Reasons why SMEs need GCP & CDG
Capacity Building is fundamentally about enhancing efficiency, often at the organizational level. The expression is sometimes used interchangeably with other expressions like organizational evolution, establishment building, and funding plus. It is both a verb (the action of boosting efficiency, often by enhancing particular organizational capacities such as infrastructure, functioning, financial health, and agendas) and a noun (the results of increased attention to efficiency).
In the motive of helping financial assistance for SMEs, Singapore government has supplied number of Singapore SMEs grants to help improve business progress and to strengthen business capabilities for the lower established.
The two most well-known SME grants are the Capability Development Grant (CDG) and the Global Company Partnership Grant (GCP).
Capability Development Grant (CDG):
The Capability Development Grant (CDG) targets to support SMEs to enlarge business capabilities and ensure business sustainability. You may operate projects in areas like Merchandise Enhancement, Human Capital Improvement, Business Process Developments and Business Ideal Transformation. The grant defrays up to 70 percent of authorizing operation costs for categories such as Consultancy, Instructing, Certification and Equipment.
The application requirements for smaller scale projects (for grant support of S$45,000 or less) has also been simplified.
Global Company Partnership Grant (GCP):
With a restricted domestic economy in Singapore, it’s essential for companies to expand itself internationally to gain access to bigger and more diversified markets. Overseas markets also provide access to resources and cost-competitive options for overheads. Furthermore, with the new standard in worldwide economy, putting your eggs in more than one basket diversifies your possibility.
The GCP Grant helps corporations cover eligible prices of their growth in operations abroad for capability strengthening, market approach and manpower enhancement. This operation is not about the “one size fits all” result. Rather, a devoted cooperation will operate with you to perceive your company’s ambitions to go international and expand your company into a globally competitive one that profits both your company and Singapore.
The grant covers up to 70% of eligible costs for SMEs, and 50% eligible costs for Non-SMEs experienced in attracting a third-party professional to build up relevant firm level capabilities.
The application requirements for all Singapore-based business that have Global HQ based in Singapore:
- Annual turnover of at least S$500,000 in the most recent audited report.
- Minimum paid-up capital of S$50,000.
The capabilities that companies need the most had developed, but the procedures of building those skills have not. Hence, your capability and expanding into new markets can be made easier if you have the right business capabilities, knowledge and skills.