Things to Know About Enterprise Development Grant EDG Grant
EDG Grant Singapore
With technological advancements, we are more exposed to new dimensions of success. The adoption of innovative solutions can strengthen growth groundwork and enhance operations.
Singapore Enterprise is helping businesses to transform to the next level. By providing different business grants, ES has obliged numerous cooperate in their transformational journey. They offer both financial and non-financial support. A government grant, Enterprise Development Grant (EDG Grant Singapore), helps businesses internationalize their presence. If you are new to the EDG grant, here is a complete guide for you to start your journey of success.
What is an Enterprise Development Grant (EDG Grant)?
The Enterprise Development Grant (EDG), just like the Productivity Solutions Grant (PSG Grant) is a government initiative in Singapore designed to support businesses in their growth and transformation efforts. Administered by Enterprise Singapore, the EDG provides funding to companies that aim to strengthen their business foundations, innovate, or expand into international markets.
Understanding PSG Grant vs. EDG Grant
Difference Between PSG Grant and EDG Grant
In the realm of Singapore’s business landscape, governmental support plays a pivotal role in nurturing growth and innovation. Two prominent grants, the Productivity Solutions Grant (PSG) and the Enterprise Development Grant (EDG), stand as pillars of support for enterprises, albeit with nuanced focuses and objectives.
PSG Grant: Enhancing Productivity Through Technology
The PSG grant s a dynamic initiative tailored to bolstering productivity through technological integration. It primarily targets small and medium-sized enterprises (SMEs) seeking to adopt IT solutions and equipment to streamline operations. PSG’s hallmark lies in subsidizing up to 80% of qualifying costs for pre-approved digital solutions, facilitating digitalization and automation across diverse industry sectors.
What Does the EDG Grant Support?
EDG grant provides three supportable areas mentioned as follows:
Core Capabilities
Core capabilities projects help develop and prepare the business for transformational growth. It optimizes and covers business strategies, financial management, human capital development, service excellence, and strategic brand & marketing development.
Innovation and Productivity
Innovative and productivity projects focus on enhancing business efficiency, productivity performance, and utilization of technology for automation of processes. It offers projects like automation, process redesign, and product development.
Market Access
Once you are ready to internationalize your business, market access projects will defray some costs of overseas business expansion. It offers projects like mergers and acquisitions, pilot projects and test-bedding, and standards adoption.
Understanding PSG Grant vs. EDG Grant
Difference Between PSG Grant and EDG Grant
In the realm of Singapore’s business landscape, governmental support plays a pivotal role in nurturing growth and innovation. Two prominent grants, the Productivity Solutions Grant (PSG) and the Enterprise Development Grant (EDG), stand as pillars of support for enterprises, albeit with nuanced focuses and objectives.
PSG Grant: Enhancing Productivity Through Technology
The PSG grant s a dynamic initiative tailored to bolstering productivity through technological integration. It primarily targets small and medium-sized enterprises (SMEs) seeking to adopt IT solutions and equipment to streamline operations. PSG’s hallmark lies in subsidizing up to 80% of qualifying costs for pre-approved digital solutions, facilitating digitalization and automation across diverse industry sectors.
EDG Grant: Fostering Holistic Business Growth and Transformation
On the other hand, the Enterprise Development Grant (EDG) encompasses a broader spectrum, aiming to support enterprises in their holistic growth and transformation journey. Managed by Enterprise Singapore, EDG focuses on assisting businesses keen on developing capabilities, innovating, and internationalizing. It offers funding support for projects spanning core business areas such as upgrading processes, exploring new markets, and developing innovative products and services.
PSG Grant provides IT solutions/equipment/ consultation that you can choose from a list of pre-approved vendors/solutions. It helps in the adoption of various technological innovations to optimize business processes. EDG provides support to expand business across the borders. And you can choose any vendor for EDG that does not require any approval.
Eligibility Criteria For EDG
To qualify for the EDG Grant, businesses must:
- Be registered and operating in Singapore.
- Have a minimum of 30% local ownership.
- Be in a financially viable position to start and complete the project.
Additionally, the project must be aimed at improving the company’s business operations and demonstrate clear outcomes in terms of productivity, innovation, or market presence.
Varied Focus Areas
While PSG zooms in on enhancing productivity through specific digital solutions like CRM systems, e-commerce platforms, and automation equipment, EDG operates across multifaceted domains. It extends its support to diverse initiatives encompassing market expansion strategies, capability development, innovation projects, and global market explorations.
Application and Eligibility
The application process for both grants follows distinct paths. PSG centers around adopting pre-approved digital solutions, and the application is streamlined through the Business Grants Portal (BGP). In contrast, EDG requires a more comprehensive proposal outlining the project scope, expected outcomes, and strategic alignment with business objectives. Eligibility criteria also differ, with PSG primarily catering to technology adoption and EDG focusing on broader business development.
How to Apply for the EDG Grant
The application process for the EDG involves several steps:
- Assess your business needs and identify a suitable project that aligns with the EDG’s objectives.
- Engage a pre-approved consultant or vendor if required.
- Prepare and submit your application through the Business Grants Portal (BGP), including all necessary documentation such as project proposal, financial statements, and quotations.
Upon approval, the business can proceed with the project and submit claims for reimbursement.
Complementary Support for Business Growth
Understanding the distinctive features of PSG and EDG reveals their complementary nature. While PSG accelerates digital transformation and operational efficiency through subsidized technology adoption, EDG dives deeper, supporting initiatives that encompass strategic growth, innovation, and market expansion.
Key Benefits of the EDG Grant
The EDG offers financial support of up to 80% for qualifying costs related to projects that improve business capabilities. This includes areas such as process redesign, product development, and market expansion. By covering a significant portion of the costs, the EDG helps businesses undertake strategic projects that might otherwise be financially challenging.
Categories Covered by the EDG
The EDG supports projects under three main pillars:
- Core Capabilities: This focuses on strengthening internal processes and competencies, such as human resource development, financial management, and branding.
- Innovation and Productivity: This pillar supports the adoption of technology and innovative practices that lead to efficiency improvements and the creation of new products or services.
- Market Access: This category helps businesses expand their presence in overseas markets through initiatives like market research, international branding, and mergers or acquisitions.
Upon approval, the business can proceed with the project and submit claims for reimbursement.
Choosing Between PSG Grant and EDG Grant
The decision between PSG and EDG hinges on businesses’ specific needs and growth objectives. Enterprises aspiring for immediate productivity enhancements might find PSG more tailored to their requirements. Meanwhile, those eyeing a more holistic transformation encompassing capability development and market expansion might incline towards leveraging EDG’s broader support framework.
Conclusion
In essence, both the Productivity Solutions Grant (PSG) and the Enterprise Development Grant (EDG) epitomize Singapore’s commitment to fostering a conducive environment for business growth. PSG empowers businesses with technological upgrades, while EDG offers a more comprehensive framework for overall development and internationalization.
The strategic utilization of these grants aligns with Singapore’s vision of cultivating a vibrant and competitive business landscape, enabling enterprises to thrive, innovate, and contribute to the nation’s sustainable economic growth.
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