Top information about Enterprise Singapore ESG Enterprise Development Grant EDG

In Singapore’s ever-evolving business landscape, innovation and transformation are the cornerstones of success. One of the government’s most powerful tools for fostering business growth and competitiveness is the Enterprise Development Grant (EDG). Administered by Enterprise Singapore, the EDG is tailored to support local businesses in their growth and transformation endeavors. This article delves into the recent updates to the EDG, covering eligibility criteria, project categories, the application process, and claims. Additionally, we’ll point you towards other valuable grants to consider for your enterprise in Singapore.

Before delving into the updates regarding the EDG, it’s essential to understand its fundamental purpose. The EDG consolidates two previous schemes, namely the Capability Development Grant (CDG) and the Global Company Partnership (GCP) grant. Its primary objective is to assist Singaporean companies in enhancing their businesses, fostering innovation, and expanding internationally. Through the EDG, the government subsidizes up to 70% of eligible project expenses, including consultancy, training, certification, and equipment costs.

Revisions to the Enterprise Development Grant (EDG)

Since its inception in 2018, the EDG has undergone several enhancements aimed at streamlining its services and maximizing benefits for Singaporean businesses. In response to the pandemic, the grant’s co-funding ratio was temporarily increased from 70% to 80% (or 90% for severely impacted sectors) until March 2022, with the goal of encouraging companies to continue their growth and transformation efforts despite challenges.

As of 2023, the co-funding level has reverted to the standard 70%, with an enhanced rate of 90% extended for firms in severely affected sectors. Additionally, the originally slated end date of FY2020 for the EDG has been extended to March 2024, enabling more businesses to leverage the grant for their development and internationalization endeavors.

Another significant change is the implementation of customer-centric project assessments. This involves the thorough evaluation of the potential benefits of the proposed project to the applicant’s customers, aligning with the government’s focus on promoting customer-centric business growth.

 

Criteria for Qualifying for the Enterprise Development Grant

To qualify for the EDG, there are several conditions that companies must meet:

1. Registered and operating in Singapore
2. Have a minimum of 30% local shareholding
3. In a financially viable position to start and complete the project

The EDG is also sector-agnostic, meaning that businesses from any industry can apply for it. While the application process is competitive, these criteria ensure that the grant is accessible to a wide array of Singaporean businesses.

Categories of Projects Covered by the Enterprise Development Grant (EDG)

The EDG is split into three main project categories:

1. Core Capabilities: Projects under this category aim to prepare businesses for growth and transformation by strengthening their foundational capabilities. These can include business strategy development, financial management, human capital development, service excellence, and strategic brand and marketing development.
2. Innovation and Productivity: Projects in this category support businesses in exploring new areas of growth or look for ways to enhance efficiency. These could involve process redesign, product development, and automation.
3. Market Access: Projects under this category support Singaporean businesses in their venture overseas. These can involve overseas marketing presence, pilot projects, and test bedding, among others.

Deep Dive Into the Various Categories of the Enterprise Development Grant (EDG)

When evaluating the EDG, it’s crucial to pinpoint which of the three project categories — Core Capabilities, Innovation and Productivity, and Market Access — your project corresponds to. Each category is tailored to bolster distinct aspects of business expansion, offering distinctive features to cater to various business profiles. Let’s delve into the particulars of each category.

Core Business

Under the Core Capabilities category, projects are crafted to establish robust foundations for your business, priming it for growth and evolution. These projects hone in on vital areas that enhance your business model and optimize its operational efficacy. Here are some grant types within this category:

 

1. Business Strategy Development: This grant backs projects focused on refining a company’s strategic alignment and business responsiveness. It suits companies aiming to delineate their strategic roadmaps, execute business model transformations, or formulate risk management strategies.
2. Financial Management: Geared towards companies seeking to fortify their financial frameworks, this grant assists in implementing financial controls, enhancing cash flow management, and adopting financial planning tools.
3. Human Capital Development: If your company aims to enhance its human resources function, this grant supports projects related to talent management, leadership development, or workforce planning.
4. Service Excellence: Companies striving to elevate customer satisfaction can explore this grant. It supports projects aimed at implementing customer experience strategies, service innovation, and customer engagement.
5. Strategic Brand and Marketing Development: This grant caters to businesses looking to amplify their brand and market presence, whether through brand development, market research, or digital marketing strategies.

