1. |
  2. Monitoring
  3. |
  4. Funding Disbursement
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  6. Enterprise Support Programme

Monitoring

Project Monitoring Process

On-site Inspection

Progress and Final Report

Funding Disbursement

Industry Support Programme

Auditing Practices

Financial Audit

Quantity Audit

Enterprise Support Programme

All funding under the Enterprise Support Programme (ESP) would be disbursed on a matching basis into a separate project bank account set up by the funded enterprise solely and exclusively for processing all receipts and payments in relation to the project and normally according to the estimated cashflow of the project.

To assist enterprises in meeting the financing needs at the start-up of the project, there are two options for the initial payment –

Option 1 – Applicant of regular projects may apply for the initial payment of the grant with the appointment of a guarantor(s) or provision of bank guarantee for the initial payment. Up to 30% of the approved funding will be disbursed upon signing of the funding agreement, opening of the project bank account, production of evidence showing due contribution of the matching funds for the project (i.e. up to 30% of the total matching fund) to the project account, receipt of the necessary proof of project expenditure using the matching fund and the appointment of a guarantor(s) for the Government funds. The guarantor(s) should be a natural person and major shareholder of the applicant enterprise, to personally guarantee the initial payment of the Government funds and will be required to sign a separate personal guarantee agreement. Alternatively, a bank guarantee can be provided in lieu of appointing a guarantor, however, the Recycling Fund will not cover any expenses or costs associated with the arrangement of the bank guarantee.

Option 2 – For enterprises that choose not to receive an initial payment of the grant. the appointment of a guarantor(s) or the provision of a bank guarantee will not be required.

For projects with duration exceeding 18 months, interim payment may be disbursed every 12 months on a reimbursement basis of direct costs (e.g. hardware, manpower, etc.) and subject to the completion of the project deliverables as per the proposed milestones, proposed schedule of payment and upon the acceptance of the required progress report and audited accounts by the RFAC, and that there is evidence showing due contribution of the matching fund by the grantee to the project. It is optional for applicants to submit progress report(s) every 6 months and annual audited account (if applicable) in order to receive a more frequent funding payment.le) in order to receive a more frequent funding payment.

Programme Enterprise Support Programme (ESP)
Initial payment Up to 30% of approved Government funding, depending on the nature of the project.
Interim payment(s) Up to 45% of approved Government funding*. For projects with duration exceeding 18 months, interim payment may be reimbursed every 12 months^ of direct cost and subject to the completion of the project deliverables, acceptance of the required progress report and annual audited accounts and contribution of the matching fund to the project.
Final payment 25% or balance of the approved Government funding to be disbursed after the acceptance of the final report and final audited account statement by the RFAC / Government, but the RFAC has sole discretion to disburse any amount of the final payment if the milestones are not met.

*For applicants who choose not to receive the upfront payment of the grant, the aggregate amount of the interim payments may be up to 75% of the estimated grant.

^ It is Optional for applicants to submit progress report(s) every 6 months and annual audited account (if applicable) in order to receive a more frequent funding payment.