Enterprise Development Grant (EDG): Helps New Projects to Grow and Transform
The Enterprise Development Grant (EDG) is one of the support system of Singapore companies. It helps them to grow and advance their businesses.
Companies nowadays want to have strong business foundations and business strategies. They also want to adopt innovative technology and business improvement processes. They want to grow their business presence all over the world.
There Three Pillars of Enterprise Development Grant (EDG)
Enterprise Development Grant focuses on preparation for growth and transformation of the business. It strengthens the foundation of the company and goes beyond the basic functions or department. This grant can focus on business strategy development, financial management, human capital development, and service excellence.
Innovation and Productivity
It supports businesses that go to new areas of growth or find ways to improve efficiency. It could go on reviewing and redesigning business processes. Some businesses also want to try automation and technologies to make any workflow or tasks more efficient. It will meet the goal of commercialization.
It supports businesses in Singapore that are ready to start overseas. These companies can reach the EDG to help them with the cost of expanding their market abroad. There are some tools or ways to access markets overseas. These are through Mergers and Acquisitions (M&A), Overseas Marketing Presence (OMP), Pilot Project and Test Bedding, Standard Adoptions.
Enterprise Development Grant (EDG) as a Support System
It can fund a qualified project up to 70% of the costs. These costs are third-party consultancy fees, software and equipment, and internal manpower cost.
Qualifications to Apply for EDG
To qualify for the EDG, you need to:
- Have a business registration and must be operating in Singapore
- Gain a minimum of 30% local shareholding
- Be in a financially practical position to start and complete the project
The Enterprise Singapore will assess the applications based on project scope, project outcomes and competency of the service provider.
You must identify the specific project category you want to apply for. You should also get the scope of your project and know who are the suitable providers to help you for completing the project. The EDG only supports new projects and not having any revenue at the point of the grant application. Then, prepare the project proposal. Check carefully your EDG Application Checklist.
Those applicants should provide projected numbers of the following areas:
- Business revenue
- Staff remuneration
- Net profit before tax for 3 years
After preparing all the documents needed, you can now go to Business Grants Portal with your CorPass account. The completion of submission will take 8-10 weeks from the time you submit the project application. If you are successfully granted, your company will receive a Letter of Offer includes the conditions of support and how much grant awarded to you. You have to acknowledge the Letter of Offer within the days or timeline they provided. Otherwise, the application will be invalid. The projects are on a reimbursement basis. You can submit claims as long as all project deliverables are completed. You can reach Enterprise Singapore no later than 6 months from the end of the project.