Thinking to boost your business with some funding support and apply for the Enterprise Development Grant (EDG) in 2021? It's not as complicated as it seems!
First things first...
The Enterprise Development Grant (EDG) is a program implemented by Enterprise Singapore to help small businesses in the country grow and transform. In today’s day and age, it is essential for companies, both big and small, to adopt new and innovative processes and build strong foundations for their business. Through financial subsidies such as the EDG, companies can now tap into different technologies and solutions to improve their business.
Projects under this category focus on strengthening their business foundations and include projects such as business strategy development, financial management, human capital development, service excellence, and strategic brand and marketing development.
The focal point for projects under Innovation and Productivity is to explore brand new ways to enhance efficiency and productivity in the company as well as finding new areas of growth. This can be done through automation, process redesign, and product development.
Finally, projects under Market Access are for Singapore companies that are ready to take their business to the next level and venture out beyond our shores. Expanding your business overseas is not an easy feat and will require a significant amount of funding. With the EDG, several costs of expanding into overseas markets can be covered, alleviating some of the financial burden.
In order to qualify for the enterprise development grant, you need to:
As long as you meet the criteria above, you are eligible for the grant. Applications will then be assessed by Enterprise Singapore based on the competency, project scope, and project outcomes of the company.
Based on the three core project pillars, you will need to identify the project category you wish to apply for. It can either be Core Capabilities, Innovation and Productivity, or Market Access, but businesses are not allowed to pick more than one.
Seeking help from business consultants can also be beneficial with your projects in the event that your application is successful. Companies applying for the EDG are only allowed to engage with management consultants with an Enterprise Singapore-recognised certification.
However, there are a few exceptions for some companies. Those who don’t need to be certified include:
Preparing your project proposal is the most crucial step in the application process. If you are unsure on how to go about putting together your proposal, Enterprise Singapore has provided three project templates for applicants as a guide in preparation for your submission:
Should you have any questions or need any additional information on the project proposal, you can visit any of the SME centres and make an appointment with their business advisors.
Apart from you project proposal, you also have to prepare the following:
There are many grant schemes and programmes available for businesses to tap into to help grow their business in Singapore and beyond. If you are a small business owner, ensure that you are updated on the latest financial subsidies to make full use of your benefits.
For successful applicants, you may receive your grants straight to your Aspire account. To learn more, get in touch with us at firstname.lastname@example.org.