Curious to know the updates to the Enterprise Development Grant (EDG) and how it'll impact new applications this 2023?
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The dynamic world of business in Singapore has always thrived on the foundation of innovation and transformation. Among the government's arsenal of strategies to boost business growth and competitiveness, the Enterprise Development Grant (EDG) stands out as a potent catalyst. The EDG, administered by Enterprise Singapore, is designed to help Singaporean businesses grow and transform. This article will elucidate the updated changes of the EDG, its eligibility criteria, project categories, the application process, and claims. In the end, we will direct you to other invaluable grants to explore for your enterprise in Singapore.
Understanding the Enterprise Development Grant (EDG)
Before diving into the updates of the EDG, it's crucial to grasp its overall purpose. EDG is a merger of two former schemes, the Capability Development Grant (CDG) and the Global Company Partnership (GCP) grant. It is specifically designed to support projects that help Singaporean companies to upgrade their business, innovate and venture overseas. With the EDG, the government covers up to 70% of qualifying project costs such as consultancy, training, certification, and equipment costs.
Updates to the Enterprise Development Grant (EDG)
Since its introduction in 2018, the EDG has undergone several changes to streamline its services and maximize its benefits for Singapore businesses. In the wake of the pandemic, the grant’s co-funding ratio was temporarily raised from 70% to 80% (or 90% for severely impacted sectors) until March 2022, with the aim of encouraging companies to continue their transformation and growth efforts despite the challenges.
As of 2023, the co-funding level has reverted back to the standard 70%, with an enhanced rate of 90% extended for firms in severely affected sectors. Furthermore, the EDG, initially slated to end in FY2020, has been extended to end in March 2024. This change allows more businesses to leverage the grant for their development and internationalization efforts.
Another crucial change is the introduction of customer-centric project assessments. This entails the careful evaluation of the potential benefits of the proposed project to the applicant's customers, reflecting the government's efforts to promote customer-centric business growth.
Eligibility Criteria for the Enterprise Development Grant
To qualify for the EDG, there are several conditions that companies must meet:
- Registered and operating in Singapore
- Have a minimum of 30% local shareholding
- In a financially viable position to start and complete the project
The EDG is also sector-agnostic, meaning that businesses from any industry can apply for it. While the application process is competitive, these criteria ensure that the grant is accessible to a wide array of Singaporean businesses.
Project Categories under the EDG
The EDG is split into three main project categories:
- Core Capabilities: Projects under this category aim to prepare businesses for growth and transformation by strengthening their foundational capabilities. These can include business strategy development, financial management, human capital development, service excellence, and strategic brand and marketing development.
- Innovation and Productivity: Projects in this category support businesses in exploring new areas of growth or look for ways to enhance efficiency. These could involve process redesign, product development, and automation.
- Market Access: Projects under this category support Singaporean businesses in their venture overseas. These can involve overseas marketing presence, pilot projects, and test bedding, among others.
Deep Dive into Enterprise Development Grant (EDG) Categories
When considering the EDG, it's important to identify which of the three project categories — Core Capabilities, Innovation and Productivity, and Market Access — your project aligns with. Each category aims to support different areas of business growth, and each has unique features that suit different business profiles. Let's delve into the specifics of each category.
Core Capabilities projects are designed to set strong foundations for your business, preparing it for growth and transformation. They focus on key areas that enhance your business model and optimize its functionality. Here are some types of grants within this category:
- Business Strategy Development: This grant supports projects that aim to improve a company's strategic alignment and business responsiveness. It's best suited for companies looking to define their strategic roadmaps, implement business model transformation, or develop risk management strategies.
- Financial Management: Aimed at companies looking to enhance their financial frameworks, this grant aids in implementing financial controls, improving cash flow management, and adopting financial planning tools.
- Human Capital Development: If your company is aiming to boost its human resources function, this grant can support projects related to talent management, leadership development, or workforce planning.
- Service Excellence: Businesses looking to improve customer satisfaction may consider this grant. It supports projects aimed at implementing customer experience strategies, service innovation, and customer engagement.
- Strategic Brand and Marketing Development: This grant caters to businesses looking to elevate their brand and market presence, whether through brand development, market research, or digital marketing.
