Are you looking for a way to give your business some extra financial support? Applying for an enterprise development grant, or an EDG is a great way to do so.
If you’re hoping to learn more about what an EDG grant is, as well as how to apply for one, keep reading. In this guide, we’ll go over some of the benefits that can come with this solution.
Enterprise Development Grant: The Basics
The EDG is a program that is structured to assist small businesses in Singapore so that they can grow. This can help businesses build new processes and improve their foundations to prepare for growth. This allows companies the ability to use new technologies or find new solutions that can allow growth.
There are three different categories that EDG projects focus on. One focus is core capabilities, which focuses on improving the foundations of a business to provide a good breeding ground for growth. These projects focus on managing finances, developing new business strategies, improving services, and making sure the branding and marketing strategies of a company are effective and streamlined.
Another focus is innovation and productivity. In this pillar of EDG, the focus is on how to enhance a company’s productivity and efficiency to reach the intended goals. This is a great way for companies to find new areas of growth and can be implemented through methods such as product redesign, automation, and development.
Market access is another focus of an enterprise development grant and it can help companies that are striving to take their business to the next level by taking their business offshore. This helps to fund companies who want to grow overseas, which can be a costly endeavour. An EDG grant can help to cover some of the expenses that come with this process which can help to alleviate the financial burden companies face in this stage of growth.
There are a few qualifications a business must meet in order to receive an enterprise development grant. Firstly, the company will need to be registered and operating in Singapore. You should also show that you have sufficient capital and funds to start and complete the process if the grant is to be successful.
You will also need to have at least 30% of the local shareholding. If you meet these criteria, you are eligible for the grant. Your application will be reviewed by Enterprise Singapore where they will consider factors such as competency, as well as the scope and outcomes of the project you are hoping to use the grant money for.
Consider Applying for an EDG Grant Today
If you’re hoping to grow your business, but you need the financial support to do so, consider applying for an enterprise development grant today. This grant can help companies that are looking for the financial assistance to complete some of the company goals mentioned above.
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