If you’re a thriving business company in Singapore, and eager to elevate your operations to new heights with marketing projects, then you’re in luck! The government of Singapore offers a range of grants and initiatives to support local enterprises, including the game-changing Enterprise Development Grant (EDG) for startups.
The EDG is designed to assist startups in their growth by supporting their strategic upgrades and innovations. This grant allows eligible businesses to receive up to 80% co-funding support for qualifying project costs and applications. It serves as a valuable resource to enhance operations, drive success, and improve marketing, training, and experience programs.
If you want to explore opportunities for your business to grow and succeed, read on to learn more about the grant.
What is the Enterprise Development Grant (EDG)?
The EDG is a funding initiative by the Singaporean government’s ESG to support businesses in their growth and transformation process. With a focus on providing assistance in areas such as capability building, productivity enhancement, and innovation, the EDG is designed to enable companies to become more competitive and resilient in domestic and international markets.
The EDG covers various sectors: manufacturing, trade and logistics, engineering, services, and ESG. Eligible companies can receive up to 80% funding through the grant to pursue qualifying projects customised to their specific business needs and ESG. This initiative drives long-term success, and profitability, and enhances overall effectiveness and sustainability in ESG.
Whether you want to upgrade your product design and development capabilities or expand your business into new markets, the EDG can provide the funding and support you need to achieve your goals.
Eligibility Criteria for the Enterprise Development Grant
If you are a business owner in Singapore interested in availing of the EDG, you must meet the eligibility criteria set by Enterprise Singapore. These criteria ensure that the grant is provided to businesses that truly need it and can use it effectively to enhance their growth, productivity, and ESG.
Firstly, your business must be registered and operating in Singapore to meet the ESG requirements. Secondly, your business must have a minimum of 30% local shareholding. This requirement ensures that the grant is primarily targeted towards supporting local enterprises.
The third and most crucial eligibility criterion is that the project for which you are seeking the grant support must fall under any of the three categories: Core Capabilities, Innovation and Productivity, or Market Access.
These categories encompass a wide range of strategic upgrades and innovations that can help businesses leverage market opportunities, improve their processes, and expand their reach domestically or internationally.
Under each category, there are specific criteria that your project must meet. For instance, for Core Capabilities, your project must involve upgrading your business’s foundational capabilities, such as technology adoption, intellectual property development, and business strategy development.
Similarly, for Innovation and Productivity, your project must involve developing or adopting innovative solutions that boost your productivity and competitiveness.
You must also demonstrate the capability to implement the project successfully and sustainably within your organisation. This requires indicating a clear plan for project execution, including resource allocation, timeline, and risk management.
| Eligibility Criteria for EDG | Requirements |
| Business Registration | Your business must be registered and operating in Singapore |
| Local Shareholding | Your business must have a minimum of 30% local shareholding. |
| Categories | Your project must fall under any of the three categories: Core Capabilities, Innovation and Productivity, or Market Access. |
| Capability | You must demonstrate the capability to implement the project successfully and sustainably within your organisation. |
If your project meets all the eligibility criteria, you can proceed with the application process for the EDG grant in Singapore. It’s important to note that meeting the eligibility criteria does not guarantee approval. The final decision is based on Enterprise Singapore’s evaluation of your application and the project’s potential to generate sustainable benefits for your business.
Benefits of the Enterprise Development Grant
If you are eligible for the EDG, you stand to gain many benefits that can help grow your business in Singapore. Here are some of the benefits:
| Benefits | Description |
| Co-funding of up to 70% | The EDG offers co-funding of up to 70% of qualifying project costs, meaning that you get significant financial support for your business upgrades or innovations. |
| Enhanced Capability | Through EDG, you can develop your company’s capabilities, become more competitive, and increase your business’s value. |
| Expertise and Insights | The EDG can help your business gain access to the necessary expertise and insights to enhance your business’s growth and productivity. |
| Expanded Network | The EDG helps to expand your network, create new business opportunities, and open new markets for your products and services. |
| Increased Market Share | Through the EDG, you can increase your market share by expanding both domestically and overseas. |
| Improved Productivity | The EDG helps to improve your business’s productivity and operational efficiency, leading to better results and higher returns on investment. |
The Enterprise Development Grant offers a valuable opportunity for Singapore businesses to take their operations to the next level by leveraging government support. Do not hesitate to take advantage of the benefits of the EDG and apply for it today.
