Navigating Singapore’s Key Business Grants: EDG, MRA & PSG

Singapore has long positioned itself as a supportive hub for businesses, especially Small and Medium Enterprises (SMEs). Part of this support comes in the form of government funding schemes that help local companies grow, improve productivity, and expand internationally. Three of the most prominent grants available today are the Enterprise Development Grant (EDG), the Market Readiness Assistance (MRA) Grant, and the Productivity Solutions Grant (PSG). Each of these serves a unique purpose and caters to different stages of business development.

Enterprise Development Grant (EDG)

The EDG is designed for Singaporean companies that are looking to upgrade their operations, foster innovation, or venture into international markets. It helps cover project costs related to three main areas:

1. Strengthening Core Functions
   Businesses can enhance internal capabilities such as strategic planning, financial management, branding, human resource practices, and service excellence.
2. Driving Innovation and Efficiency
   Companies are encouraged to explore new ways to work smarter through innovation. This could include creating new products, redesigning internal processes, or introducing automation and digital technologies.
3. Expanding Overseas
   For firms looking to enter new markets, EDG can help fund feasibility studies, partnerships, and even the piloting of new initiatives abroad.

Support Levels
SMEs may receive up to 50% of eligible project costs. If the project supports environmental sustainability goals, funding may increase up to 70% for a limited period under the Enterprise Sustainability Programme.

Eligibility Requirements
To qualify for the EDG:

• The business must be registered and based in Singapore.
• It must have at least 30% local ownership.
• The company must have the financial means to carry out and complete the project.

Look for EDG Consultant here.

Market Readiness Assistance (MRA) Grant

The MRA Grant is ideal for businesses planning their first steps into a new international market. It offers financial help to reduce the cost of going global, focusing on three areas:

1. Promotional Activities Abroad
   Businesses can get support for marketing and advertising campaigns aimed at foreign audiences.
2. Finding Overseas Partners
   Costs incurred while sourcing potential partners—like distributors or franchisees—can be subsidized under this grant.
3. Setting Up an Overseas Presence
   If a business needs to register an entity, rent an office, or get legal help abroad, those expenses may be partially reimbursed.

Funding Amount
Companies can claim up to 50% of eligible costs, with a cap of S$100,000 per new overseas market. Specific limits apply to each activity category, e.g., a maximum of S$20,000 for promotional efforts.

Who Can Apply
Eligible businesses must:

• Be registered in Singapore and actively operating.
• Be locally owned (at least 30%).
• Be entering a market where they haven’t generated over S$100,000 in annual sales in the past three years.
• Have an annual turnover of under S$100 million or employ fewer than 200 people.

Look for MRA Consultant here.

Productivity Solutions Grant (PSG)

The PSG is aimed at improving productivity through tech adoption and automation. It provides subsidies for pre-approved IT solutions and equipment that help streamline operations. These tools can be industry-specific (such as solutions for retail or logistics) or general-purpose (like accounting or customer management software).

Grant Coverage
Eligible businesses can enjoy up to 50% funding support for the purchase or subscription of approved digital tools and systems.

Eligibility Criteria
To qualify, companies must:

• Be operating in Singapore.
• Use the purchased solution locally.
• Be at least 30% locally owned.
• Have a group revenue below S$100 million or fewer than 200 employees.

Look for PSG Consultant here.

How to Apply for These Grants

The application process for EDG, MRA, and PSG is relatively straightforward and centralized through Singapore’s Business Grants Portal (BGP). Here’s a quick overview:

1. Check Eligibility
   Review the grant requirements before applying to ensure your company qualifies.
2. Prepare the Proposal
   Gather supporting documents like business plans, quotations, consultant details, and financial records.
3. Submit Through the BGP
   Access the portal using CorpPass and complete the application online.
4. Await Approval
   After submission, the application will be reviewed. If approved, you can proceed with the project.
5. Make a Claim
   Upon completion of the project, submit the necessary documents to claim the grant amount.

Tips for Making the Most of the Grants

• Have a Clear Business Goal: Align your project with your company’s strategic direction.
• Ensure Financial Stability: Be ready to fund the non-subsidised portion of the project.
• Choose the Right Vendors: Work with experienced consultants or tech providers who understand the grant process.
• Track Your Results: Define measurable outcomes to assess the impact of your project.

Final Thoughts

Singapore’s EDG, MRA, and PSG grants offer valuable financial support to local businesses that are ready to grow, adopt digital solutions, or explore overseas markets. These initiatives are part of the country’s larger push to future-proof local enterprises and boost global competitiveness. By taking advantage of these grants and aligning them with long-term business strategies, companies can accelerate transformation and set themselves up for sustainable success.

If you need help from a Singapore Grant Consultant, visit grantconsultant.sg