Guide on how to Apply Spring CDG for Singapore SMEs

Singapore has always been a business hub with ease of conducting business, setting up companies and hiring local talent. This is the reason why Singapore has been able to be one of the fastest growing economies in the world over the years.

Now, the Singapore government is helping boost the startup ecosystem by bringing in the CDG, which stands for The Capability Development Grant.

If you are a business in Singapore and are looking to apply for the spring CDG, then look at our exhaustive breakdown of the CDG to understand the process better.

What is CDG?

The Capability Development Grant is an initiative by the Singapore government for Small and Medium Enterprises in Singapore. The Government has identified ten key areas that a startup could develop in and have tied a financial assistance component to it. The ten key areas and how a SME will be assisted.

• Brand & Marketing Strategy Development

A strong brand can be a decision maker for the buyer during a purchase and also helps in creating loyal customers who will always purchase a product from a company with a strong brand.

How you’ll be helped (In Summary)

1. Brand Audit is performed
2. Brand positioning is decided for every product or service
3. A brand strategy is created
4. A visual identity that resonates with the customers is created
5. A target market is defined
6. A marketing strategy is developed
7. A roadmap is created to achieve those marketing objectives

• Business Excellence

A business management review is conducted and a comprehensive strategic developmental roadmap is created. Assessments in Singapore Quality Class, Innovation Class and Singapore Services class etc are undertaken

• Business Strategy Innovation

Business Strategy Innovation is basically using know-how and Information and converting them to technologically advanced products that give an edge to the company in the market. A standard set of procedures is created to cultivate Innovation within the company that keeps the business always new and Innovative.

How you’ll be helped (In Summary)

1. A SWOT Analysis (Strengths, Weakness, Opportunities and Threats) is done.
2. Ideas that can tap into opportunities in the market are broken down; prioritised and developed.
3. The culture of the organisation will be worked on to create a more conducive environment for Innovation

• Enhancing Quality and Standards

The companies will be helped in adopting all International certifications like the ISO certifications of quality that are common around the world.

• Financial Management

Everybody knows that the Finance management can make or break a company. This would especially help companies in the Technology sector where the founders of the company do not come from Finance backgrounds or do not possess Financial skills.

How you’ll be helped (In Summary)

1. A Financial Strategy is set in place that can aid future growth
2. Cost Control and Cost Reduction measures are put in place to keep the company as profitable as possible
3. Creating a financial process for the company so that every bit of expense is measured and recorded.

• Human Capital Development

The people in the company can decide the future of the company. Every company should gun for hiring the best talent that they can and nurturing that talent within the company.

How you’ll be helped (In Summary)

The CDG will help in hiring young talent through the SME Talent Programme. The CDG will also help with

1. Recruitment
2. Compensating your employees
3. Managing performance
4. Learning and Development
5. Employee Engagement

• Intellectual Property & Franchising

Creating and Managing Intellectual Property is one of the few competitive advantages that a business can have in the present business environment. An IP what is between your company and another company replicating your business within a week’s time and taking over your customer base.

How you’ll be helped (In Summary)

1. Develop an IP Strategy
2. Training and Education about IP
3. IP research services

• Productivity Improvement

When the processes in your company enable employees to continue working without any issues or stoppages, then you will be highly productive and the goals of the company are achieved in a short span of time.

How you’ll be helped (In Summary)

1. Productivity consultants are bought in who will set-up processes and workflows that are hassle free
2. Help in optimising the existing workforce and allocating them based on the work

• Service Excellence

For businesses that are customer facing require different values and visions. Businesses In the F&B (Food & beverage), healthcare, hospitality Industries need to have strong service values that will help them serve their customers better and in turn remaining in business.

How you’ll be helped (In Summary)

1. Developing service mission and values
2. Developing blueprints for service processes
3. Preparation for Singapore Service Class certification
4. CRM systems set-up

• Technology Innovation

Technology is what separates good companies from the great. Even highly competitive companies cannot compete with other companies with better technology. IF your company’s technology pipeline is strong, then you will always be one step ahead of the competitors.

How you’ll be helped (In Summary)

• Developing technology that can be used to create new business models
• Doing JV’s(Joint Ventures) with other  partners to create better technology in service deliver, productivity etc

What is the Eligibility Criteria?

• Your company should be registered and operating in Singapore
• Should have at the minimum 30% shareholding that is local
• The Annual sales turnover should not be more than S$100 and the company should not have more than 200 employees.

What are the Steps I need to take and How to Apply?

This is a simple diagrammatic representation of how the process for application works. We’ll break it down a bit further.

Here is a checklist that you could follow

• Check if you are eligible to apply for the Grant and the area you want to improve on (The above 10 services).
• Do not start your project before your apply for the CDG
• Have the following documents ready to submit with your application
  • Latest ACRA search of your company that is lesser than six months old
  • Latest Audited Financial statements of your company that is lesser than 1 year old. If you have a parent company then the Consolidated Financial statement of that company
  • Your Project Proposal
  • A quotation with the cost of project items with proof
• Read this guide to know who can access and submit the application from your company
• Submit your application here
• Wait for SPRING to either Approve or Reject your application

If your application is rejected, you can appeal if

• Application is rejected because of inadequate project proposal
• Appeal is made within 6 months of receiving the rejection notice

Here is the breakdown of the SPRING CDG for those of you who want grow your business with this great initiative by the government.

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