Enterprise Development Grant to Replace Capability Development Grant (CDG) and Assist SMEs in upgrading Business Capabilities
The EDG or Enterprise Development Grant will be introduced officially on October 25, 2018, to provide assistance to organizations to upgrade their internationalization, innovation, and business capabilities. The current Capability Development Grant (CDG), as well as the Global Company Partnership Grant (GCP), will be replaced by EDG.
It is imperative for the businesses to submit their applications for GCP and DG prior to October 24, 2018, 18:00 hours. If the submissions are made after the deadline has passed, business should be sending their applications for the EDG. Since there is an anticipation of a massive increase in online traffic when the transition period is on, it is highly recommended that businesses complete and submit their applications as early as possible.
In case a business desires to scale up their business capabilities to experience sustainable growth, they can use the option of Capability Development Grant (CDG). An entrepreneur of an SME can work on projects like the development of human capital, product development, enhancement of business processes, and adoption of standards. This grant pays up to 70 percent of the costs of a qualifying project like equipment, certification, training, and consultancy expenses.
The government has also made the application requirements simpler for projects on a smaller scale. So, SME business owners can now experience a simplified application process with easy documentation requirements and more streamlined forms.
Who are eligible for the grant? SMEs are eligible for sending applications for CDG when they fulfill the following conditions:
- Operating as well as got registered in Singapore
- Should have a minimum local shareholding of 30 percent in the business
- The group should employ not more than 200 employees or the annual sales turnover of the group should be 100 million S$ or less
It is the responsibility of Enterprise Singapore to assess the application sent based on the competency of the said service provider to enhance the customer’s business capabilities, project scope, and the needs of the business. The applications are subject to the approval of Enterprise Singapore.
Merits of the Capability and Development Grant (CDG)
There are some SMEs in Singapore that do not appreciate the advantages of the CDG. So, check out some of the top merits of the government grant for the SMEs that are listed below:
- Helps in business growth – The grant can offer support to various activities ranging from the implementation of innovative ideas to productivity improvements with the objective of witnessing the growth of the SMEs. The CDG helped in enhancing Business Capabilities of the SMEs.
- International and local recognition for SMEs – When the SMEs get support in the form of a government grant, they can enjoy local, as well as, global recognition. The CDG can see the growth and expansion of SMEs going beyond their geographical borders by supporting the innovative drives of a business.
- Support innovative initiatives of SMEs
When the CDG is offered to the local SMEs via a simpler and easy application procedure, businesses will get encouragement to come up with innovative ideas eventually leading to their business growth.