If you’ve been wondering what EDG grant is all about and how it can help you propel your business growth in Singapore and beyond, then read on.
With supply lines becoming increasingly more accessible to more new entrants to the market, and processes and services commoditised, the companies that can truly stand out from the rest of the competition and make their presences felt in the market, are those that have a strong brand position that their target audiences can easily recognise and identify with.
But developing a brand strategy and mapping out your roadmap for the next 3 to 5 years can be a challenging and costly undertaking.
Fortunately, the Singapore government is here to help serious companies such as yours grow to the next level by providing funding support to defray your costs for strategic brand and marketing development, via the EDG grant.
What is EDG Grant?
EDG is short for Enterprise Development Grant, a financial assistance scheme by Enterprise Singapore, designed to help Singapore companies such as yours develop new capabilities to grow your business and take on regional markets.
Launched in 2018 to replace its predecessor, the Capability Development Grant (CDG), The EDG grant provides up to 80% funding support of your project costs in 3 main areas:
- Core Capabilities,
- Innovation and Productivity, and
- Market Access
For the purpose of this article, we will be focusing on Strategic Brand and Marketing Development, one of the supportable areas under Core Capabilities.
How can EDG Grant help my business?
With the EDG grant, you can engage a certified consultant to help you develop a brand and marketing strategy for your business.
This provides you with insights and clarity on what makes your brand unique, and thereby properly define your brand’s purpose, position and messaging in the market to stand out among the competition, and exert a presence that can resonate with the market.
By differentiating your brand from the others in the market, you have a better chance of connecting with your target customer audience and capturing them.
What activities does EDG Grant support?
Under Core Capabilities -> Strategic Brand and Marketing Development, the activities supportable for up to 80% grant funding includes:
- Diagnosis and gap analysis of your company
- SWOT analysis - identifying internal strengths and weaknesses, as well as external opportunities and threats
- Market research via either primary or secondary methods
- Recommendations and plans for implementation
Your project can tackle or address any of the following areas:
- Development of an effective brand strategy that differs from the competition and appeals to your target customer audience
- Assessment of your brand’s financial value
- Identifying your brand levers
- Development of a strategic plan to optimise your marketing resources and improve communications with your customers
The above are just examples of what is possible when it comes to developing your brand.
If you’re considering a branding grant application but unsure if what you have in mind falls within the supportable scope, get in touch with us today.
EDG Grant eligibility
Your company is eligible to apply for EDG grant if it is:
- Registered in Singapore and has active operations
- Under at least 30% local shareholding
- Financially capable of starting and completing the project
To apply for an EDG grant for strategic brand and marketing development, you must appoint a certified consultant recognised by Enterprise Singapore.
If you need help with securing a certified consultant, talk to us now.
How do I apply for an EDG Grant?
Once you’ve decided to apply for an EDG grant, there are specific steps that you need to take, as well as a set of information that you need to prepare, before you can submit the application.
You would then need to provide the consultant’s proposal with detailed scope of work, including the man-day breakdown of the consultation engagement.
Enterprise Singapore has provided a useful template for reference, which can be accessed by clicking here.
In any case, fret not about crafting the proposal; your preferred consultant would be able to advise and assist you with it.
The resume and certificate of the consultant have to be provided as well. Your consultant would most likely already have these materials prepared and readily available for your use.
Key documents that you need to prepare include:
- Your business’ ACRA profile, which must not be older than 6 months from the date of your EDG application. If your business consists of corporate shareholders, please provide the information for the corporate parents as well.
- Audited financial statements or certified management accounts for the last financial year (FY) of your company, as well as consolidated financial statements for the last FY of your ultimate parent company, if applicable.
- Quotation from your selected brand consultant for the cost of your project
You would also need to provide projections on outcomes for the next 3 years that would arise from the successful implementation of your brand development project:
- Company revenue
- Staff salaries
- Depreciation
- Net operating profit before tax
- Impact on your workers who will benefit from the implementation of the project, in terms of wage increment, job creation or redesign, or training
Important! Take note of this or risk being disqualified
It is critical to note that the EDG brand grant is only applicable for new projects that have not started at the point of the grant application.
Furthermore, you must not have signed any quotation or contract with your consultant, nor made any payment to the consultant that is related to the project.
Failure to comply with the above would disqualify the project application.
While such practices are largely absent these days due to strict audits and enforcement actions by the authorities, there are still some dubious players in the market who would ask for payment before the project’s grant application has been submitted.
Avoid getting involved with such consultants or agencies at all costs, lest your company is negatively affected as well.
If you need further clarity and assistance with your EDG grant project, get in touch with us today.
What activities are NOT supported by EDG Grant?
Not all activities related to brand development can be funded by the EDG grant.
The activities that do not qualify for grant funding support include fees incurred for:
- Production of corporate and/ or marketing collaterals, such as brochures, videos, websites, photography, stock pictures, and copywriting
- Marketing or PR campaigns, as well as retainer fees of consultants, and media and ad buys, engagement of social media influencers, management of websites/ social media platforms, SEO (search engine optimization) and SEM (search engine marketing) services
As a general rule of thumb, Enterprise Singapore does not provide funding support for activities that are considered operating expenditure that companies would naturally incur in the normal course of running and growing a business.
Be cautious against including these components in your EDG branding grant application, to avoid having your application rejected or funding support reduced.
Need help with EDG Grant? Talk to us today
Tapping the EDG grant is a great way to subsidise the costs involved in developing an effective brand strategy to take your business further and expand into more markets across the region.
Stridec is a proven brand agency with 20 years of industry experience to help you achieve success with your branding and marketing strategy development, and has also helped numerous Singapore companies over the years with getting their EDG grant successfully approved.
If you’re looking for a trusted and reliable EDG grant consultant, then get in touch with us by filling up the form below.
In addition, if your brand is well defined, clearly identifiable and relatable, your customers tend to stay with you for a long time and it shows in your repeated sales from existing customers. Having a good grasp over this metric will give you an understanding of how well perceived your brand is.