Enterprise Development Grant (EDG)
The Enterprise Development Grant (EDG) is a financial support program offered by Enterprise Singapore (ESG) to help Singaporean companies grow and transform their businesses. It provides funding for projects that fall under three main categories:
EDG Project Categories
Core Capabilities: Focuses on strengthening business foundations beyond basic functions like sales and accounting.
Innovation & Productivity: Supports companies in exploring new growth areas or enhancing efficiency.
Market Access: Assists businesses in expanding their overseas presence.
EDG Funding
Grant support: Up to 50% of qualifying project costs can be covered.
Qualifying costs: Typically include third-party consultancy fees, software, equipment, and internal manpower costs.
Eligibility
Singapore-registered companies and SMEs.
Specific eligibility criteria may vary based on project type and industry.
How to Apply
To apply for the EDG, you typically need to submit a detailed project proposal outlining your business plans and expected outcomes. It's recommended to consult with a certified consultant to increase your chances of a successful application.
Important Considerations
Sustainability-related projects: May be eligible for up to 70% support under the Enterprise Sustainability Programme.
Project scope and budget: Clearly define your project objectives and allocate resources accordingly.
Consultant selection: Choose a consultant with expertise in your industry and EDG application process.
For more detailed information and application guidelines, please visit the official Enterprise Singapore website:
Enterprise Development Grant (EDG): https://www.enterprisesg.gov.sg/financial-support/enterprise-development-grant
Core Capabilities under the Enterprise Development Grant (EDG)
The Core Capabilities pillar of the EDG is designed to help Singaporean businesses strengthen their foundational capabilities for future growth and transformation. It focuses on five key areas:
1. Business Strategy Development
Formulating and refining your business strategy.
Developing growth strategies and processes.
Improving business development capabilities.
Managing intellectual property assets effectively.
Optimizing research and development (R&D) operations.
Implementing sustainable practices.
2. Financial Management
Enhancing financial planning and analysis.
Improving financial control and reporting.
Optimizing working capital management.
Implementing risk management strategies.
3. Human Capital Development
Developing a high-performance workforce.
Implementing talent management strategies.
Enhancing employee engagement and productivity.
Building organizational culture and leadership capabilities.
4. Service Excellence
Improving customer experience and satisfaction.
Enhancing service delivery processes.
Implementing quality management systems.
5. Strategic Brand and Marketing Development
Building a strong brand identity.
Developing effective marketing strategies.
Enhancing digital marketing capabilities.
By investing in these core areas, businesses can lay a solid foundation for future growth and innovation.
Innovation & Productivity Under the EDG
The Innovation & Productivity pillar of the Enterprise Development Grant (EDG) is designed to support Singaporean businesses in exploring new growth areas or enhancing their operational efficiency. It focuses on three key areas:
1. Product Development
Developing new or improved products or services.
Conducting market research and feasibility studies.
Obtaining certifications or intellectual property rights.
Scaling up production or service delivery.
2. Process Redesign
Reengineering business processes to improve efficiency.
Implementing lean manufacturing or six sigma methodologies.
Adopting digital technologies to streamline operations.
Optimizing supply chain management.
3. Automation
Investing in automation technologies to increase productivity.
Implementing robotics or artificial intelligence solutions.
Integrating automation into existing processes.
By investing in innovation and productivity, businesses can enhance their competitiveness, reduce costs, and capture new market opportunities.
Market Access Under the EDG
The Market Access pillar of the Enterprise Development Grant (EDG) is designed to support Singaporean businesses in expanding their overseas presence. It focuses on four key areas:
1. Pilot Project & Test-Bedding
Conducting market research and feasibility studies in target markets.
Developing and launching pilot products or services.
Testing market response and gathering customer feedback.
2. Overseas Marketing Presence
Establishing a physical or digital presence in target markets.
Participating in trade shows and exhibitions.
Conducting marketing and promotional activities.
Building distribution and sales channels.
3. Mergers & Acquisitions
Acquiring or merging with overseas companies to expand market reach.
Conducting due diligence and valuation assessments.
Integrating acquired businesses into the company.
4. Standards Adoption
Adopting international standards and certifications.
Obtaining necessary regulatory approvals.
Complying with local market requirements.
By investing in market access, businesses can increase their revenue streams, diversify their customer base, and build a global brand.
How Bestar can Help
Bestar could assist you in the following ways:
Financial and Business Advisory Services
Financial analysis: Assessing your business's financial health and identifying areas for improvement.
Business strategy development: Helping you formulate a clear and compelling business strategy aligned with objectives.
Project feasibility studies: Evaluating the viability of your proposed project and its potential impact.
Accounting and Tax Services
Financial projections: Creating accurate financial forecasts and projections for your project.
Cost-benefit analysis: Analyzing the financial implications of the project and its return on investment.
Tax implications: Understanding the tax implications and ensuring compliance.
Business Setup and Incorporation
Company registration: Assisting with the incorporation process if your business is newly established.
Legal and compliance matters: Ensuring your business adheres to relevant regulations and standards.
Human Resources and Talent Management
Talent acquisition: Helping you identify and recruit the necessary talent for your project.
Training and development: Providing guidance on employee training and development programs.
IT and Digital Solutions
Technology assessment: Evaluating your business's IT infrastructure and identifying areas for improvement.
Digital transformation: Supporting your business's digital transformation journey.
To get accurate and specific information about Bestar's services, contact us. We can provide details on our expertise, experience, and the specific support we offer.
Other government grants or financial support options available for businesses in Singapore
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