by sginteractiveEstimated reading time: 4 minute(s)
What is Enterprise Development Grant?
The Enterprise Development Grant (EDG) was announced in the Annual Budget of the year 2018 in Singapore. The purpose of this grant is to help established local Small Medium Enterprises (SMEs) to transform with the times and improve their businesses.
How much funding can I get for EDG?
Most SMEs could get up to 80% funding for Enterprise Development Grant after the recent announcement of the Resilience Budget 2020. On a case, by case basis, some may even get up to 90%, based on how badly affected your enterprise is by COVID-19. However, if you compare these percentages to that of the original support level of 70%, which is before the emergence of COVID-19, the 10%-20% is a significant jump at a support level.
When will Enterprise Development Grant end?
EDG will end on 31st December 2020.
Who approves Enterprise Singapore?
Enterprise Singapore (ESG) would be the one to approve EDG. This is their official website www.enterprisesg.gov.sg
What is the maximum grant?
It depends on many factors such as the scope of the project, the size of the enterprise, your turnover and manpower, just to name few. At the end of the day, there is no one fixed grant for all, and you will still need to get assessed by ESG on a case to case basis.
What does EDG support?
Qualifying project costs include namely third party consultancy fees, software and equipment, and internal manpower cost.
What kind of projects are covered under EDG?
1.Core Capabilities
Projects under Core Capabilities help businesses prepare for growth and transformation by strengthening their business foundations. These should go beyond basic functions such as sales and accounting. The following sections lay out the various core capabilities an enterprise could do:
1.1Business Strategy Development
To spur the growth of your company through interventions in business strategies.
1.2 Financial Management
To optimise your company’s financial performance in order to support corporate strategy and growth and/or equip your management team with the right competencies so they can be good stewards of your company’s assets and resources.
1.3 Human Capital Development
To strengthen your company’s Human Resource (HR) capabilities, so as to support business growth strategies.
1.4 Service Excellence
To improve your company’s service delivery by gaining a deeper understanding of customers’ needs and decision-making processes.
1.5 Strategic Brand and Marketing Development
To help your company better capture target audiences and markets by differentiating your brand, and your products and services..
2. Innovation and Productivity
Projects under Innovation and Productivity solutions grant support companies that explore new areas of growth, or look for ways to enhance efficiency. These could include reviewing and redesigning workflow and processes. Companies could also tap into automation and technologies to make routine tasks more efficient. An example of this would be implementing a workflow automation system like Automate-Lah.
2.1 Automation
To support your company’s usage of automation and technology which can result in tangible benefits and significant growth.
2.2 Process Redesign
To help your company review existing processes and identify possible areas to improve efficiency. This is a critical first step before introducing automation or technology.
2.3 Product Development
To help your company develop innovative technology and products with the end goal of commercialisation.
3. Market Access
Projects under Market Access support Singapore companies that are willing and ready to venture overseas. You may tap into the EDG to help defray some of the costs of expanding into overseas markets.
3.1 Mergers and Acquisitions (M&A)
To help your company grow through M&A. This may be in the planning, assessment of potential mergers and/or acquisition or post-M&A stage integration.
3.2 Overseas Marketing Presence (OMP)
To help your company expand into new markets by setting up an overseas presence to begin marketing and/ or business development activities.
3.3 Pilot Project and Test Bedding
To help your company expand into new geographical or product markets by building your track record.
3.4 Standards Adoption
To help your company adopt internationally-recognised standards and certifications in key industries, as well as in new and emerging sectors. By doing so, your company should achieve outcomes, such as increased business competitiveness locally and internationally, enhanced market access, and/ or increased trust in your products and services.
Who can apply for Enterprise Development Grant?
To qualify for the EDG, you need to:
1. Be registered and operating in Singapore
2. Have a minimum of 30% local shareholding
3. Be in a financially viable position to start and complete the project