What is the Enterprise Development Grant About?
The COVID-19 pandemic has taken a toll on the job market and many businesses. During this crisis, many SMEs are facing challenges to continue their global supply chains and operations; therefore, we are here to introduce you one of the SME grants in Singapore, EDG, which can help many SMEs protect jobs and improve productivity during the crisis.
If you are an Small Medium Enterprise (SME) in Singapore wanting to scale your business but have a tight budget, then you have to know what the Enterprise Development Grant is about.
The Singapore government funds up to 80% of projects that help you upgrade your business, innovate or venture overseas, under the following three pillars:
How to scale your HR functions using EDG?
Scaling up a HR function using the EDG fall largely as a “Human Capital Development” project under the pillar of “Core Capabilities”. The scope of work covered under such project includes diagnosing gaps, developing structures and receiving recommendations for implementation. Hence, when you use an EDG on your HR functions, you should look into having all those scope of work covered
Step 1: Know your company’s pain point
Clarity is power. The more clearly you are able to define your problems, the more obvious and easy the solution becomes.
If you are not clear on what your company’s HR pain point is, consider doing one of the following diagnostic tool:
Step 2: Search for a trusted HR Business Partner
Enterprise Singapore has appointed three certification bodies (RMC, PMC and SCMC) through an open call-for-collaboration to develop and run certification programmes for management consultants. These certifications recognise individual who possess adequate know-how, competence, professional and ethical conduct to provide consultancy services.
But, certifications alone is not enough! Here’s what you need to do to know if they are the one for you:
Step 3: Apply for the grant
The usual process is:
The grant application process would require a lot of details and figures such as your company’s operating profit, company revenue, profit before tax, staff renumeration and more in the application form, so be prepared!
Alternatively, approach our dedicated team who will help guide you through the process every step of the way if you are embarking on a project with us.
Frequently Asked questions
How do I know if my company is eligible?
Who approves the Enterprise Development Grant?
Applications are reviewed and processed by Enterprise Singapore based on the project scope and the project results.
What is the maximum grant obtainable?
For eligible Small and Medium Enterprises (SMEs), the maximum grant support level can be up to 80% on qualifying costs.
How can I increase the chances of the EDG approval?
Your company can work with experienced consultants to boost your chances of approval for EDG and to make sure that you are on the right track to get your funding approved by Enterprise Singapore.
Mak Foo Sing
Foo Sing is an HR Business Partner at Align Group. He received his Bachelor of Arts in Psychology from Nanyang Technological University. When not writing, he is usually found in his favourite coffee shop or outdoor trekking.