If you are a Singaporean business owner, you may be eligible for the Enterprise Development Grant (EDG). This grant is designed to help businesses grow and expand, and it can provide up to 80% funding support for qualifying projects. However, before you apply for the EDG grant, you must ensure that you meet the eligibility criteria.
The EDG is a grant provided by Enterprise Singapore, a government agency that supports the growth of Singaporean enterprises. The grant aims to support companies in their transformation journey by providing funding for projects that enhance their core capabilities, expand into overseas markets, and improve productivity, innovation, and efficiency.
Scope of the EDG Grant
The EDG grant helps cover project costs for companies, with up to 80% for SMEs and up to 60% for non-SMEs. It supports projects in three areas: Core Capabilities, Innovation and Productivity, and Market Access.
- Core Capabilities: Helps companies grow by improving five areas: branding and marketing, business strategy, human resources, service quality, and financial management.
- Innovation and Productivity: Helps companies become more efficient and innovative by adopting new technologies, redesigning processes, and creating new products and services.
- Market Access: Helps companies expand into overseas markets through market research, entry strategies, and international certifications.
To qualify for the EDG grant, companies must be based in Singapore, should have at least 30% local ownership, and be financially stable. Applications are judged based on the company’s revenue and number of employees.
Eligibility Criteria for Applicants
To apply for the Enterprise Development Grant in Singapore, there are specific eligibility criteria that you need to meet. This section will outline the eligibility requirements for applicants, including local shareholding requirements, financial viability and group revenue, and operational prerequisites.
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Local Shareholding Requirements
To be eligible for the EDG, your company must have at least 30% local shareholding. This means that Singaporeans or Singapore PRs must directly or indirectly own at least 30% of the company’s equity. The shareholding percentage is based on the ultimate individual ownership.
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Financial Viability and Group Revenue
Your company must be financially viable to start and complete the project. This means that you must have the financial resources to fund the project, and you must be able to demonstrate this to Enterprise Singapore (ESG) when you apply for the grant. Additionally, your company’s annual sales revenue must be SGD 100 million or less, or your group employment size must be no more than 200 staff.
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Operational Prerequisites
To be eligible for the EDG, your company must be registered and operating in Singapore. If you are a Singaporean company, you must have a valid Corppass account to apply for the grant. Non-SMEs must also meet additional eligibility criteria, including having a minimum of 30% local shareholding and a group revenue of SGD 500 million or less.
Preparing Your Application
Once you have determined that your company meets the eligibility criteria for the Enterprise Development Grant (EDG), it’s time to start preparing your application. Here are some key steps to take:
Crafting a Robust Project Proposal
Crafting a robust project proposal is essential to a successful EDG grant application. Your proposal should clearly outline the project scope, including the objectives, deliverables, timeline, and budget. Be sure to highlight how the project will help your company achieve its business goals.
To help you get started, you can use project proposal templates available on the Business Grants Portal. These templates will guide you through the key sections of a project proposal and ensure that you include all the necessary information.
Gathering Supporting Documents
In addition to your project proposal, you will need to submit supporting documents as part of your EDG grant application. These may include audited financial statements, proof of quotation, and certification documents such as TR 43 or SS 680 certification.
You may also want to consider engaging management consultants or consultancy firms to help you with your application. These experts can assist you in developing your business strategy, human capital development, service excellence, process redesign, product development, standards adoption, and software and equipment needs.
Understanding the Evaluation Process
It’s important to understand the evaluation process for the EDG grant application. The evaluation process involves a review of your project proposal and supporting documents to ensure that they meet the eligibility criteria and evaluation criteria. The evaluation criteria include the relevance of the project to your business, the feasibility of the project, and the project’s potential to contribute to your company’s growth.
To apply for the EDG grant, you will need to have a Corppass account and submit your application on the Business Grants Portal. Once you have submitted your application, you will be notified of the outcome within 6 to 8 weeks.
Following these steps, you can increase your chances of a successful EDG grant application and secure funding for your business.
Maximising Grant Potential
To maximise your EDG grant potential, you should focus on three key areas: Strategic Brand and Marketing Development, Innovation and Productivity Solutions, and Venturing into Overseas Markets.
Strategic Brand and Marketing Development
Developing a strong brand and marketing strategy is essential for any business looking to grow and expand. With the EDG grant, you can access funding to help you develop your brand and marketing strategy, including market research, branding, and digital marketing.
To maximise your grant potential in this area, consider the following:
- Conduct market research to identify your target audience and understand their needs and preferences.
- Develop a strong brand identity that reflects your business values and resonates with your target audience.
- Create a comprehensive digital marketing strategy that includes social media, email marketing, and search engine optimisation (SEO).
Innovation and Productivity Solutions
Innovation and productivity are key drivers of business growth and success. With the EDG grant, you can access funding to help you develop innovative solutions and improve your business productivity.
To maximise your grant potential in this area, consider the following:
- Implement new technologies and equipment to streamline your business workflow and improve productivity.
- Test bedding your innovative solutions to ensure they are viable and effective.
- Invest in training and development programmes to upskill your employees and improve their productivity.
Venturing into Overseas Markets
Expanding into overseas markets can be a lucrative opportunity for businesses looking to grow and increase their revenue. With the EDG grant, you can access funding to help you venture into overseas markets and expand your business globally.
To maximise your grant potential in this area, consider the following:
- Conduct market research to identify potential overseas markets and understand their business culture and practices.
- Develop a comprehensive market access strategy that includes market entry, distribution, and sales channels.
- Access other government grants, such as the Market Readiness Assistance (MRA), Global Company Partnership (GCP) Grant, and Capability Development Grant (CDG), to further support your overseas expansion.
Focusing on these key areas and accessing the EDG grant, you can maximise your business potential and achieve your growth objectives.
