To foster growth and innovation, the Enterprise Development Grant (EDG) acts as a beacon for businesses in Singapore. Formed through the merger of the Capability Development Grant and the Global Company Partnership grant, the EDG is more than a financial aid program—it’s a driver of corporate transformation. This funding is instrumental in helping businesses grow and venture into new markets.
Exploring the Three Pillars of the EDG: Core Capabilities, Innovation and Productivity, and Market Access
The EDG is built on three key pillars:
- Core Capabilities: Focuses on strengthening foundational aspects of your business, such as building strategic branding, enhancing service quality, and developing human resources, ensuring a solid base for growth.
- Innovation and Productivity: Supports businesses in adopting new technologies and improving processes. Whether you’re innovating or refining operations, the EDG offers vital assistance.
- Market Access: Helps companies connect with international markets. Whether expanding overseas or conducting trial projects, the EDG is a valuable resource.
The Financials Unveiled: Understanding the Funding and Support Structure of the EDG
Understanding the financial aspects of the EDG is crucial. SMEs can receive funding for up to 70% of eligible project costs, while larger firms may get up to 50%. Although there’s no fixed maximum, the funding amount depends on the scope and scale of your project.
Does Your Company Meet the EDG Eligibility Requirements?
Before applying, ensure to identify the organisations that fulfil the EDG grant eligibility:
- Must be registered and operating in Singapore.
- At least 30% of shares must be locally owned.
- Demonstrates financial stability.
- Both SMEs and larger firms are eligible to apply.
How to Proceed with the Application Process: A Comprehensive Guide
- Ascertain the Project’s Category: Determine which EDG pillar aligns with your project, as this influences your application and required documentation.
- Prepare Your Documentation: Collect audited financial statements, an ACRA business profile, and a detailed project proposal that outlines your objectives clearly.
- Submit Your Application: Use the Business Grants Portal to submit your application, ensuring it highlights your project’s alignment with EDG objectives.
- Await Assessment: Your application will undergo an evaluation to determine feasibility and potential impact.
- Respond to Queries: Be prepared to answer follow-up questions or provide additional information when requested.
- Receive the Result: If approved, you’ll receive an acceptance letter detailing funding terms.
List of Documents: Getting Ready for a Seamless EDG Application
- Business Registration Details: Include your latest ACRA profile as proof of your company’s legal and financial standing.
- Audited Financial Statements: Showcase your company’s financial health, a crucial assessment factor.
- Detailed Project Proposal: Highlight the project’s scope, goals, and expected outcomes clearly and convincingly.
- Quotations or Estimates: Provide quotes for external vendor services if applicable.
- Consultant Certifications (if applicable): Credentials from consultants can add credibility to your proposal.
Managing Your Project Post-Approval
Once your EDG grant application is approved, efficient project management becomes critical:
- Set Milestones: Divide your project into phases with specific targets.
- Monitor Progress: Conduct regular reviews to identify and address potential issues early.
- Maintain Financial Discipline: Track expenses against the allocated budget for smooth claims processing.
- Document Thoroughly: Keep detailed records of project activities for future reference.
Claiming the Grant: A Roadmap to Receiving Your Funds
- Submit Your Claim: Log into the Business Grants Portal and complete the claim form.
- Gather Supporting Documents: Include invoices, receipts, and a project report to back your claim.
- Wait for Processing: The review process may take time, so patience is essential.
Expert Insights: Tips from Successful EDG Applicants and Consultants
- Start Early: Allow ample time to prepare a thorough application.
- Be Clear and Concise: Present your project details and claims in a straightforward manner.
- Consult Experts: Seek advice from professionals for better guidance.
Some FAQs About the EDG
Navigating the EDG grant requirements can bring up many questions. Let’s address some frequently asked questions:
No, the project must start only after the grant approval.
Yes, depending on the terms of the other grants.
Only the approved budget is covered; any excess costs must be borne by your company.
There’s no fixed maximum, but funding is subject to Enterprise Singapore’s evaluation.
