The EDG Grant in Singapore is a professional and reliable program that provides funding and support to businesses looking to expand and grow. With its focus on innovation and development, the EDG Grant is designed to help businesses of all sizes and industries achieve their goals.
We understand the unique challenges faced by Singaporean businesses in qualifying for the EDG Grant, and we’re here to guide you every step of the way.
At Finnex, we offer expert business consulting services tailored to meet the specific needs of your company. Our team of experienced consultants is dedicated to helping you navigate the complex process of qualifying for the EDG Grant, ensuring that you maximize your chances of success.
The Enterprise Development Grant (EDG) offers valuable assistance to businesses seeking to enhance, innovate, expand, and revolutionise their operations. Propel your business to new heights by presenting your unique project proposals, complete with comprehensive business plans and projected outcomes.
EDG provides financial support for eligible project expenditures, including expenses related to third-party consultancy services, software and equipment procurement, and internal workforce remuneration.
Local small and medium-sized enterprises (SMEs) may be eligible for a maximum cost coverage of 50%.
Commencing on April 1, 2023, small and medium-sized enterprises (SMEs) will be eligible to obtain a maximum of 50% financial assistance for projects under the Economic Development Grant (EDG). Notably, endeavours centred around sustainability will be considered for enhanced support, attaining up to 70% funding from April 1, 2023, until March 31, 2026.
1. The company must be duly registered and actively operating within the confines of Singapore.
2. The company must possess a minimum of 30% local shareholding.
3. The company must demonstrate financial stability and capability to initiate and successfully conclude the proposed project.
Please ensure that your business establishments satisfy these prerequisites as stipulated by the EDG grant.
The Enterprise Development Grant (EDG) offers a valuable opportunity for businesses looking to advance their operations, drive innovation, and expand their market reach. Here’s why applying for the EDG Grant could be a game-changer for your business:
1. Significant Cost Savings
The EDG Grant covers up to 50% of your project costs, or up to 70% for projects focused on sustainability. This substantial financial support reduces your out-of-pocket expenses and allows you to allocate resources more effectively.
2. Boost Your Business Capabilities
With funding for areas like strategic marketing, human resources, and financial management, the EDG Grant helps you enhance your business operations. Strengthen your core capabilities to improve overall performance and achieve your business goals.
3. Drive Innovation and Technology
Apply for the EDG Grant to invest in new technologies, streamline processes, and develop innovative products. The grant provides the financial backing needed to adopt and implement cutting-edge solutions that keep your business ahead of the competition.
4. Explore New Markets
Expand your market reach with support for initiatives such as international expansion, market testing, and mergers and acquisitions. The EDG Grant helps you tap into new opportunities and grow your business presence both locally and globally.
5. Emphasize Sustainability
The EDG Grant offers enhanced funding for sustainability-focused projects, covering up to 70% of eligible costs. This additional support encourages eco-friendly practices and helps you align with environmental goals while reducing financial strain.
6. Simplified Application with Expert Support
Navigating the grant application process is easier with guidance from Finnex. Our expertise ensures that your application is thorough and accurate, increasing your likelihood of securing the grant and simplifying the approval process.
7. Strengthen Your Market Position
Receiving the EDG Grant enhances your business profile, demonstrating your commitment to growth and innovation. This can improve your market standing, attract new customers, and give you a competitive advantage.
A business can apply for an Enterprise Development Grant (EDG) at any time. However, it is recommended that businesses apply for the grant before they start the project they want to undertake, as the grant cannot be used to reimburse expenses that have already been incurred.
It is also important to note that the application process for the EDG grant can take several weeks or even months, depending on the complexity of the project and the completeness of the application. Therefore, businesses should plan ahead and allow sufficient time for the application process.
There are no pre-approved vendors for EDG. For management consultancy-related costs, SMEs must engage management consultants accredited with TR43 or SS 680 Certification.
To commence the application process for the EDG grant, it is important to ascertain your eligibility. Once confirmed, proceed to specify the project category you intend to apply for and initiate the EDG application process accordingly.
The ensuing guidelines outline the comprehensive steps involved in the application procedure:
If you have prepared your necessary documents and are fully prepared to commence your application for the EDG. Proceed to the Business Grants Portal and submit your application.
Please proceed to the Business Grants Portal to acknowledge the acceptance of the Letter of Offer once your application has been successfully processed.
The Letter of Offer will outline the approved grant amount, as well as specify the project deliverables and the qualifying period for the project.
Kindly note that failure to accept the Letter of Offer within its designated validity period will result in its expiration.
