APPLYING PSG GRANT
Productivity Solutions Grant is a new initiative introduced to help SME’s in their transformation process. It is effective from April 1st 2018 and has replaced the Spring ICV grant. PSG grant provides up to 70% funding support for pre-scoped IT solutions and equipment with pre-qualified vendors. PSG provides support for the adoption of IT solutions and equipment that have been pre-scoped by the industries’ lead agencies. PSG streamlines existing grant schemes with pre-scoped solutions into one. Businesses that wish to undertake productivity solutions will only need to apply for support under one grant scheme. PSG also aims to better support businesses in the next phase of transformation, which may require more substantial investments and longer term commitments.
PSG covers sector-specific solutions including
5.Construction and landscaping industries
Other than sector-specific solutions, PSG also supports adoption of solutions that cut across industries, such as in areas of customer management, data analytics, financial management and inventory tracking.
With up to 70% funding support, PSG serves as an avenue for companies to make long-term technology investments. The list of readily adoptable solutions can be found on Tech Depot.
SMEs can apply for PSG if they meet the following criteria:
- Registered and operating in Singapore
- Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore
- Have a minimum of 30% local shareholding (for selected solutions only)
Here are the steps you can take when applying for PSG:
- Visit Tech Depot on SME Portal to access the list of supportable solutions 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
- Submit an application on the Business Grants Portal (BGP). You will need to register for a CorpPass account to transact on the portal.
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.
Due to size and resource constraints, it takes a longer time for Singapore SMEs to scale up, and more importantly, expand their operations beyond the country’s borders, The PSG supports smaller Singapore businesses and SMEs by making funding and support more readily available to them.