Applying for the Enterprise Development Grant (EDG) in 2021

What is the Enterprise Development Grant?

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.

The Enterprise Development Grant supports projects and business ventures that can help you upscale your company, innovate, or venture overseas under three core pillars:

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1. Core Capabilities

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.

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2. Innovation and Productivity

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.

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3. Market Access

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.

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What are the qualifications to apply for Enterprise Development Grant?

In order to qualify for the enterprise development grant, you need to:

• Be a business entity registered and operating in Singapore
• Have sufficient capital and funds to start and complete the project (should the grant application be successfully)
• Have a minimum of 30% local shareholding

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.

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How do I apply for the Enterprise Development Grant?

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Step 1: Identify the project category you want to apply for

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.

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Step 2: Consider getting assistance from a business consultant

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:

• Members from the consultant company who are providing dedicated functions such as audit, fieldwork, design, equipment installation, drafting of legal agreements, and market research.
• Consultants providing technical advice in the development of new technology, and solutions vendors.

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Step 3: Prepare your project proposal

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:

• EDG Project Proposal Template (Core Capabilities)
• EDG Project Proposal Template (Innovation and Productivity)
• EDG Project Proposal Template (Market Access)

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.  

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Step 4: Ensure that you have all other supporting documents

Apart from you project proposal, you also have to prepare the following:

• Audited financial statements for the last fiscal year of your company and consolidated financial statements for the last FY of your ultimate parent company, if applicable.
• Any relevant proof of quotation for the cost of your project items.
• Latest ACRA search or instant information (dated no earlier than 6 months from date of project application).
• Consultants’ proposal detailing the scope of work, man-day rate breakdown of the service, and the CVs and scanned copies of Enterprise Singapore-recognised certification(s) of each individual consultant (only for projects where business consultants are engaged)

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 sg@aspireapp.com.