Take Your Business to the Next Level with EDG Grant Application
The Enterprise Development Grant (EDG) is designed to support both local SMEs and non-SMEs, helping businesses expand and transform to enhance their competitiveness in domestic and international markets. This funding is directed towards projects that focus on international expansion, innovation, or modernization to enable businesses to develop enhanced capabilities, scale up, and venture into global markets.
About the Enterprise Development Grant (EDG)
The Enterprise Development Grant (EDG) helps Singapore businesses grow and change. It supports projects that focus on international growth, new ideas, and updates to make businesses better. The EDG grant helps businesses improve and expand both locally and globally with EDG funding.
EDG Grant Eligibility Criteria
There are some requirements for EDG Grant Eligibility that you have to meet. To be eligible for the EDG Grant, you must:
- A company that is registered and operating in Singapore.
- Hold at least 30% of the shares locally
- Possess sufficient funds to begin and finish the project.
Enterprise Singapore will evaluate applications according to the project’s objectives, scope, and service provider capability.
Project Planning
Provide a comprehensive project description that outlines the categorization, objectives, methodology, and anticipated outcomes, aligning them with the strategic goals of your company.
Project Status and Revenue Generation
The EDG grant application hinges on two crucial elements: project status and revenue generation. Emphasizing innovation, the EDG funds applications for projects that are yet to generate any revenue. The initiation of work, contract signing, or receipt of payment marks the project’s commencement. This ensures the prioritization of transformative projects and significant outcomes for sustainable long-term growth.
Proposal Preparation
Develop an extensive project proposal detailing the objectives, approach, and anticipated outcomes. Gather essential documentation, including financial statements, ACRA search results, relevant quotations, and, for projects involving consultants, their proposals, resumes, and certifications recognized by Enterprise Singapore.
Projected Figures
Submit projected post-project corporate revenue, employee compensation, depreciation, and net operating profit figures, along with details on the project’s impact on the workforce.
Business Grant Portal (BGP) Submission
Use CorpPass to log in and easily access the Enterprise Development Grant (EDG) application form for the Business Grants Portal (BGP) Submission. Finish the submission process, making sure to attach all necessary papers that fulfil EDG grant requirements. During this time, you can use the portal to request clarifications.
Application Processing
Once submitted, the EDG grant application undergoes a thorough review by Enterprise Singapore, assessing factors such as project viability, alignment with strategic objectives, and potential impact. The processing time typically ranges from eight to twelve weeks. Any inquiries can be directed through the Business Grants Portal. Successful applications receive a Letter of Offer, requiring a prompt response for verification.
Letter of Offer (LOO)
After receiving the Enterprise Development Grant, promptly acknowledge and accept the Letter of Offer (LOO). This secures the awarded sum and demonstrates your dedication to the terms specified in the LOO. A failure to comply with the deadline could lead to the application being rejected.
Thereafter the consultancy project is allowed to commence as per the EDG grant guidelines
Project Categories
Core Capabilities
- Business Strategy Development: Create plans to grow your business.
- Financial Management: Manage your money better.
- Human Capital Development: Improve your HR skills.
- Service Excellence: Make customer service better.
- Strategic Brand and Marketing Development: Make your brand stand out.
Innovation & Productivity
- Automation: Use technology to work faster and better.
- Process Redesign: Simplify work steps to save time and effort.
- Product Development: Create new products that people want to buy.
Market Access
- Mergers and Acquisitions (M&A): Grow by joining with other companies.
- Pilot Project and Test Bedding: Try new markets to see what works.
- Standards Adoption: Follow global rules to compete better.
How to Apply for the EDG
To apply for the EDG grant, your business must meet the EDG grant eligibility rules. Apply online through the Business Grants Portal using CorpPass. You need a clear project plan and documents like financial statements, ACRA search results, and consultant certifications. The review process takes 8-12 weeks. If accepted, you get a Letter of Offer confirming your EDG funding.
FAQ
The Enterprise Development Grant (EDG) helps Singapore businesses grow and change by funding projects that improve business skills, new ideas, and access to new markets.
Core Capabilities projects help businesses get ready for growth through better planning, money management, HR skills, customer service, and marketing.
To qualify, businesses must be registered in Singapore, have at least 30% local ownership, and be financially able to start and finish the project.
Recognised consultants make sure your project meets the EDG grant requirements and help your business grow the right way.
The BIF helps tourism businesses, while the Enterprise Development Grant (EDG) is for all types of businesses, helping them improve and innovate.
From 1 April 2023, Small and midsize enterprises can receive up to 50% support for Enterprise Development Grant (sustainability-related projects may be supported at up to 70% from 1 April 2023 to 31 March 2026).
Growth Catalyst is here to help you with the EDG grant application process, making sure your business gets the EDG funding it needs to grow and improve.
