Singapore's hawker culture by merging tradition with modern entrepreneurial practices while providing essential resources and support to sustain these valuable community hubs.