How to Apply for the Enterprise Development Grant
Applying for the EDG in Singapore is a straightforward process that can be completed online. To begin, ensure that your business meets the eligibility criteria for the grant. The application process involves three simple steps:
Step 1: Identify the Project Scope
Define the scope of your project and the expected outcomes. This step ensures that your project meets the requirements of the EDG.
Step 2: Submit the Application Form
Complete the online application form and submit it through the Business Grants Portal. Prepare supporting documents, such as quotations and project proposals, to accompany your application.
Step 3: Await Approval
The processing time for EDG application is typically four to six weeks. You will be notified of the outcome of your application through the Business Grants Portal.
Once your application is approved, you can implement your strategic upgrades or innovations and submit claims for reimbursement of up to 90% of qualifying costs. Apply now and take your business to the next level with the support of the Enterprise Development Grant.
Strategic Upgrades Supported by the Enterprise Development Grant
Transforming your business through strategic upgrades presents an incredible opportunity to strengthen your competitive edge and increase your revenue stream. With the support of the enterprise development grant, your business can undertake strategic upgrades to enhance your current business capabilities, productivity, and innovation.
The EDG’s strategic upgrades are designed to support businesses in Singapore to build a competitive advantage in a dynamic business landscape. Eligible businesses can receive up to 70% funding support to undertake the following strategic upgrades:
| Strategic Upgrades | Description |
| Introducing new or improved business models | Explore new or refined business models that will enhance revenues or improve efficiencies in customer delivery |
| Enhancing operational systems and capabilities | Upgrade your core business capabilities and operational systems to improve productivity and competitiveness |
| Adapting to new market trends or challenges | Upgrade your market knowledge and agility to identify new opportunities and respond to challenges |
| Developing Intellectual Property (IP) and brands | Build your IP and brand portfolio to increase market share, protect your assets, and generate sustainable profits |
What are the Benefits of Undertaking Strategic Upgrades with the EDG?
With the support of the EDG, your business can unlock a multitude of advantages, including:
- Improved productivity and process efficiency.
- Enhanced market knowledge and agility
- Strengthened market competitiveness
- Increased revenue stream and growth potential
Upgrade your business with the support of the EDG today to achieve your strategic goals and stay ahead of the competition.
Innovations Funded by the Enterprise Development Grant
Through the EDG, businesses in Singapore can gain support for various types of innovative projects. The grant covers up to 70% of qualifying costs, providing businesses with greater financial capacity to embark on value-adding initiatives.
Here are some examples of the types of innovations that can be funded through the EDG:
| Innovation Type | Description |
| Product Development | Businesses can receive funding for expenses related to the design or production of new products that align with their strategic objectives and target markets. |
| Process Improvement | EDG funding can be used to upgrade the operational processes of businesses, boosting their efficiency and productivity levels. |
| Market Access | The EDG can also support businesses in their efforts to expand into new markets or deepen their presence in existing ones. Funds can cover expenses such as feasibility studies, market research, or market entry activities. |
Remember, to qualify for the Enterprise Development Grant for your innovative projects, your business has to meet the eligibility criteria and follow the application process.
Conclusion
By now, you should have a crystal-clear understanding of Singapore’s game-changing Enterprise Development Grant (EDG). This incredible opportunity is about boosting your business’s growth and competitiveness through strategic upgrades and innovations.
But here’s the kicker: you’ve got to meet the eligibility criteria and navigate the application process to snag this golden ticket. Once you’ve secured the EDG, get ready to revel in a treasure trove of benefits. Picture this: financial support, access to top-notch expertise, and a wealth of resources at your fingertips.
Book an appointment with our Consultants to learn how the Finnex Business Doctor Program can support or even accelerate your business’ growth and sustainability today.