We’ve recently covered what Productivity Solutions Grant (PSG) is all about, but the PSG isn’t the only grant that’s available in Singapore for SMEs. There are other grants out there that are better catered to different businesses in different industries.
One such other grant is the Enterprise Development Grant in Singapore (EDG).
Another one? What is Enterprise Development Grant in Singapore?
It was set up in October 2018 replacing the existing Capability Development Grant.
The EDG grant provides funding support to Singapore-based companies to help support and upgrade their brand and marketing strategies.
As of the latest budget announcement, the SMEs are eligible to get up to 80% and the non-SMEs are eligible to get up to 60% of qualified costs till 31 March 2022 – grants have been increased by 10% respectively as compared to pre-Covid period. Needless to say, grant applications will be assessed on Group Revenue and Group Employment Size.
More relevantly, EDG also supports projects that can help innovate and upgrade your business, whether local or overseas, under three pillars: Core Capabilities, Innovation & Productivity and Market Access.
Projects and case studies under this pillar help businesses prepare for growth and transformation by strengthening their business foundations. These include business strategy development, financial management, human capital development, service excellence, and strategic brand and marketing development.
Innovation and Productivity
Projects and case studies that are under this pillar support companies that explore new areas of growth, or look for ways to enhance efficiency. These include automation, process redesign, and product development.
Projects and case studies under this pillar support Singapore companies that are willing and ready to venture overseas. These include Mergers and Acquisitions, pilot project and test bedding, and standards adoption.
Super! What about eligibility?
Similar to PSG, where the EDG grant supports companies looking to adopt specific productivity solutions or equipment, there are several things to note if you want your company to be qualified for the grant:
1. Registered and operating in Singapore
2. Has a minimum of 30% local shareholding
3. Hiring an RMC (Registered Management Consultant) certified consultant to execute the project
4. In a financially viable position to start and complete a project
Looks like I’m eligible! What else do I need to know?
Once you’ve checked your eligibility, you will need to submit individual project proposals with details on their business plans and project outcomes for evaluation.
You may also want to apply for the Enterprise Development Grant (EDG) via the Business Grants Portal. You will need your company’s CorpPass for this application. If your company does not have a CorpPass account, please kindly refer to the CorpPass Guide for instructions on how to set one up. You do, however, need these information to apply for the EDG:
• ACRA information
• Audited financial statements
• Relevant proof of quotation or proposal
• Management consultancy scopes
• Relevant consultants’ certification
Whom shall I approach then?
As with PSG grants, you are required to work with RMC certified consultants who possess the right knowledge, competence and ethics to support businesses in their projects and growth strategies. One such vendor is AKS Tech.
Do also note that companies applying for EDG from 1 April 2020 will have to commit to worker outcomes as part of the qualifying requirements. Worker outcomes include increase in wage increment, job creation, job re-design, or training for existing staff.