20 Jul Why do business need CDG grant
Why do business need CDG grant
5 Benefits of the Capability and Development Grant (CDG) in Singapore
The Singapore Government has started great initiatives that target to help the small and medium enterprises with the right funds that will help with business growth. You might never know which initiative is the right choice for you.
However, it entirely depends on whether you had wanted to improve operation, your productivity or simply make some improvement through capability initiatives. The Capability and Development grant is one of these programs that the government from the country has put on its place to assist the SMEs financially and develop and run their daily activities.
How Beneficial Is the Capability and Development Grant to SMEs?
Some of the Small and Medium Enterprises might fail to understand how the CDG is to them. Let us know and understand some of the benefits that SMEs can enjoy the governmental grant:
Facilitate Growth of the Business
From productivity to innovation improvement, the Capability and Development grant will provide support to several activities with a solo aim of viewing the Small and Medium enterprises grow. The grant is aimed to help them improve their business capabilities.
The government grant, in that way, will help to assist SMEs to improve their efficiency in business handling as it supports innovative activities that engage the companies, be it marketing of some latest brand or a brand new product development process.
SMEs Gain both Local and International Recognition
With the governmental grant support, these enterprises will earn both global and local recognition. The CDG, through supportive business innovative derives, might witness expansion and growth of the SMEs beyond their limits and boundaries.
Support SME Innovation
Through capability and development grant that are now available to local enterprises right with the simple application procedure, companies will be promoted to come up with new innovation that will demonstrate their own business growth and expansion.
How Does This Government Grant Work?
The CDG aims to build up new business capabilities across 10 different development areas. It will offer the applicant with 70% of the funding of the entire project after a complete project assessment. The main focus is laid on creating a healthy yet competitive platform in Singapore so that their SMEs can grow and flourish.
All the locals SMEs can apply for this grants on a provided requirement that these companies must have at least 30% local shareholding, less than 200 employees working under it and less or equal to $100 million annual turnover.
What every local SME must know
This government grant is a way to offer financial support and help to the local companies on large scale. These grants benefit those projects that can qualify and include Human Capital Development, Business Innovation, Brand Development, and Productivity Improvement among other remaining areas of development.
Before you submit your application for the grant, you need to find out which development area your next project falls into. Also you need to ensure that you will be able to meet your business needs.
The CDG, just like other initiatives aimed to help businesses with funding, is indeed the right process for SMEs willing to undertake larger scale projects. This can happen only as long as the company qualifies for the specified requirements and are eligible to apply. Such steps taken by the Singapore Government will definitely help the SMEs grow and rank higher in the worldwide market.