Ensure timely completion of both the software implementation and training processes within the designated timeframe.
To initiate a claim, it is imperative to confirm that your company satisfies the following requirements:
1. The company has effectively implemented the mentioned solution.
2. The company has fulfilled all financial obligations by making complete payment for the solution.
2. The company has duly submitted all the requisite documentation.
Upon successful claim approval, disbursements will be promptly processed.
1. Vendor’s Invoice and Receipts: Please provide the original copies of the invoice and receipts received from the vendor for the goods or services rendered. These documents should clearly indicate the amount paid and the respective items or services purchased.
2. Project Summary Report: We kindly request you to submit a comprehensive project summary report in the specified template provided. This report should succinctly outline the key objectives, milestones, and outcomes achieved during the project execution.
3. Documentation of Project Deliverables: As stated in the project proposal, please furnish the necessary documentation that verifies the completion and submission of all project deliverables. These documents may include reports, data, designs, or any other tangible outputs mentioned in the proposal.
4. Bank Statement Confirmation: To ensure transparency and accuracy, it is essential to provide a bank statement as evidence of the full payment made to the vendor. This statement should clearly display the transaction details, such as the date, amount, and recipient, verifying the successful transfer of funds.
Kindly note that the above-mentioned documents are crucial for efficient claim processing. Your prompt submission of these documents will greatly facilitate our review and enable us to expedite the claims procedure.
The Enterprise Development Grant (EDG) is designed to provide financial assistance to Small and Medium Enterprises (SMEs) by covering a significant portion of their eligible expenses.
The Enterprise Development Grant primarily covers expenses related to eligible projects such as consultancy fees, software and equipment, and costs associated with internal manpower.
The funding support is up to 50% for non-sustainability related projects and up to 70% for sustainability related projects.,
In a recent announcement during the Budget 2023, it has been decided to further extend this enhanced support level until 31 March 2026, which was previously scheduled to end on 31 March 2023. This extension aims to provide continued assistance to businesses during these challenging times and facilitate their recovery and growth.
Basic knowledge is important when applying for the Enterprise Development Grant (EDG) to maximize its benefits for your business. Understanding the the process and know-hows in application can help you effectively plan and utilize the grant to support your projects.
Here are the things to put into consideration when applying for the grant:
1. Before Starting Your Project
Apply for the EDG Grant before beginning your project to ensure that all costs are eligible for funding. The grant cannot be used to cover expenses incurred before the approval date. Early application helps secure funding for your project’s expenses as they occur.
2. Plan for Application Processing Time
The application process typically takes several weeks to a few months, depending on the project’s complexity and application completeness. Planning ahead and applying early allows you to account for processing time and avoids delays in your project’s implementation.
3. Align with Financial and Project Cycles
Apply during times that align with your business’s financial and project planning cycles. Applying during strategic planning phases or when financial resources are more available ensures a smoother application process and better allocation of resources.
4. Stay Informed About Grant Updates
Keep abreast of any updates or changes to the EDG Grant program. Understanding the grant’s current terms, deadlines, and eligibility requirements helps you stay prepared and ensures that your application meets the latest criteria.
5. Utilize Pre-Project Preparation
Use the time before applying to prepare a comprehensive project proposal and gather necessary documentation. Thorough preparation enhances the quality of your application and increases the likelihood of approval.
Additional Tips:
With our Business Doctor Program led by RMC, Chia Kok Wei, we can core capabilities management projects for SMEs in these areas:
SME owners would be able to achieve both qualitative and quantitative outcomes outlined from initial consultation.
Application can take up to four months to approve after submission via Business Grants Portal.
Claim process can take up to two months after project completion.
EDG Grant Period:
1st April 2023 to 31st March 2026
Join the ranks of thriving Singaporean businesses that have harnessed the power of the EDG grant to drive their ambitions forward. Take the first step towards realizing your business dreams — partner with Finnex today.
Yes, you can make a second attempt. However, it is good to always check with your vendor or a consultant to understand the reason for rejection as it may include but is not limited to:
To increase your chances of approval for EDG, make sure your project aligns with the objectives of the grant. You should provide a detailed and comprehensive project proposal that clearly outlines the objectives, scope, expected outcomes, and a realistic timeline for implementation.
Additionally, demonstrating a clear understanding of how the grant funds will be utilised and seeking professional advice or guidance to strengthen your application can also improve your chances of approval.
Work with experienced consultants from Finnex to ensure that your application has all the correct relevant information.
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