Are you considering applying for the Enterprise Development Grant (EDG)? First, assess your firm's eligibility. The EDG helps Singapore-based firms to cover the costs associated with innovation and productivity improvements. This grant could be ideal if your business is looking to grow locally or internationally. Understanding the eligibility requirements will help you decide whether it's worth applying.
Overview of the EDG Grant
As an initiative by the Singaporean government, EDG is designed to assist local businesses in their journey towards expansion and growth. The grant focuses on supporting firms dedicated to upgrading and taking their operations global.
A funding opportunity covering up to 70% of agreed-upon activity costs with a maximum limit set at S$300,000 for each project lead! This substantial financial aid allows small enterprises to venture out confidently beyond national borders despite fiscal challenges.
Launched back in October 2018, this consolidated single-grant format has already aided thousands of companies over half a decade. It simplifies the process, too; applications are no longer needed under separate grants like GCP or CDG!
Eligibility for EDG Application
Do you believe your company has what it takes to qualify for the Enterprise Development Grant (EDG)? For eligibility, key factors include Singaporean ownership, financial capability, and a well-defined project scope that fits within EDG parameters.
Your enterprise should be locally owned with at least 30% local shareholding. Don't forget: this is not solely about being based in Singapore; shared local control matters, too. Furthermore, you must demonstrate solid financial health to initiate and conclude the proposed project successfully on time, usually between six months and eighteen months.
Proving also vital are projected calculations, including expected revenue growth and staffing costs over three years post-project completion. The type of projects supported by EDG encompasses software equipment expenses, payroll for internal employees involved, and fees charged by external consultants. With these guidelines in mind, get set to make an application that optimally showcases your company’s potential while staying authentic throughout.
Benefits and Costs Covered Under the Scheme
As you consider applying for this grant, know what's in store. The EDG supports project costs tied to software procurement, hiring manpower internally, or obtaining third-party consultancy services. If your company is a small and medium enterprise (SME), you'll gain more support; the scheme can cover up to 80% of qualifying expenses!
Non-SMEs also receive help but at lower rates. However, remember that this funding source doesn't offset marketing collateral production. Hence, budget wisely so as not to overstretch financially mid-project.
Demonstrating financial capacity throughout remains crucial! Show proactivity: Start projects only after applying rather than waiting for approval. Yet, remember risks associated with potential rejection exist too.
Lastly, keep detailed records showcasing projected revenue figures alongside operational costs, including personnel-related outlays and depreciation projections spanning three years post-completion. It aids assessment procedures significantly while improving chances of success!
Requirements to Qualify for an EDG Grant
There are key requirements to consider for an EDG Grant. Your business must be registered and operating in Singapore with a minimum local shareholding of 30%. Financial capacity plays a pivotal role, too, as applicants need to demonstrate their ability to kick off and complete the project successfully.
Projected figures should be provided over three years, including revenue, staff costs, depreciation rates, and net operational profit before tax. These estimates contribute towards assessing your grant application based on factors like project scope, potential outcomes, and service provider competency.
Submitting your EDG Grant application is an important step in beginning your project. You do not need approval before starting the project. However, there are risks associated with this approach. The disbursement of the grant may be lower than expected, or you may not get approved at all. The disbursed funds correlate highly with a company's financial performance; therefore, more robust firms may receive larger sums.
Singapore Companies Suitable for the EDG Program
You might wonder if your Singapore-based company fits the EDG programme's criteria. Primarily, this initiative favours small and medium enterprises, which comprise a hefty 99% of businesses in our island nation. Interestingly, it isn't just about size; the industry also plays a substantial role!
While its mandate for online marketing expenses coverage is not explicit, the grant helps cover costs associated with hiring digital strategy consultants. So, if you're an SME looking to devise compelling strategies for digitising your operations or making an impressive online presence, keep reading! Your business could comfortably rest under EDG's umbrella if there's scope for expanding market outreach or formulating effective web-marketing schemes on board.
Do these elements resonate with what contemporary growth looks like from within? This may be a signposting towards fruitful opportunities waiting right around the corner via embracing digital adaptation through strategic planning.
How to Apply For The Enterprise Development Grant
To apply for the Enterprise Development Grant, you must first visit the Business Grants Portal. This is where all your application work will happen. Set up an account if you haven't got one yet; that's quick and easy!
Once logged in, locate and click on 'Get new grant'. Look under 'Projects' and then select 'Upgrade key business areas', which should lead to a drop-down list where 'Enterprise development grants' can be found. Next, prepare essential documents such as your latest Audited Report or Certified Income Statement from IRAS (for companies exempted from audit).
You'll also need to have ready project proposal forms illustrating how this EDG will significantly improve your company's operations over three years post-project completion. Note that applications are open year-round with no set deadline, but once filed, it might take 8-10 weeks for evaluation before applicants receive feedback about their status, approved or not.
So, are you ready to take your SME to the next level? Consider applying for the Enterprise Development Grant. Ensure you tick all the eligibility boxes: be a small, medium enterprise based in Singapore, have financial stability and commit to business development.
Remember, ThinkSME is always by your side! With our guidance, tap into this opportunity today for remarkable capability upgrades tomorrow!