ENTERPRISE PROGRAM

Elevating Your Business in Singapore: Harness the Power of the Enterprise Program

Renowned as a global business epicenter, Singapore has a vibrant ecosystem of local and international enterprises. Recognizing these businesses’ crucial economic role, the government has initiated various programs to bolster their growth and success. A standout among these initiatives is the Enterprise Program.

Introducing the Enterprise Program

Launched in 2018 by Enterprise Singapore, the Enterprise Program, also known as the Enterprise Development Grant (EDG), is a cornerstone in the nation’s efforts to foster small and medium enterprise (SME) development. It specifically focuses on aiding these businesses in enhancing their capabilities, embracing innovation, and expanding their reach beyond domestic shores.

Eligibility for the Enterprise Program

Registration or incorporation within Singapore.
A minimum of 30% local shareholding.
An annual sales turnover of at least S$100,000.
Financial viability to commence and complete the proposed project.

PROJECT CATEGORIES

The program caters to three distinct project types, each addressing specific business growth areas:

Core Capabilities

Projects that strengthen fundamental business aspects like process optimization, product development, or market penetration.

Innovation and Productivity

Initiatives aimed at fostering new products, services, or process development to boost productivity and competitiveness.

Market Access

Assistance for businesses aiming to enter international markets, covering market assessment, new market entry, and branding strategies.

Funding and Support

The EDG offers substantial funding support, covering up to 70% of qualifying project costs, with variances based on the project type and company size. For instance, smaller firms may receive up to 70% funding for Core Capabilities and Innovation and Productivity projects, while medium-sized companies could be eligible for up to 50%. Market Access projects offer up to 70% support for small and medium-sized enterprises.

Application Process

Enterprises interested in this program can apply through the Business Grants Portal (BGP). The process includes submitting a comprehensive project proposal, evaluated on criteria like feasibility, potential business impact, and alignment with Singapore’s broader economic strategies. Successful applicants must submit project claims and supporting documents within six months of completion.

The Impact of the Enterprise Program

Since its inception, the EDG has significantly impacted the SME sector in Singapore. In 2019, it supported over 8,600 projects, benefiting approximately 7,100 companies. Enterprises participating in the program reported notable improvements, with an average productivity increase of 17% and revenue growth of 15% post-project.

The Enterprise Program exemplifies the Singapore government’s commitment to business growth and development. By offering funding and support for innovation and international expansion, it plays a pivotal role in fueling the nation’s economic dynamism and maintaining its competitive edge globally.

The Enterprise Program presents an invaluable opportunity for SMEs looking to scale up, innovate, or explore new markets. This program is a stepping stone towards achieving greater heights in Singapore’s thriving business environment, bolstered by a robust economy and pro-business policies. Take the chance to propel your business forward with the support of the Enterprise Program. Apply now and be part of Singapore’s vibrant business success story.