As the world is feeling the pinch—or to some, the punch—of the Covid-19 pandemic, SME owners are left looking for ways to improve their existing processes while keeping their heads above water. Everyone is riding the same storm out, just in different boats.
Thankfully, SME owners aren’t sitting in their boats alone as the Singapore government is right beside them equipping them with the tools and support to get through this.
There are many different grants that the Singapore government is able to give to SMEs to help them navigate trying times. These grants include the likes of the Capability Development Grant (CDG), the Innovation & Capability Voucher (IVC), the Productivity-Max (P-Max) Programme, and the topic of today’s article: The Productivity Solutions Grant PSG.
Today we’ll be discussing what the PSG grant is, its eligibility requirements, how to apply for it as well as providing the answers to some frequently asked questions. If this sounds like something you may be interested in, we urge you to keep reading so you can find out how this grant can help your business.
What is Productivity Solutions Grant (PSG)?
The Productivity Solutions Grant, also known as the PSG, is a grant that enables companies to adopt IT solutions and equipment with the aim of increasing their company productivity & streamline their processes.
A range of solutions to help better your business are on offer. These solutions can be applied to all sorts of industries and all kinds of areas including but not limited to customer management, quality assurance, data analytics financial management, HR management & more.
Here’s a shortlist of some of the supportable solutions at your disposal:
- Temperature screening solutions
- Virtual meeting and telephonic tools
- Online collaboration tools
- Logistics management tools
- Inventory Tracking Systems (ITS)
- Marketing management systems
All solutions have been pre-scoped by the National Environmental Agency (NEA), Singapore Tourism Board (STB), as well as Enterprise Singapore and various other governmental agencies.
What makes this grant in particular so popular is that it has a maximum funding support level of 80%. The start and end date for this grant are from 17 April up until 31 December 2020 initially. But it was recently been extended from 30 September 2021 to 31 March 2022.
What are the Requirements for Productivity Solutions Grant (PSG)?
For the most part, the eligibility requirements for the Productivity Solutions Grant are fair and easy to meet. Any business that is registered and operating in Singapore that intends to purchase, lease, or subscribe IT solutions or equipment within Singapore is eligible.
For selected solutions, only SMEs with a minimum percentage of 30 local shareholding and a Group annual sales turnover of S$100 million or less or less than 200 employees will be eligible.
Remember that TWM is a pre-approved PSG grant vendor for both IT solutions as well as equipment, so we’ll be able to answer your questions and provide assistance in every step of your technology journey.
Do contact us if you need PSG grant for your business.
How to Apply for Productivity Solutions Grant (PSG) for my Business?
If your business meets the specified requirements and it sounds like the Productivity Solutions Grant is the logical next step for your business to take, you’ll need to know how to apply. Unlike applying for other grants, the Productivity Solutions Grant application process is straightforward. Here’s what you need to know.
Firstly, you’ll need to identify relevant solutions that are able to satisfy your business needs by browsing through the list of supportable solutions.
Once you’ve identified the solutions that you’d like to take advantage of you’re required to submit a quotation request to vendors that provide the equipment and IT solutions you need. Get the quotation from the vendor and move on to the next step.
Finally, you’ll need to register your company and set up a CorpPass account in order to apply for the grant. The registration process is quick and easy, simply state whether you’re the Registered Officer, the Admin or the User & follow the prompts.
After registering, follow these five simple steps on the Business Grant Portal (BGP).
- Step 1: Click on the “Get New Grant” button.
- Step 2: Answer three questions pertaining to your project.
- Step 3: Fill out the application form and click on the “Submit” button.
- Step 4: Track the status of your application.
- Step 5: Accept the Letter Of Offer.
If your company is one of the companies keen to embrace technology and reap the rewards, you should seriously consider applying for the Productivity Solutions Grant as so many other businesses have done.
Fill in the simple online application, submit it, and get the funding you need to take your business to new heights. We are living in the digital era and our businesses need to take advantage of the relevant solutions that best suit and work for our needs.
Add “business transformation” to the top of your to-do list by applying for your PSG grant today or risk being left behind in the dust of your competitors.
We hope you found this article informative and that your next steps are evident. Don’t forget to share this information with others who may also find it helpful.