Innovation and Productivity

Within the Innovation and Productivity category, projects are geared towards assisting businesses in exploring new avenues of growth while enhancing efficiency. Here are some grant types within this category:

1. Process Redesign: Geared towards enhancing operational efficiency, this grant supports projects involving the reengineering of workflows, streamlining processes, or adopting automation technologies.
2. Product Development: This grant aids businesses in the development of innovative products or services, supporting activities such as ideation, prototyping, and testing.
3. Automation: If your business aims to boost productivity through technological means, this grant can assist in projects related to system integration, equipment and machinery, or digital solutions.

Market Access

Market Access projects within the EDG aim to support Singaporean businesses venturing overseas. Here are some grant types within this category:

1. Overseas Marketing Presence: This grant supports businesses planning to expand their reach overseas, facilitating projects that establish or enhance overseas marketing presence, such as setting up an overseas office or participating in trade fairs.
2. Pilot Projects and Test Bedding: Geared towards helping businesses test their solutions or products in overseas markets or with large-scale potential customers.
3. Standards Adoption: If your business aims to adhere to international standards to increase competitiveness overseas, this grant can support projects that aim to adopt international standards and certifications.

To determine the most suitable grant for your needs, first understand your business’s strengths, weaknesses, and growth areas. Consider which type of project would provide the most benefit and align best with your strategic objectives. The EDG offers a diverse range of options tailored to assist businesses at different stages and with varying needs.

Remember, the application process and eligibility criteria remain consistent across these different types of grants. It’s crucial to apply before the project commencement and provide a comprehensive project proposal outlining your objectives, methodology, budget, and anticipated outcomes.

The Process of Applying for the Enterprise Development Grant (EDG)

Here’s a comprehensive guide on how to apply for the Enterprise Development Grant (EDG):

1. Identify Your Project Category: Determine which of the three EDG categories (Core Capabilities, Innovation and Productivity, or Market Access) your project falls under.
2. Prepare Your Proposal: Develop a detailed project proposal that provides an overview of your project, including its objectives, impact on your business, scope, methodology, and an itemized budget.
3. Submit Your Application Online: All EDG applications must be submitted through the Business Grants Portal (BGP). You’ll need to log in to the BGP using your CorpPass credentials. Ensure that you submit your application before the project commences.
4. Evaluation of Your Application: Enterprise Singapore will evaluate your application based on various factors, including the project scope, merits, and competency of the service provider you’ve chosen to work with.
5. Accept the Letter of Offer: If your application is successful, you’ll receive a Letter of Offer. To accept the offer, log in to the BGP and submit the required documentation as specified in the letter.

Following these steps will help streamline the application process for the Enterprise Development Grant (EDG) and increase your chances of a successful application.

Claims Process

Here’s how you can obtain your claims for the Enterprise Development Grant (EDG):

1. Submit Your Claim: Log in to the Business Grants Portal (BGP) using your CorpPass credentials. Navigate to the ‘My Grants’ section and select ‘Claims’. Follow the prompts to submit your claim.
2. Provide Supporting Documents: Ensure that you have all the necessary supporting documents, such as invoices, receipts, and bank statements, to substantiate your claim. Attach these documents to your claim submission.
3. Wait for Claim Disbursement: Once your claim is submitted, Enterprise Singapore will review it. If everything is in order and your claim is approved, the grant amount will be disbursed into your designated bank account.

Navigating the world of grants can be complex, but it’s a worthwhile endeavor for business owners. The EDG is a valuable grant that provides substantial assistance to businesses looking to enhance their capabilities, improve productivity, and expand their reach.

Remember, each business journey is unique, and finding the right grant can accelerate your growth and success. Take the first step today and explore the potential that Singapore’s grants offer for your enterprise.

 

In conclusion, for companies based in Singapore, numerous government subsidies are available to support and finance your next strategic project, including enhancements to your digital experience and content management system (CMS). The Singapore government offers a plethora of incentives and subsidies to foster business growth.

We highly recommend examining the array of grants tailored for Singaporean companies to explore options for subsidizing your project. If you’re interested in exploring all available grants.