Want to grow your business and pay only a small fraction of the cost? Here’s how.
Apply for the EDG Grant for SME Marketing to get up to 80% funding to increase sales & help your business grow.
The Ministry for Trade & Industry urged SMEs to adopt digital methods in order to stay competitive in the new economy (The Straits Times, 22 Sep 2020). Part of digitalisation includes transitioning your sales and marketing efforts online to acquire new customers, whether your business is B2B, B2C, online, offline or hybrid. This is where the Enterprise Development Grant (EDG) comes in. The EDG may help you grow your business in this digital era especially since the economy entered recession, due to Covid-19.
The EDG grant, disbursed by Enterprise Singapore aims to help Singaporean small & medium enterprises to grow, to aid in the recovery of Singapore’s economy due to the effects of Covid-19.
If you are looking to utilise branding & marketing to grow your business, but don’t want to fork out a huge lump sum, look no further as we can help you get the EDG support your business needs.
Here’s how the EDG works:
The EDG grant is a grant that works on a reimbursement basis. All projects with their collaterals, audited accounts, documentation for said project, and project deliverables have to be completed, and expenses have to be paid out.
It is also able to fund qualifying project costs which may include the payment for 3rd party consultants or even manpower costs of a qualifying company.
Previously, SMEs receive up to 70% of support for the qualifying project costs. It was announced in the Supplementary Budget 2020, that the support level had been raised from 70% to 80% if you apply for the grant before 30 September 2021.
For enterprises that are most severely affected by Covid-19, a support level of up to 90% may be raised, based on a case by case basis. (EnterpriseSG)
There are three pillars companies have to uphold, to be eligible for the grant.
- Core Capabilities
- Innovation & Productivity
- Market Access
You may read more about the pillars here
In order to even apply for the grant, Enterprise Singapore mandates that your company will require the services of an Enterprise Singapore recognised business management consultant.
Bizsquare Management Consultants Pte Ltd has been an Enterprise Singapore recognised management consultancy since 2016.
In 2020, we are not only offering business loan consulting services. Bizsquare has expanded to provide marketing, video production & branding services to help you grow and transform your business, under
We believe that every brand has a story to be told. We want to help companies rediscover their brands through storytelling, as well as develop a brand strategy to give them the impetus for growth in this ever-competitive market space.
Mattherns Media: New arm of Bizsquare Group
With our new Branding & Video Production arm Media, we will help you get the EDG grant to support your business.
Here are some examples of marketing projects that can be claimed under the EDG Core Capabilities pillar.
– Developing a branding strategy to increase outreach in the market
– Developing digital marketing strategies to increase online brand awareness, visibility & to generate leads
– Market research, analysis to aid in the development of a positioning strategy for your brand or company
– Developing a marketing & sales plan to increase company profits.
To qualify for the EDG,
Your company must:
Be a business entity registered and operating in Singapore
Have a minimum of 30% local shareholding
Be in a financially viable position to start and complete the project
Applications will be assessed by Enterprise Singapore based on project scope, project outcomes & competency of service provider.
Do note that the EDG is not an upfront funding grant.
Here are the steps you can take to get the EDG grant for your business.
Step 1: Ensure that your company fulfils the criteria for the EDG Grant.
Step 2: Engage us, a Certified & Recognised Management Consultancy to help your company.
Step 3: Let us help you prepare the project proposals for submission.
Step 4: We will let you know the required supporting documents from you for submission
Step 5: After submission, it will typically take a few weeks to a month or two for your application to be processed.
How much is covered by the EDG?
SME projects have a range of S$25,000 to S$60,000, depending on the scope of the project.
Most projects last three to six months, with some lasting longer than a year.
The EDG supports up to 80% of the costs of a project. Assuming the project costs S$100,000, you can get up to S$80,000 reimbursement. This means that you will only need to invest S$20,000.
Additionally, the EDG supports up to 70% of internal manpower costs for any staff attached to the project.
This also means that if your staff attached to the project has a salary of S$4,000 and the project lasts for 5 months, the internal manpower cost would be S$20,000 for the duration of the project, and the EDG could cover up to S$14,000 for that employee.
Which would also mean that the amount you need to invest would be greatly reduced.
Do note that the reimbursement can take up to a month, assuming your paperwork is complete.
You may also want to speak with a certified management consultancy like Bizsquare if you are looking to get funding for your business!
Check out our SGSMEloans website if you have any further enquiries on the EDG or feel free to call Melvin Ho CEO of Bizsquare Management Consultants at 9183 4413.