Innovation and Productivity
Innovation and Productivity projects aim to help businesses explore new areas of growth and enhance efficiency. Here are some types of grants within this category:
- Process Redesign: For businesses looking to enhance operational efficiency, this grant supports projects that involve reengineering workflows, streamlining processes, or adopting automation technologies.
- Product Development: This grant aids businesses in developing innovative products or services, supporting activities such as ideation, prototyping, and testing.
- Automation: If your business is seeking to improve productivity through technological means, this grant can assist in projects related to system integration, equipment and machinery, or digital solutions.
Market Access projects aim to support Singaporean businesses venturing overseas. Here are some types of grants within this category:
- Overseas Marketing Presence: For businesses planning to expand their reach overseas, this grant can support projects that establish or enhance overseas marketing presence, such as setting up an overseas office or participating in trade fairs.
- Pilot Projects and Test Bedding: This grant can help businesses test their solutions or products in overseas markets or with large-scale potential customers.
- Standards Adoption: If your business is looking to adhere to international standards to increase its competitiveness overseas, this grant can support projects that aim to adopt international standards and certifications.
To determine which type of grant best suits your needs, first understand your business's strengths, weaknesses, and areas for growth. Then, consider which type of project would provide the most benefit to your business and align best with your strategic objectives. The EDG offers a diverse range of options tailored to assist businesses at different stages and with varying needs.
Remember, the application process and eligibility criteria remain the same across these different types of grants. It's always important to apply before the start of the project and to provide a comprehensive project proposal detailing your objectives, methodology, budget, and anticipated outcomes.
The road to business growth may seem daunting, but with the right support, every milestone can be within reach. To explore more grant opportunities, visit our Singapore grants navigator.
Applying for the Enterprise Development Grant
Here is a step-by-step guide on how to apply for the EDG:
- Identify your project category: Determine under which of the three EDG categories your project falls.
- Prepare your proposal: Develop a robust project proposal. The proposal should provide a comprehensive overview of the project, including the project's objectives, its impact on your business, the project scope and methodology, and an itemized budget.
- Submit your application online: All EDG applications must be submitted through the Business Grants Portal (BGP). You'll need your CorpPass to log in to the BGP. Note that you must apply for the grant before the start of the project.
- Evaluation of your application: Enterprise Singapore will evaluate your application based on project scope, project merits, and competency of service provider.
- Accept the Letter of Offer: If your application is successful, you'll receive a Letter of Offer. To accept it, log in to the BGP and submit the required documentation.
Getting Your Claims
Once your project is underway, you'll be able to make claims on the approved qualifying costs. Here's how you can get your claims:
- Submit your claim: Log into the BGP with your CorpPass, then go to 'My Grants' and select 'Claims'. Follow the steps to submit your claim.
- Provide supporting documents: Ensure you have all necessary supporting documents, like invoices, receipts, and bank statements, to substantiate your claim.
- Wait for claim disbursement: If all is in order, Enterprise Singapore will disburse the grant amount into your designated bank account.
As a business owner, navigating the world of grants can be tricky, but it's a rewarding endeavour. The EDG is one such grant that provides significant aid to businesses aiming to enhance their capabilities, improve productivity, and expand their reach.
We at Devhaus have worked with numerous clients, including Maison21G and Wallex.asia, helping them access the grants they need for their business projects. For more information on various grants in Singapore, you can explore our comprehensive grants library at Devhaus Grants Library.
Remember, every business journey is unique, and the right grant can catalyze your growth and success. Make your move today and explore the potential that Singapore's grants have to offer your enterprise.
For Companies operating in Singapore, there are a couple of government subsidies that you could look into to help finance and subsidise your next strategy project - yes, including Webflow and your CMS strategy, Go to Market Strategy and even growth plans to address your overall Marketing strategy.
Summing it up - If you're a company operating in Singapore, there are a couple of government subsidies that you could look into to help finance and subsidise your next strategy project - including refining your entire digital experience and your CMS.
The Singapore government has a lot of incentives and subsidies for companies to grow.
We'd strongly advise you to look through the various grants available for Singapore companies to explore to help you get your project subsidised.
If you'd like to explore all the available grants, feel free to visit our Singapore grants navigator here
Action steps moving forward
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