How to apply for PSG Grant

PSG GRANT

PSG GRANT (PRODUCTIVITY SOLUTIONS GRANT)

Introduction

Singapore’s government introduced the new initiative called the Productivity Solutions Grant(PSG), which will provide funding some percent (%) of the cost of off-the-shelf solutions for Small and medium enterprises(SMEs). An SME is  a small and Medium Enterprise whose annual turnover is under $100million or who has employees less than 200 workers. Innovative tech solutions and equipment are necessary to improve productivity and grow as a business. Productivity Solutions Grant (PSG) can provide funding of solutions and equipment of up to 70%.Technology does not mean using high end and expensive solutions for your business.  It simply means adopting simple techniques to improve your business.PSG supports companies who wish to adopt the IT solutions to enhance their business.PSG provides 70% funding support for companies to make long term technology investments.

ELIGIBILITY for PSG GRANT

SME’s can apply for PSG GRANT  if the following conditions are fulfilled

  • RegistPSG GRANTered and operating in Singapore
  • Have a minimum of 30% of local shareholding
  • Purchase/LEASE/Subscription of the IT Solution must be used in Singapore

 

HOW TO GET STARTEDGUIDE

1.Initial step would be to go to the Business Grants portal to check your eligibility for the PSG grant

PSG GRANT

  1. Next is to create a corpass registration to login into the Business Grant portal

PSG GRANT

3.Find out the opportunities and facilities under the PSG for your business by opting for PSG

For eg; what is PSG? Is my business eligible for PSG?How can my business apply for PSG?

Access the list of supportable solutions from below and identify relevant solutions that best suit your business needs.

For IT solutions : Get a quotation from the pre-approved vendor.
For equipment : Source for the equipment and get a quotation from the vendor.

PSG GRANT

Submit an application on the Business Grant Portal (BGP). You will need to register for a Corp Pass account to transact on the portal

SOLUTIONS SUPPORTED BY PSG GRANT

Accounting Management and Sales Management System

An integrated software solution which offers the stated core functions to address business needs.

Accounting Management, CRM, Inventory Management and Sales Management System

An integrated software solution which offers the stated core functions to address business needs.

Accounting Management, Inventory Management and Sales Management System

An integrated software solution which offers the stated core functions to address business needs.

Appointment Scheduling and Booking System

Appointment Scheduling and Booking System is designed for businesses who needs to allow their clients to book and reschedule appointments and services or register to events at their own convenience.

Customer Relationship Management

Customer Relationship Management Solution helps companies manage their interaction with current and potential customers. It uses customer’s history with the company to improve business relationships with customers, specifically, focusing on customer retention.

Customer Relationship Management (CRM) and Sales Management System

An integrated software solution which offers the stated core functions to address business needs.

PROCEDURE FOR PSG GRANT

PSG GRANT

4.HOW TO APPLY FOR PSG GRANT

Step 1: Find a supported solution from the list of pre-verified vendors.

Step 2: Contact the approved vendor and request a quotation.

Step 3: Go to the Business Grants Portal.

Step 4: Login to the Portal using your Corpas.

Step 5: On your Applications Tab, click Get New Grant. And follow the steps to apply.

THE GRANT PROCESS

  1. Apply for a PSG grant – Submit your application 14 days before the upcoming session of the Congress. Professional grants must be submitted 7 days earlier. The event must also occur after the nearest upcoming session of Congress.
  2. The second step would be to await an email scheduling an interview with the PSG’s secretary of Grants
  3. The third step is to wait the correspondence relating to the approval or decline of the Grant.
  4. If approved, fill in your evaluation form, save all the relevant documents the evaluation process
  5. After you complete your evaluation process, within 14 days the grant is completed.

ADVANTAGES OF PSG GRANT       

The Singapore Government has introduced the Productivity Solutions Grant (PSG) in a move to encourage and support businesses.

It is very difficult to make massive investments in digital marketing and long term  commitments. The PSG grant will help companies to purchase and adopt new technological solutions to remain competitive.

PSG grant supports business that wish to adopt information technology solutions to make their process effective and efficient.

Innovative technological solutions can help to drive capability and growth in a company that allows SMEs to stay relevant and become more competitive

PSG has brought together three types of existing grants including national parks board ‘s landscape grant, spring Singapore innovation voucher, and Media Development Authority‘s SMEs Digital programme

The PSG provides one of the significant financial breakthroughs to most companies. It offers seventy per cent  funding to the companies. This gives them a chance to get into long term technology investments.

SUMMARISE

Singapore is well known for its business friendly approach and the numerous grants provided by the Government for operating the Companies..

The PSG came into effect on 1st April, 2018. It was established to encourage the adoption of digital productivity solutions among Singapore business. Currenty PSG funds upto 70% of the costs under the following sectors

  • Retail
  • Food
  • Logistics
  • Precision Engineering
  • Wholesale
  • Landscaping
  • Construction

CONCLUSION

Due to the size and resource constraint it becomes difficult for the business to scale up and also to expand their business.

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