The major purpose of the Enterprise Development Grant (EDG) is to support companies in their pursuit of bigger business growth, upgrading, innovation and expansion to overseas countries.
3 key Areas of Support
Aside from helping enterprises to transform and grow, EDG helps businesses to innovate, upgrade, and venture overseas under all the areas below:
1. Core Capabilities
All projects under Core Capabilities gives businesses the privilege to prepare for transformation and growth by making their business foundations become stronger.
These go far beyond basic functions like sales and accounting.
2. Innovation and Productivity
All projects under Innovation and Productivity assist companies that are seeking new areas of growth or seeking ways to enhance efficiency.
These involve reviewing and redesigning of processes and workflow. Companies can equally tap into technology and automation to boost the efficiency of some routine tasks.
3. Market Access
All projects under Market Access assist businesses that are seeking ways of venturing overseas. The EDG can help businesses defray parts of the cost they incur while expanding into overseas markets.
Note that with effect from 1st April 2020, commitment to worker outcomes is among the qualifying requirements, so every application for EDG must include commitment to worker outcomes. This includes job creation, wage increment, training for existing staff, or job redesigns.
What Can Be Supported?
Any qualifying project cost that has a connection with software and equipment, internal manpower, and third party consultancy can be supported.
In line with the Supplementary Budget 2020, the level of support can be enhanced only up to 80%. For businesses that were badly affected by the COVID-19, the maximum level of support may be increased to 90%.
Who Is Eligible?
Companies must fulfil all the conditions below in order to qualify for EDG. These conditions are:
• Be registered and functioning in Singapore
• Have at least 30% local shareholding
• Must be financially viable to commence and complete a project