Do you have any small or mid-size businesses that you want to grow? If yes, you need to make suitable business development plans and have enough funds to grow it well. Many small businesses lack funds and seek financial help to arrange necessary things for business development. If you are running a small business in Singapore and need grants to grow it, you can get the facility of EDG Grant or Enterprise Development Grants, offered by the leading financial authorities and business-providing agencies.
What is EDG or Enterprise Development Grant?
EDG or Enterprise Development Grant is a sort of financial help provided by the leading EDG grant providing agencies to help small and mid-size businesses fulfill their business needs such as buying equipment, furniture, software, renovation, staff training, consultancy, and more. You can fulfill all such business needs by taking advantage of EDG grants providing authorities in the industry. Thus, small enterprises can transform their approach and unlock their business potential to expand their wings and create a good identity in the industry.
EDG Grants in Singapore
There are many authorized financial authorities in Singapore, which aim to provide monetary aid to small and foreign businesses to grow and contribute to the economy of the nation to increase as well. However, the key to success for EDG grant application approval in Singapore is to qualify the terms and conditions for the same. Hence, it is important first to identify all the legal processes of the EDG grant approved by the financial agencies in Singapore. To make this happen, you should also first find the right EDG grant-providing agencies in Singapore. Make sure the financial authority has a good track record for providing EDG grants at low interest rates and follows standard norms for giving monetary help to SMEs through the legal process.
Eligibility to Obtain EDG Grant in Singapore
To get the advantage of EDG grants in Singapore, you need to quality eligibility criteria for the grant. Here are some significant eligibility factors that you need to match up to obtain EDG grants.
Seek Grant for Business Purpose Only
Your primary objective for applying for an EDG grant in Singapore should be for business purposes only. Make sure, you need funds for business growth and fulfill requirements that create stumbling blocks in the success rate of enterprise in the industry.
Should Have Minimum 30% Shareholding
You have a minimum 30% shareholding in the business that determines direct or indirect ownership by Singaporeans in the enterprise.
Have a Good Financial Status
Your EDG grant will get approved if you meet the eligibility of enough financial status of business that looks sound and ensure you have completed all previous projects successfully.
Good Service Track Record
You can take the EDG grant application to the next level of approval if your business has a good service track record as well. Make sure, your clients have good reviews and opinions about the services of your enterprise that meet the legalities and expectations of customers as per industry rules.
Thus above are some significant eligibility criteria that every SME in Singapore has to qualify to get an EDG grant from authorized financial authorities in the country.
Chances of EDG Grant Approval in Singapore
To get the EDG grants in Singapore, every small business needs to qualify for genuine conditions to lead chances of getting their EDG grant application approved by the financial authorities in the country.
1. Know Your Objective
It is necessary to be aware of your objective for applying EDG grant in Singapore first. You should know the right objective or scope of EDG grant for business to upgrade. Besides, it is also important that you meet eligibility criteria and match other relevant requirements to get the grant approved.
2. Prepare Right Proposal
For approval of your EDG grant approval, you should also prepare the right business proposal to show to the financial authority. Your business proposal should include a clear outline of your business strategies, procedures, and future growth aspects that can influence the grant agency in Singapore. If your proposal has the potential to grow in the future, your EDG grant will lead to chances to get approved soon.
3. Complete Application
You should avoid submitting incomplete or wrong information about business in the EDG grant application form. If your EDG grant application has any irrelevant details about the business or incomplete application, it will get rejected by the financial authority. Hence, it is suggested to read all conditions of the EDG grant application to and follow instructions by filling form with legal details about business and personal details as per requirement.
4. Complete Documentation
The applicant needs to link all required documentation and proofs of business with the EDG grant application for approval without fail. You might be asked to attach documents with an application such as a business plan copy, revenue proofs, account details, financial statements, tax return proofs, letter of recommendation, and so on. Thus, you are supposed to make ready all such proofs or documents to link with the application form in advance and ensure all papers are genuine to trust by the financial authority.
5. Strong Business Plan
If you have a strong business plan that has future growth, it will also lead to chances to get your EDG grant approved by financial authorities in Singapore. Make sure, you draft the business plan or strategies in a way that influences the grant agency to depict some good returns to get in the future by investing in that.
6. Submit the Application on Time
You should be aware of the last date of the EDG grant application submission to avoid rejection of the form. Hence, it is necessary to fill out the form adequately and submit it on time to get recognized soon by the financial authority.
Thus, above are some relevant criteria that you need to adhere to lead the chances of getting an EDG grant approved by EDG grant-providing agencies in Singapore.
Before applying for EDG grants in Singapore for business upgrades, you should not forget to check proofs or authenticity of financial authority too. You should take a look at some credentials of financial agencies such as market reputation, service track record, interest rates on EDG grants, customers’ feedback, online reviews, and so on. You should clear all such details to find a genuine grant-providing agency in Singapore to get an EDG grant from the right financial authority.
Also Read: How the Enterprise Development Grant Supports Business Expansion Plans?
