A new SME digital marketing funding scheme is now available for Singapore and Malaysia companies. The Digital Growth Subsidy (DIGS) is designed to improve business fundamentals to help companies increase brand awareness, leads and sales in the digital economy.
About the SME DIGITAL FUNDING
The Digital Growth Subsidy (DIGS) supports up to 50% of digital strategy and marketing costs for specific projects (SGD5000/ MYR15000).
There are currently four digital projects available under the DIGS:
POSITIONING & BRANDING
WEBSITE DESIGN & BASIC SEO
ENHANCED SEO
SOCIAL MEDIA MARKETING & ONLINE PR
Each DIGS project covers a specific area of marketing depending on your marketing objective.
Whether you require some strategic fine-tuning or a certain digital marketing tactic to get quick results, there will be a DIGS project that will suit your needs.
The Digital Growth Subsidy is administered and executed by Evolve & Adapt (Singapore). The scheme is a commercial initiative supported by Grow Digital Pte Ltd (Funded by Enterprise Singapore Start Up Founder Program).
For more information or to apply for DIGS, click HERE.
COMPARING THE Enterprise Development Grant and Digital Growth Subsidy
In our comprehensive article on digital marketing grants in Singapore, we discuss several grants that can be leveraged for digital marketing.
One of the most popular grants to tap on is the Enterprise Development Grant (EDG), disbursed by Enterprise Singapore.
Some might wonder that if the EDG is available, why is there a need for DIGS.
While both may serve the same purpose of supporting SMEs in business growth, there are a few key differences:
EDG is More Comprehensive and Focuses on Long-term Results
EDG is a custom project that is scoped out for your company and is typically very comprehensive and focuses on long-term results. As such projects can really help transform a business and benefit it in the long run.
DIGS projects are much smaller in scope and are also pre-scoped, although each project will be customized for a business. While DIGS has a strategy project, most focus on digital marketing tactics for immediate results.
DIGS Supports Digital Marketing Activities
While EDG covers digital marketing strategy and planning, it specifically does not cover most SME digital marketing activities such as search engine optimization (SEO), content development, website development, video creation and paid advertising. These are considered non-qualifying costs for EDG and cannot be reimbursed.
DIGS, on the other hand, specifically caters to SME digital marketing needs and its projects cover website design, SEO and video marketing.
EDG is a Reimbursement Grant, DIGS is an Upfront Subsidy
EDG requires the project to be completed and fully paid for. Only after the project is closed and auditors have audited the accounts, can a claim submission be made to receive the 80% reimbursement grant.
DIGS is an upfront subsidy but only funds up to 50% of the project.
EDG Takes a Longer Time to Process and Complete
The nature of EDG is that it is a more involved project that typically lasts at least 4 – 6 months. In addition, the application and processing time can take up to 8 – 10 weeks. The claims submission takes about 4 weeks to process. Therefore, a 6-month project can take up to a total of about 9 months to complete, not counting the time to plan the project and appoint a certified management consultant.
DIGS takes 2 working days to process and since it is an upfront subsidy, there is no claim submission process. Most DIGS projects are also between 6 – 8 weeks long.
DIGS is Available to Both to Singapore and Malaysia Companies
While EDG is only available to Singapore companies, DIGS is open to both Singapore and Malaysia businesses.
If you are a Malaysian SME, you can also have a look at available government grants in Malaysia here.
Comparison Chart Between the Enterprise Development Grant and Digital Growth Subsidy
Here is a side-by-side comparison between EDG and DIGS:
Conclusion
Both the EDG and DIGS offer different levels of support and have different criteria for eligibility. However, both types of funding can help SMEs grow in different ways in the digital economy.
Small & medium businesses should take advantage of the schemes to save money and improve their marketing processes.
For more information or to apply for DIGS, click HERE.
For more information on the EDG, click HERE.
