Have you heard?
The maximum support level of up to 80% for the Enterprise Development Grant (EDG) will no longer extend to all businesses after 31st March 2022. From 1st April 2022 onwards, the grant support will be up to 70%, except for businesses in the Food Services and Retail sectors. Food service and retail businesses will continue to enjoy up to 80% subsidy via the Enterprise Development Grant (EDG) from 1 April 2022 to 31 March 2023.
If you have not signed up for our Business Strategy Development service, it is a good time to do it now! Not only do you enjoy up to 70% government subsidy via EDG, you are taking a step to future-proof your business and stay ahead of competitors.
Let us find out more about the Enterprise Development Grant (EDG) and how it can benefit your business.
Q: What is the Enterprise Development Grant (EDG)?
A: The Enterprise Development Grant (EDG) is administered by Enterprise Singapore and was first introduced in Budget 2018 to assist local companies to grow and transform. EDG supports projects that help businesses to upgrade, innovate or venture overseas.
Q: How does our Business Strategy Development service relate to Enterprise Development Grant (EDG)?
A: Under the Enterprise Development Grant, there are 3 pillars of focus:
1. Core Capabilities (Strengthen business foundations and capabilities to grow & transform)
2. Innovation and Productivity (Enhance efficiency via new methods or explore new areas of growth)
3. Market Access (Expand into overseas markets)
Our service, Business Strategy Development (BSD), is parked under the Core Capabilities pillar of the Enterprise Development Grant for Singapore businesses. Business Strategy Development (BSD) is a journey of continuous improvement for an organisation and shows a clear road map to demonstrate the route to excellence. On top of deep diving into the organisation’s current business model, we analyse the market and business needs. From there, we help these organisations stay ahead of competitors by anticipating future trends, adapting to the customers’ changing needs and enhancing their business capabilities.
Apart from that, similar to the Singapore Quality Class (SQC)/Business Excellence (BE) certifications which were under the Enterprise Development Grant (EDG) till 2020, our Business Strategy Development service is based on an internationally benchmarked Business Excellence (BE) framework. We specialise in helping firms improve their productivity and profitability through excellence in their business operations. Our integrated and practical approach has benefited more than 1,000 companies, helping them achieve tangible results.
"Apart from that, similar to the Singapore Quality Class (SQC)/Business Excellence (BE) certifications which were under the Enterprise Development Grant (EDG) till 2020, our Business Strategy Development service is based on an internationally benchmarked Business Excellence (BE) framework."
Q: Is my company eligible to apply for the Enterprise Development Grant (EDG)?
A: You can apply for EDG if your company:
– Is registered and operating in Singapore
– Has a minimum of 30% local shareholding
– Is in a financially viable position to start and complete the project
From our experience, it would be ideal if your company has been operating for at least 1 year, with a team of over 10 employees and an annual turnover of at least $1 million.
Q: How much funding is available?
A: Most local small and medium-sized enterprises (SMEs) will receive up to 70% funding (from 1st April 2022) via the Enterprise Development Grant (EDG).
Q: What are the chances of grant approval?
A: There is no guarantee as there are various factors involved. We will help you to perform an evaluation and write a proposal for the grant application. Based on our experience, almost 100% of our clients had their grant applications approved.
Q: How long does it take for Enterprise Development Grant (EDG) approval?
A: It takes approximately 6 to 8 weeks.
Q: Will there be fees incurred if the Enterprise Development Grant (EDG) application is not approved?
A: No fees will be charged if the Enterprise Development Grant (EDG) application is not approved. The Business Proposal will be passed to you as a gesture of goodwill.
Q: Will we be helping you throughout the entire process?
A: Yes, we will be assisting you every step of the way, from the grant application to the completion of project and submission for reimbursement.
"We will help you to perform an evaluation and write a proposal for the grant application. Based on our experience, almost 100% of our clients had their grant applications approved. No fees will be charged if the grant application is not approved. The Business Proposal will be passed to you as a gesture of goodwill."
Q: How long would it take to complete the Enterprise Development Grant (EDG) funded project for our Business Strategy Development service?
A: The project will require approximately 4 – 6 months for completion.
Q: Can I work with any consultant for an Enterprise Development Grant (EDG) funded project?
A: No. You are required to work with consultants who possess Enterprise Singapore recognised certification.
Q: Why do I need to work with Enterprise Singapore recognised consultants?
A: These consultants are certified by certification bodies with reputed certification programmes. The certification programme ensures that certified management consultants possess the knowledge, competence and ethics to assist businesses with their growth strategies.
Q: Are our consultants certified?
A: Yes. All of our consultants are Singapore Certified Management Consultants (SCMC) certified by TÜV SÜD and Registered Management Consultants (RMC) recognised by Enterprise Singapore. Our team of consultants possess a wealth of experience and have assisted more than 1000 SMEs across various industries scale their businesses.
Apart from the dedicated consultant tagged to your project, you will have the support of our whole consulting team. This includes our Independent Advisor to the Board, Darshan, who previously served as a Principal Assessor in the Business & Service Excellence Division of Enterprise Singapore.
"All of our consultants are Singapore Certified Management Consultants (SCMC) certified by TÜV SÜD and Registered Management Consultants (RMC) recognised by Enterprise Singapore. Our team of consultants possess a wealth of experience and have assisted more than 1000 SMEs across various industries scale their businesses."
Q: What information is required for Enterprise Development Grant (EDG) application?
A: Firstly, you will need your company’s Corppass. In addition, you need the information below to apply for EDG.
– ACRA information
– Audited financial statements
– Our Business Strategy Development proposal
– Our consultant’s certification
Q: How do I find out more about Enterprise Development Grant (EDG)?
A: Feel free to contact us or reach out to business advisors at any of the SME Centres.
"If you have not signed up for our Business Strategy Development service, it is a good time to do it now! Not only do you enjoy up to 70% government subsidy via EDG, you are taking a step to future-proof your business and stay ahead of competitors. Kickstart your business transformation journey today!"