The revenues of a business depend to some extent on the amount invested in marketing, product development, and software used. Often the business owner has limited funds due to which they are not able to invest sufficient money in research & development, marketing, equipment, software and other tools. In some cases, the business may not get a loan from the bank, while in other cases the business owner may not apply for a loan, because he is not confident of repaying the loan with interest. Singapore is widely considered to be one of the most developed countries in Asia, and the government realises that businesses are not upgrading themselves due to a lack of funds. Hence Enterprise Singapore is offering an Enterprise development grant (EDG) to eligible businesses who wish to upgrade themselves so that they can grow faster.
While businesses who require funds may have heard about the edg grant in Singapore, they are often not aware of the procedure, and information required and do not have the resources to complete the application. In this case, it is advisable to hire the services of a specialised consultant to get the application for the grant approved quickly. Before applying for the grant, businesses should be aware that the grant can only be used for specific purposes and the application will be approved only if the business follows the procedure specified.
How grant funds can be used
The edg grant should be used mainly for the following purposes
– Productivity & Innovation – the growth of a business depends to a large extent on its ability to innovate and the productivity of its employees. For developing innovative products and services, the business should have sufficient funds to invest in research and development since some of the product ideas are not always feasible or profitable. For improving the productivity of employees it is often necessary to hire consultants to analyse their activities and make improvements
– Core competence – depending on the service or product the business is selling, the main strength of the business may be marketing, providing excellent services or recruiting extremely competent and well-trained employees. The grant which the business obtains should be used for enhancing these core competencies so that the business can get more orders and increase its profits
– Market access: Often there is a limit to the growth in the local market, so many businesses are interested in expanding abroad. For this the business has to invest in customising its products to cater to the local market, adapting to new quality standards, doing market research or acquiring existing businesses. The edg grant funds can be used for accessing new markets, using the techniques mentioned above.
A large number of government services in Singapore are only available digitally, so a corppass is required. In addition to a proposal which specifies how the edg grant money will be used, the business should also provide ACRA information, financial statements which are audited, the scope of the management consultancy and certifications of the consultants they plan to hire should also be provided