“Wow so difficult, what to write?” is a frequently asked question when it comes to the Enterprise Development Grant. So worry not and look no further! This is a quick guide to the questions you might and will have when it comes to the grant. We’ve even taken the liberty to help explain more about the Enterprise Development Grant guide for business. If you still have questions, feel free to drop our Enterprise Development Grant specialist a message and we’ll do our best to help. If you want Enterprise Singapore’s standard answers, you can check out EDG’s FAQ. With our experience in submitting these grants, here are some of the frequently asked questions we receive.
Let’s jump straight in!
1. What is the Enterprise Development Grant (EDG) ?
In short, the Enterprise Development Grant (EDG) is a financial grant that supports businesses in their growth and transformation.
There are three broad categories that are supported under this grant scheme:
- Core Capabilities
- Innovation & Productivity
- Market Access.
2. How can I apply for this grant?
Companies will need to submit an individual project proposal with details on their business history, future plans and project outcomes for evaluation.
3. How do you qualify for the Enterprise Development Grant?
In order to qualify for the EDG, you will need to i) be a registered company operating in Singapore, ii) have a minimum of 30% local shareholding and iii) of course, you need to be in a financially viable position to start and complete the project.
4. What are the new revisions to the EDG with Solidarity Budget 2020?
As of the announcement of the Solidarity Budget 2020, i) the maximum support level will be raised from 70% to 80% from 1 April 2020 to 31 December 2020. ii) for firms that are most severely impacted by COVID-19, the maximum support level can be further raised to 90% on a case-by-case basis. iii) For the case of unionised enterprises and e2i partners under the Labour Movement, they are eligible to receive an additional 10% funding support, subject to NTUC e2i’s assessment.
5. How much funding can I receive from this grant?
A: With the not-so-recent announcement of the Solidarity Budget 2020, the maximum support level will be raised from 70% to 80% from 1 April 2020 to 31 December 2020.
Previously, the support came up to 70% of qualifying costs for SMEs, and up to 50% of qualifying costs for non-SMEs.
6. What can I use the EDG for?
- Core capabilities support and help businesses grow their own internal assets to make their business stronger and more resilient. There are five areas supported – business strategy development, financial management, human capital development, service excellence, and strategic brand and marketing development – which we would be more than happy to explain if it is something you want to explore. As a creative agency, we also specialise in helping business in strategic brand and marketing development to help give your brand a name and a story. Good news : if you’d like to do a branding revamp or do a comprehensive branding identity guide for your company, there’s a grant that you can apply for, too.
- Innovation and productivity supports businesses that are looking at new areas of growth, or look for ways to enhance efficiency through automated programmes. This is our key area and what we do best. You can apply for this EDG Automation grant if what you have in mind falls under these categories – automation, process redesign, and product development. Under automation, we have successfully built effective systems that automate operational processes and improves operation efficiencies. Sounds like something you need? We’re a call away.
- Market access is all about looking beyond this small red dot. This is for organisations that are looking to enter markets outside of Singapore i.e. venturing into overseas markets and creating international presence. The categories this segment supports are Mergers and Acquisitions (M&A), Overseas Marketing Presence (OMP), pilot project and test-bedding, and standards adoption.
7. Can the quotations from vendors be modified to add or include extra complimentary items/services?
A: As this is a custom system built to suit your needs, yes, it is up to your imagination to build and add what you need. However, once the proposal has been submitted and signed upon by the client (you) , any additional items outside of the quote that are requested, will have to be charged in accordance to the requests.
8. Is there a template I can use for the grant?
A: Yes there is one available on the Enterprise Singapore website that you can follow. However, we have also created our own template to help explain as many details as possible to help you stand a better chance of receiving this grant. If you’re keen to take up this grant, do speak to our brand specialists who will guide you in your application for this grant. We’ll also send you a refined template to ease your affairs.
9. How does I Concept value-add to your proposal?
With our digital and branding specialists and vast website solutions experience for the past 10 years, we provide expertise in advising what works and what doesn’t. Whether it comes to developing a system that improves operational excellence or creating a new system with customised algorithms, you’re covered on most grounds. We’re able to deliver our brand promise to our best and align expectations to achieve an amazing outcome together. If you already have a clear idea on the automation system that you’d like to have, speak to us and we’ll assess the feasibility and recommend improvements if any. Have a look at our portfolio or request for more if you’d like.
10. How long does an average EDG project last for?
Depending on the scope of your project and complexity, it can last from 3 months to a year. Automation projects can take 6 to 12 months depending on complexity. For EDG branding projects, it can be anywhere from 3 to 8 months. Do note that these figures are estimates depending on the scope selected.
11. How long does the EDG approval process take?
The approval process takes anywhere from 2 weeks to 3 months. You will be notified by email on whether your application is successful or disapproved.
12. Should I start on the project first or wait for EDG approval to begin?
It is best to wait for the Letter of Approval first before commencing the project to keep your claims as streamlined as possible. Also, there may be questions along the way that we may need to answer should Enterprise Singapore probe.
13. What documents do I need to provide submit for this grant?
You will need the following documents:
- ACRA information
- Audited financial statements for the last 3 years
- Quotation of the proposed project
- Project proposal
- Consultants’ certification
14. Can the vendor submit the application for me?
We would love to help, however, all submissions must be made by the organisation/business through the Business Grants Portal. Fret not, our brand specialists will be more than happy to guide you through the process and answer any of your questions.
15. Will the vendor fill out the application for me?
As your appointed vendor, we will provide relevant expertise and personnel to help complete your proposal. However, it would be great to have as much information from your end in order to increase the chance of obtaining the grant. Afterall, you know your brand best. Rest assured, you can rely on us to provide solutions for your automation woes.
We hope most, if not all of your questions were answered above. By any chance, they weren’t, drop our brand specialists a message to get you started and let us know how we can help start making your business great.