Types of Grants for Local Businesses in Singapore in 2023
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Whether you are a start-up company or an established company, you have options to choose from various grants provided by the Singapore government like the EDG Grant.
Singapore companies have many government resources that can support them in taking their next steps to grow. Enterprise Singapore is a government organisation setup to support companies in upgrading their capabilities, driving innovation and entering new overseas markets.
When Should You Be Considering a Grant?
Depending on your business goals, once you have grown your business in Singapore to a certain size, you need to prepare to expand locally and then overseas to take your business to the next level of growth. When you do start to venture into new larger markets, it’s critical to plan your marketing budgets carefully and to use data to determine where you should be spending your marketing dollars.
Your growth framework needs to be setup and fine tuned locally to use data effectively before you attempt to venture to larger markets. When you do need to cater for huge growth it’s critical to ensure you have the right systems in place that can adapt to the growth opportunities as they happen. You will not have time to react cost effectively if things are not already in place.
To support companies in their various stages with financial assistance, the Singapore Government has made available several grants through Enterprise Singapore, who work with committed companies to build capabilities, innovate and internationalise.
What Types of Grants Are Available?
Listed below are many of grants available to companies from Enterprise Singapore.
For local companies
- Enterprise Development Grant (EDG)
- Market Readiness Assistance (MRA) Grant
- Energy Efficient Grant
- International Co-Innovation Programmes
- SkillsFuture Enterprise Credit (SFEC)
- Productivity Solutions Grant (PSG)
In this article, we will be focusing on the Enterprise Development Grant (EDG) which can be super supportive to grow and transform your Singapore based company. Due to the broad range developmental areas, the grant supports projects that help you upgrade your business in various areas, to not only compete more effectively locally, but to also venture overseas. It's proven to be the most versatile block of grants in helping some of our clients grow.
Enterprise Development Grant (EDG)
Disclaimer: There are some updates to the subsidy support within some of the grants - effective as of 1st April, 2023
For the Food Services and Retail sectors, the EDG support level will be at up to 80% from 1 April 2022 to 31 March 2023. From 1 April 2023, SMEs can receive up to 50% support for EDG (sustainability-related projects may be supported at up to 70% from 1 April 2023 to 31 March 2026).
The enhanced grant support levels were extended for a time-limited period given the exceptional disruptions brought about by the COVID-19 pandemic, to encourage the transformation of the economy and to help businesses emerge stronger from the pandemic.
The Enterprise Development Grant (EDG), popularly referred to as “the EDG grant” is a funding scheme that supports the development and transformation of enterprises in Singapore. The grant assists enterprises with their business transformation, internationalisation and capability development initiatives.
There are 3 core areas from which the EDG supports companies.
Here's an illustration to help you understand better
Watch our walktrhough guide below to understand more about the EDG grants
Learn more about the Grants via the video with our VP of Advanced Services, Dom
Is Your Company Eligible for the EDG?
There are some criteria that your company needs in order to be eligible to receive the grant:
- That your business has an entity registered and is operating in Singapore.
- The company has at least 30% local (Singapore) shareholding.
- Be in a financially stable so to start and complete the project.
Jump on a call with us for a free consultation, we'll explain further what "financially stable" means then
Just meeting these criteria does not mean that you will receive the grant. Each application will be assessed by Enterprise Singapore based on the project scope, project outcomes and the competency of the chosen service provider.
It’s really important that your company is financially stable, and has a road to growth that looks realistic. The EDG is not designed to fund companies that don’t look viable. Ideally a company has been in business for a few years, has a number of local employees, and has potential to grow even more, not just financially but ideally hire new employees.
If you are a start up that has been around for a year or two and is well funded, and is in a high growth industry, then it is also worth applying.
Is Your Project Eligible?
When applying for a grant for a specific project, that project should be viable for the company, even if you don’t receive the grant. It’s important to note that the EDG only supports new projects that have not been started, and are not generating any revenue at the point of application. This means no payment to a third-party vendor, or even an existing signed contractual agreement to a third-party who is a part of the application.
What Level of Funding Can You Expect to Receive?
EDG provides funding support of up to 70% for Small and Medium Enterprises (SMEs) and up to 50% for Non-SMEs for a wide range of projects. These include projects that facilitate business transformation, adoption of new technology and processes, as well as enhance enterprise capabilities in the areas of human capital, productivity, financial and management control.
How Long Will the Grant Application Process Take?
Your grant application submission will usually take eight to twelve weeks from the time you submit your application, assuming there are no delays, requiring further clarification on certain documents.
Your company will receive a Letter of Offer (LOF) listing the conditions of support and the amount of grant awarded, if you are awarded the grant. It’s important to monitor your email account (and spam folders) for receipt of the Letter of Offer. You will need to acknowledge receipt and accept the LOF within the timeline indicated, otherwise the application would be considered invalid.
When Can You Claim Back Your Money Spent on the Project?
What Documents Do You Need to Submit for the EDG Application?
Once you have confirmed that you are eligible to apply for the EDG grant, you will need to prepare the following necessary documents for submission.
- A project proposal in the required format
- Your company’s latest ACRA information (not more than six months old)
- Your company’s audited fInancial statements
- A quotation for the project from the chosen vendor
- Relevant consultants’ certification
Once you have all the necessary documents prepared, you can submit them via the Business Grants Portal.
While there are many grant options and processes to follow in order to get a grant, the outcomes from a grant supported project can provide significant value for companies, considering the amount of value typically generated for the actual dollar outlay by companies.
Do reach out to someone who can support your journey of growth, and have your company and project reviewed to determine which grant would be best for you and how long it would take to deliver on.
If you're keen to push the growth of your business further this year in 2023 - jump on a call and we'll tailor the needs of your business for you! Here are the steps:
- Submit your enquiry here
- Check your email for the call booking link with our team leaders
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