Are you looking to grow your company through digitalisation? Digitalisation is a long process and choosing the right partner is pivotal in this. You can chat with us to find out more. If you are looking to expand your business overseas, you can consider reading through the MRA Grant
If you’re hoping to learn more about what the Enterprise Development grant is, as well as how to apply for one, keep reading. In this guide, we’ll go over the top 10 things to know about Enterprise Development Grant for SME owners.
Enterprise Development Grant: The Basics
The Enterprise Development Grant (EDG) helps Singapore companies grow and transform. This grant supports projects that help you upgrade your business, innovate or venture overseas under three pillars: Core Capabilities, Innovation & Productivity and Market Access.
3 Main Primary Focuses
The Enterprise Development Grant (EDG) supports projects under three pillars:
- Core Capabilities – Projects under this pillar help businesses prepare for growth and transformation by strengthening their business foundations. Five areas supported include business strategy development, financial management, human capital development, service excellence, and strategic brand and marketing development.
- Innovation and Productivity – Projects under this pillar support companies that explore new areas of growth, or look for ways to enhance efficiency. Three areas supported include automation, process redesign, and product development.
- Market Access – Projects under this pillar support Singapore companies that are willing and ready to venture overseas. Three areas supported include Mergers and Acquisitions (M&A), pilot project and test bedding, and standards adoption.
Eligible SMEs will receive the following support:
- Up to 80% of eligible costs, capped at S$100,000 per company per new market* from 1 April 2020 to 31 March 2023
1. Most SMEs in Singapore Qualify For The Grant
The eligibility criteria is really simple. It is common with most Government grants that are available in Singapore.
- Be registered and operating in Singapore
- Have a minimum of 30% local shareholding
- Be in a financially viable position to start and complete the project
You should be able to qualify and you can find out more information about Enterprise Development Grant Here
Applications will be assessed by Enterprise Singapore based on project scope, project outcomes and competency of service provider.
Eligible employers who fulfil the following criteria can also qualify for additional subsidies under the SkillsFuture Enterprise Credits (SFEC) scheme:
- Have contributed at least S$750 Skills Development Levy over the qualifying period
- Have employed at least three Singapore Citizens (SCs) or Permanent Residents (PRs) every month over the same period
- Have not been qualified for SFEC at any of the earlier periods
2. How is Enterprise Development Grant different from PSG or MRA?
The Productivity Solutions Grant (PSG) and the Market Readiness Assistance (MRA) grant are separate schemes with different intents. The PSG supports companies looking to adopt specific productivity solutions or equipment, while the MRA supports companies who wish to take their first step into overseas markets. Since the areas of support have been pre-specified, the purpose of the PSG and MRA is largely to facilitate ease of adoption.
The Enterprise Development Grant (EDG) is a tool to support the growth and transformation needs of companies. Companies would need to submit individual project proposals with details on their business plans and project outcomes for evaluation.
3. How Does Web Delegate Add Value To You
Projects that we do for EDG are on a case by case basis as there is no one product or template that fits all. However, we do have projects that we focus on and would be happy to take the conversation with you further on this. You can drop us a note here.
4. What Information Do I Need To Apply For Enterprise Development Grant?
To apply for the Enterprise Development Grant (EDG), you will need your company’s CorpPass. If your company does not have a CorpPass account, refer to the CorpPass Guide for instructions on how to set one up.
You need these information to apply for the EDG:
- ACRA information
- Audited financial statements
- Relevant proof of quotation or proposal
- Management consultancy scopes
- Relevant consultants’ certification
Project proposal templates are available to guide companies in their preparation for submission.
5. What Can We Claim Under EDG Grant?
It really depends on what you are looking for and if it fits your criteria for company growth. Here at Web Delegate, we help companies in the following items for digitalisation and growth:
Strategic Digital Marketing Plan:
- Digital Marketing Strategy
- Refreshed Brand Identity
- Business Strategy
- Website Design UI/UX
The items listed is on a case by case basis depend on the needs of the customer. It will be easier to speak to us to find out more. You can chat with Sophie online using the online chat.
6. How long does the EDG approval process take?
It depends on case by case basis but it typically takes about 2 weeks to 12 weeks for an approval. It depends on the number of back and forth questions with Enterprise Singapore. We recommend to start early in the approval process.
7. Will The Vendor Fill Up The Application Form For Me?
We will guide you along the way but the final approval and submission has to be made by the client.
8. What Is Officially Covered Under Process Redesign?
Scope of work can cover:
- Review and streamline of workflow and processes to reduce or remove redundant processes
- Explore the use of technology to automate processes (Digital Marketing Component)
- Review and/or development of performance measures
- Development of tracking and measurement system
- Development of detailed roadmap of actions for further improvement
9. When Must A Project Be Completed?
Most projects undertaken by companies should be completed within 12 to 18 months upon successful grant application.
You are advised to keep the project timeline to a reasonable duration, to ensure the outcomes remain relevant in a rapidly changing economic environment.
10. How Can You Apply For EDG?
It is quick to apply. You may apply for the Enterprise Development Grant (EDG) via the Business Grants Portal. You will need your company’s CorpPass to apply. Another way is to speak to us first about your project before application.
If you’re hoping to grow your business overseas, but you need the financial support to do so, consider applying for Market Readiness Assistance Grant today. This grant can help companies that are looking for the financial assistance to complete some of the company goals mentioned above. We have supported many companies applying for MRA Grant, you can chat with us as well.
Are you looking for a web design and development company that can take your website global? If so, contact us today to get started.
Disclaimer: This article is written on the date that is published and based on our point of view. Final approval and disbursement is subject to approval by the relevant authorities. This article is not approved or written to represent the Singapore government authorities.