EDG: Tips and Tricks
EDG grant is ending on 31 Dec 2020.
Did you know that the supplemented Enterprise Development Grant (EDG) ends on 31st December 2020? Time check, we are entering the last quarter of 2020. I still find that hard to believe.
Therefore, if you are interested in applying for the EDG grant, you have about 3 months left for your applications.
If you are unfamiliar with the EDG, our Singapore government has nicely laid out all the relevant information on this site.
As someone who has been through the EDG application process together with my clients, I would like to offer some tips and tricks for those who are currently applying for EDG grant or would like to do so.
*IMPORTANT DISCLAIMER* I do not claim to be an expert in grant applications, nor do I represent any governing bodies related to this grant. I am just here to share my experience, hopefully, you will find some of the information helpful.
Other points to note:
- I represent LucaNet – a Financial Performance Management solution for Consolidation, Budgeting and Reporting. Thus, LucaNet is an automation software and consulting provider, which can be supported by EDG.
- My clients applied for the EDG under Innovation and Productivity - Automation
Support level for automation technology under this category is -SMEs up to 80%
- non-SMEs up to 60% of qualified costs
- EDG is only eligible for new projects – no contract or work on the project scope is to be done before the grant approval
- Our clients have successfully obtained the EDG grant*
*However, do note that EDG grant applications are assessed on a case-by-case basis. There’s no guarantee that all LucaNet projects can be approved for EDG, but it is worth the try.
The essentials of EDG applications
Let’s start with the essentials, here’s what you must-have for your application:
- Latest audited group financial statements, not more than 18 months old
- Quotation from your provider for equipment, hardware or software
- Project Proposal (List of project proposal templates)
Tips and Tricks for EDG
Now that you understand what is required for the application, here are some tips and tricks based on my personal experience to help you with your application:
1.Tip: EDG Proposal
First off, the proposal. I would say the proposal is the most important piece of document for your application. Your proposal is used to justify why EDG can help your organisation. It's worth spending more time on your proposal to deliver a convincing document that will increase your chances of obtaining the grant. When describing the project, always remember to state:
- How the project will address the current and most urgent needs of your organisation
- How it sets precedence for your organisation’s future i.e. to upskill employees or prepare for business expansion
This will help the assessor understand what benefit this project will bring to your firm. Using one of our client’s application as an example;
Our client has multiple subsidiaries across Singapore and is looking expand into different business lines and different regions. They are using Excel for consolidation and reporting, which is a time-intensive and manual process. They have chosen LucaNet as their solution provider to:
- Resolve their current organisation needs by automating a bulk of their repetitive work such as data collection from subsidiaries, re-adjusting data formats, manual reconciliations AND
- Prepare their organisation for future global expansion by allowing them to consolidate the complex group structures and international accounting treatments.
Content like this should be included in your proposal.
2. Tip: Is your company ready for the project?
Another point to take note is that you need to ensure that your company is ready to take on the project you are applying for. As stated in one of the eligibility criteria, your firm must “be in a financially viable position to start and complete the project”. And we cannot stress that enough. The assessors will look at your financial statements to determine your eligibility.
Also, based on what we observed, projects with significant impacts which cascades through your organisation has a higher chance of receiving approval. Therefore, it is important to highlight the scope and impact of your project. If you can, do include some visuals in your proposal. It will make the overall reading process much more enjoyable for the reviewer. Also, don’t worry if you receive a bunch of questions after submitting your proposal. It is common for the assessor to seek clarifications. Just keep calm and answer the questions to the best of your ability.
And if your company’s one of the lucky few to have an existing account manager from ESG, please approach your account manager as soon as you have the intention to engage any solutions for EDG.
I hope this information can help you and your team with your grant application. Best of luck on your EDG applications!
P.S. if you are facing any challenges when it comes to financial Consolidation, Budgeting and Reporting, and am interested in exploring how EDG can help you obtain a solution to address your needs, I'm more than happy to have a chat.
