Singapore is a global business hub and home to many thriving companies, both local and international. To support the growth of these enterprises, the government has implemented various programs and initiatives to help businesses succeed. One such program is the Enterprise Program.
The Enterprise Program, also known as the Enterprise Development Grant (EDG), was launched by Enterprise Singapore in 2018. It aims to provide funding support for small and medium enterprises (SMEs) to upgrade their capabilities, innovate, and expand overseas.
Eligibility Criteria
To be eligible for the EDG, companies must meet certain criteria:
- Registered or incorporated in Singapore
- Have at least 30% local shareholding
- Have a minimum annual sales turnover of S$100,000
- Be in a financially viable position to start and complete the project
Types of Projects Supported
The Enterprise Program supports three types of projects:
- Core Capabilities – These are projects that help businesses strengthen their core capabilities such as process improvement, product development, or market access.
- Innovation and Productivity – These projects aim to help companies develop new products, services, or processes to increase productivity and competitiveness.
- Market Access – This type of project helps companies expand their business overseas by supporting activities such as market assessment, entry into new markets, and branding initiatives.
Funding Support
Under the Enterprise Program, SMEs can receive funding support of up to 70% of qualifying project costs. The maximum support level varies depending on the project type and size of the company.
For example, small companies can receive up to 70% funding support for projects under Core Capabilities and Innovation and Productivity, while medium-sized companies can receive up to 50% funding support. For Market Access projects, both small and medium-sized companies can receive up to 70% funding support.
How to Apply
Companies can apply for the Enterprise Program through Business Grants Portal (BGP). The application process involves submitting a project proposal, which will be evaluated based on its feasibility, potential impact on the business, and alignment with Singapore’s economic strategies.
Once approved, companies will need to submit their project claims and supporting documents through BGP within six months after the project’s completion.
Impact of the Enterprise Program
Since its launch, the Enterprise Program has helped many SMEs in Singapore upgrade their capabilities and expand overseas. In 2019 alone, over 8,600 projects were supported, benefitting around 7,100 companies.
Moreover, according to a survey conducted by Enterprise Singapore, companies that received support from the program reported an average productivity increase of 17% and a revenue growth of 15% after completing their projects.
Conclusion
The Enterprise Program is just one example of how the Singapore government supports businesses in their growth journey. By providing funding support and opportunities for businesses to innovate and expand globally, the program plays a crucial role in driving the country’s economic growth and ensuring its competitiveness on the global stage. So, it is a great initiative for SMEs to take advantage of and help their businesses thrive in Singapore’s dynamic business environment.
So, if you’re an SME looking to upgrade your capabilities or expand overseas, consider applying for the Enterprise Program and take your business to new heights with the support of Enterprise Singapore. With its strong economy, pro-business policies, and supportive government programs like the Enterprise Program, Singapore continues to be a top destination for businesses looking to succeed in Asia and beyond. Let the Enterprise Program be your first step towards achieving success in this vibrant business landscape. Keep exploring opportunities and innovate with the support of the Enterprise Program! So why wait? Apply now and see your business grow in Singapore!
