10 Things to Know for Singapore Government Grant Enterprise Development Grant EDG

EDG Grant Singapore

With technological advancements, we are more exposed to new dimensions of success. The adoption of innovative solutions can strengthen growth groundwork and enhance operations. 

Singapore Enterprise is helping businesses to transform to the next level. By providing different business grants, ES has obliged numerous cooperate in their transformational journey. They offer both financial and non-financial support. A government grant, Enterprise Development Grant (EDG Grant), helps businesses internationalize their presence. If you are new to the EDG grant, here is a complete guide for you to start your journey of success.

What is an Enterprise Development Grant (EDG Grant)?

Enterprise Development Grant (EDG Grant) provides support and strength to build internal capabilities to grow and innovate your venture overseas. It combines Global Company Partnership (GCP) and Capability Development Grant (CDG). Due to Covid Pandemic, the support percentage increased up to 80% to support business growth. This budget was announced in March 2020 and extended to 31st March 2022. 

EDG grant provides three supportable areas mentioned as follows:

• Core Capabilities

Core capabilities projects help develop and prepare the business for transformational growth. It optimizes and covers business strategies, financial management, human capital development, service excellence, and strategic brand & marketing development. 

• Innovation and Productivity

Innovative and productivity projects focus on enhancing business efficiency, productivity performance, and utilization of technology for automation of processes. It offers projects like automation, process redesign, and product development.

• Market Access

Once you are ready to internationalize your business, market access projects will defray some costs of overseas business expansion. It offers projects like mergers and acquisitions, pilot projects and test-bedding, and standards adoption. 

10 Things to Know About Enterprise Development Grant

Government grants include extensive details about different applications and usage processes. Here, we will mention some of the key elements you should know about the Enterprise Development Grant (EDG Grant). 

1. Difference Between PSG and EDG

PSG Grant provides IT solutions/equipment/ consultation that you can choose from a list of pre-approved vendors/solutions. It helps in the adoption of various technological innovations to optimize business processes. EDG provides support to expand business across the borders. And you can choose any vendor for EDG that does not require any approval. 

2. Eligibility Criteria For EDG

To attain this business grant, you must have the following:

• A registered and operating business in Singapore
• A minimum of 30% local shareholding
• Financially strong to support and complete the project

3. Essential Documents for Application Process

For the application process, you will require the following documents:

• Company’s Corppass account
• ACRA information not older than six months
• Proof of quotation
• Audited financial statements for the last FY of your company
• Relevant consultants’ certificate
• Management consultancy scope

4. Application Process

Submit your application on the business grant portal using your Corppass account with the required documents. Application approval can take eight to twelve weeks for support. Once approved, you will receive a Letter of Offer (LOF) containing conditions and the amount for the EDG grant. You will have to accept the letter within the mentioned due date. If you exceed the given time, your grant will be considered invalid. 

5. Reasons for Application Rejection

If your application is rejected, you should reconsider your application and see if you have made any of the following mistakes.

• Including activities not supported by EDG
• Non-certified consultants for project handling
• Narrow project scope
• Incomplete costs breakdown
• Non-relevant activities can delay the process of approval and may require more information.

6. Amount of EDG Grant

There is no grand cap amount in EDG. The grant amount is awarded based on revenue and employment size. Qualifying SMEs can be awarded up to 70% grants, and non-SMEs can be granted up to 50%. 

7. Duration to Complete EDG Project

After grant approval, companies should complete the project within 12 to 18 months. It is recommended to keep a project timeline to keep up with your milestones. 

8. Grant Claiming Process

For claim approval, you must submit the following documents

• Project summary report
• Invoices and receipts from the vendor
• Documentations of end product projects 
• Bank statement confirming full payment to the vendor

Once you submit those mentioned earlier, select an auditor from the panel who will audit your claims. An EDG officer and the auditor might contact you for verification of documents. Once the claim is approved, the amount will be transferred to the company’s designated bank account through GIRO. 

9. Applying for More Than One EDG Grant

You are allowed to apply for multiple EDG grants in different areas. But you cannot use it in the same domain more than once. You must have sufficient internal strength to manage additional budgets. 

10. Project KPIs

The company has to work on better worker outcomes. It should enhance the creation of new jobs or raise the workers’ wages. It should comprise Singapore citizens and permanent residents. 

Conclusion

These government grants contain a company-centric approach to building competitive industries. The application of business grants will help stimulate growth and success across the borders. Using Enterprise Development Grant (EDG Grant) can bolster your dream to take your business to new heights of success. It is recommended to work with experienced consultants for a grant application. They will guide you with the proper knowledge and suggest suitable grant solutions for your business expansion. Certified consultants will increase your chances of application approval, making your business transformation journey smooth and successful. To find out more about PSG grant, click here.