The Enterprise Development Grant (EDG) aids in the growth and transformation of Singapore based businesses. Under the three pillars of Core Capabilities, Innovation and Productivity and Market Access, EDG grants support projects that help you update your business, innovate or expand internationally.
What Is The EDG?
The Enterprise Development Grant can be abbreviated as the EDG. This funding was announced in the 2018 Annual Budget. In a nutshell, the EDG is a grant that assists established local SMEs (Small and Medium Enterprises) in growing and transforming their operations.
Companies interested in applying for the Enterprise Development Grant (EDG) must meet the following requirements:
- Be based in Singapore and have a Singapore business license.
- A minimum of 30% local ownership is required.
- You must be in a financially feasible position to be able to start and finish the project.
Who Approves The EDG?
Enterprise Singapore gives final approval to all EDG applications. Enterprise Singapore is the government organization in charge of promoting business development in Singapore. The unit partners with committed businesses to help them develop capabilities, innovate and expand internationally. They also assist Singapore’s development as a worldwide trading and startup center. Enterprise Singapore being the national standards and accreditation agency, continues to establish trust in Singapore’s products and services via ensuring quality and standards.
What Is The Maximum Grant?
Grant limit is entirely dependent on the project’s scope. The grant is proportional to the size of the company in terms of revenue and human resources. The actual algorithm or the science behind it is not published by Enterprise Singapore.
What Kind Of Projects Are Covered Under The EDG?
You may be eligible for assistance of up to 80%. The original support level was 70% prior to COVID-19. To combat the looming recession, the Supplementary Budget, also known as Resilience Budget 2020, increased the level of support to 80%. Only SMEs that are significantly impacted by COVID-19 will receive the maximum support level of 90%, as evaluated by ESG on a case-to-case basis.
The projects can fall under these scopes:
- Strategic Brand and Marketing Development
- Business Strategy Development
- Human Capital Development
- Service Excellence
- Financial Management
Projects in this pillar assist businesses build their business foundations in order to prepare for growth and change. Business strategy development, financial management, human capital development, service excellence and strategic brand and marketing development are among the five areas supported.
Innovation and Productivity
- Process Redesign
- Product Development
Projects in this pillar support businesses that are looking for innovative methods to expand or improve efficiency. Automation, process redesign, and product creation are three areas that are covered.
- Overseas Marketing Presence (OMP)
- Market Access
- Pilot Project and Test Bedding
- Mergers and Acquisitions (M&A)
Projects under this pillar help Singapore enterprises who want to expand internationally. Mergers and acquisitions (M&A), pilot project and test bedding, and standard adoption are three areas that are supported.
There are no limits to how many EDG Grants you can apply for in theory. ESG currently allows you to apply for and work on many EDG projects at the same time. You can only apply for an EDG grant once in a certain area. This means that if you have already received an EDG grant for Branding and Marketing, you are no longer eligible for another EDG grant in the same area. However, you can still apply for EDG funds in other categories. The 80% support level will expire on March 31, 2022. Get in touch with a certified EDG consultant to know more about Enterprise Development Grants and application guidance.