PSG, EDG, Skills Future Funding – Can my business benefit from any grants?

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PSG, EDG, Skills Future Funding - Can my business benefit from any grants_

If you’re a Singaporean business which has been through the Circuit Breaker period, you’ve probably had proposals from many web design and digital marketing firms, offering e-commerce grants, digital marketing grants, funding and loans.

It all depends on the phase your business is in. What is appropriate for you will vary accordingly.

Here’s a quick summary of the different grants available and some of their updates till date. 

Productivity Solutions Grant (PSG)eCommerce Grant

The Productivity Solutions Grant (PSG) or informally known as e-commerce grant aids Singapore firms in boosting productivity and streamlining operations through IT systems and equipment.

Benefits 

This grant is available to local SMEs and covers up to 50% of their eligible costs, with a total funding cap of SGD 30,000.

For the new startups and businesses new to Digital 

There is a range of solutions that different industries can take advantage of, particularly retail businesses and b2c businesses. Two common grants that are obtainable for these types of entities are the Pre-approved eCommerce Grant and the Pre-approved Digital Marketing Grant.

If you are only beginning your digital journey, apply for the grant. This is open to both companies and Sole Proprietors with a range of SGD 5,000 to 10,000 available for eCommerce and Digital Marketing.

Things to Note 

You must pay the full fee to the agency or solution provider before receiving any reimbursement. Make sure you have a good cash flow plan since the process from approval to reimbursement can take several months.

Does Lemonade provide any PSG Solutions?

Absolutely! We are a PSG Vendor and we have Pre-approved eCommerce Grants that are suitable for most businesses. For more information, be sure to take a look at our PSG (ecommerce) Solution page.

Enterprise Development Grant (EDG)

The Enterprise Development Grant (EDG) is aimed at businesses that are seeking to upgrade, innovate, expand and evolve. However, they do not have pre-approval status and each project scope must be submitted to Enterprise Singapore for evaluation.

Benefits

Up to 50% of eligible costs for local SMEs

From 1 April 2023, SMEs can receive up to 50% support for EDG (sustainability-related projects may be supported at up to 70% from 1 April 2023 to 31 March 2026). Please refer to the Enterprise Sustainability Programme page for more details.

For existing business who wish to transform their business

EDG grants fund projects that fall into three categories: Core Capabilities, Innovation & Productivity, and Market Access.

To strengthen your business foundations, the project should focus on research, gap analysis and providing recommendations. It should also create a strategic roadmap for improvement, upgrades and growth.

To improve your digital presence, you should consider sending proposal for project under the “Strategic Brand and Marketing Development”

In order to upgrade your digital presence, you may want to consider submitting a proposal related to “Strategic Brand and Marketing Development”.

The EDG Grant is an excellent option if you’re currently struggling with business or have a lack of ideas. It provides assistance in evaluating your mission and objectives, as well as allowing for insight into consumer demand. Branding and Marketing Development will help you to make the most out of this opportunity.

Having an understanding of consumer demand can help you build a marketing strategy that gives you an edge over competitors.

Projects range from SGD 40,000 to SGD 120,000.

Things to Note 

Similarly, You must pay the full fee to the agency or solution provider before receiving any reimbursement. Make sure you have a good cash flow plan since the process from approval to reimbursement can take several months.

Your business will need to able to prove that you are financially ready to start and complete the project 

There is no preapproved solutions and you must engage management consultants with the Singapore Accreditation Council -accredited TR 43 or SS 680 certification.

Does Lemonade provide any EDG Solutions?

Absolutely! We have Enterprise Development Grants (EDG) that are suitable for most growing businesses. Our consultant is a registered management consultant accredited by Institute of Management Consultant (Singapore)

For More information, you can refer to our EDG Project Page

SkillsFuture Funding

SkillsFuture funding helps your business by providing grants when you send yourself or your staff to training and upgrades. 

The grant is applicable even to individuals without a company. 

Benefits 

For SMEs, the funding is up to 70% of the total training cost. For Non-SMEs the funding is up to 50% of the total training cost. 

For all, especially businesses looking to gain the capacity to manage their own digital marketing initiatives.

There alot of course available on the Skills Future Website 

If you don’t want to remain dependent on digital marketing or web design agencies for all aspects of your digital experience, or if you’d like to have a better understanding of the terminologies used in the online sphere to communicate with agencies or vendors, then this opportunity is for you.

SkillsFuture costs are usually a short but impactful course that provides you with plenty of useful skills. Make sure to look for the trainers’ templates, guidebooks or any checklists so that you can put those skills into practice.

Course fee ranges around SGD 1,000 for a 2 – 3 days course. 

Things to Note 

If you are an individual, the course fee can be further offset by your SkillFuture credits.

If you are a SME or Company (Non-SME), course fees can be further offset by SkillsFuture Enterprise Credit (SEFC). 

Process to claim for this grant is really simple, most of the training academy will be able to guide you through. 

Does Lemonade provide any EDG Solutions?

We partner with Equinet Academy to provide Website Creation Course under SkillsFuture. 

For More information, you can refer to our partners page (Equinet Academy).

We have broken down our solutions available here. We hope it helps you to understand more about how we can be working together.  

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