Digital Marketing | PSG Grant - What is Productivity Solution Grant (PSG)?

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INTRODUCTION

For several years, Singapore remained one of the most technologically advanced countries in the world. To guarantee Singapore will continue to be a key player for technology and innovations, support is given to small to medium-sized enterprises (SMEs). 

 

This support exists to encourage the adoption of IT solutions, equipment, and consultancy services for digitalisation. To assist businesses in their digital transformation journey, the government introduced the Productivity Solutions Grant (PSG). 

 


WHAT IS THE PRODUCTIVITY SOLUTIONS GRANT (PSG)?

The Productivity Solutions Grant (PSG) is a grant that supports companies and enterprises looking to adopt technology solutions and equipment to improve their operations.

 

It covers sector-specific solutions to assist businesses from different industries, such as food, engineering, logistics, construction and landscaping, retail and ecommerce. You can choose from a wide range of industries-based digital solutions for your business. 

 

Listed below are some examples of digital solutions that a PSG pre-approved vendor can do for you:

 

  • Digital Marketing PSG
  • Ecommerce PSG

 

By getting a PSG grant for your business, you can gain up to 80% funding aid and access quality digital solutions. It is an ideal option to digitally transform your workplace, especially if you have little to no knowledge of digitalisation such as digital marketing

 

S$35 million PSG Grant for the Financial Services

 

In 2020, the Monetary Authority of Singapore (MAS) launched a S$35 million PSG grant for the financial services industry to support small financial institutions. Doing so was a part of MAS’ initiative to drive the improvement of productivity for financial organisations.

 

Besides the financial services sector, businesses from other industries can benefit from the Productivity Solutions Grant too. The funding aid, PSG grant, from MAS is beneficial for SMEs to optimise productivity and efficiency.

 

As digital solutions become more widespread and commonplace, it is only a matter of time before every business uses at least one type of digital software or tool. With around 89.73% of Singaporeans having Internet access, brands can interact, connect, and communicate with their customers online in Singapore by going digital.

 

The purpose of the grant is to provide businesses from different sectors with a fund to purchase the tools and solutions they need for their business growth and expansion. 

 

Nowadays, you have to gain the upper hand over your competitors by using the latest technology. With the help of a government-provided grant and digital agency, startups and SMEs have more opportunities to go digital and stay competitive.

 

In 2021, the fund for Productivity Solutions Grant increased even further from 70% to 80%. And the deadline for this enhanced maximum support has been extended from 30 September 2021 to 31 March 2022 to provide more support for SMEs.

 

You can view the updated budget for PSG, along with other grants, here

 

PART 1 – UNDERSTANDING THE PRODUCTIVITY SOLUTIONS GRANT

Understanding The Productivity Solutions Grant

 

As the COVID-19 pandemic continues, it is now the best time to rethink your business and go digital with the help of a PSG grant. Besides outsourcing your services to a digital marketing agency, the Productivity Solutions Grant has solutions you need to help your business to go digital.

 

Hence, when you apply for a PSG grant for your digital marketing needs, make sure to check your eligibility, select the appropriate digital solutions, and prepare the necessary documents for submission.

 

Here are the benefits of the Productivity Solutions Grant.

 

THE BENEFITS OF THE PRODUCTIVITY SOLUTIONS GRANT

The Benefits of the Productivity Solutions Grant

 

1. UP TO 80% OF FUNDING

As mentioned above, you can gain up to 80% of funding if you apply for a PSG grant. It is a substantial amount of savings for businesses to deal with small-term challenges or use it to invest in long-term digital technologies and resources. 

 

As of now, the increase of the PSG grant is valid until 31 March 2022. Be on the lookout for updates from time to time if you are interested in applying.

 

2. ACCESS HIGH-QUALITY DIGITAL SOLUTIONS

One of the main reasons business owners apply for the PSG grant is to access a wide range of high-quality digital solutions. All of which are beneficial for any business from different industries, especially for ecommerce businesses that need to maintain high search engine rankings for their websites.

 

Whether you are looking to expand your ecommerce website’s online presence or invest in digital marketing technologies, a PSG grant can provide you with access to essential solutions, tools, and equipment. To find the right tool or solution for your business, make sure to get in touch with a suitable Productivity Solutions Grant vendor.

 

For example, if you plan to reach out to more customers, build brand awareness, and promote your products and services, you should contact a pre-approved digital marketing company

 

On the other hand, if you need to manage sales and inventory, get in touch with a management software provider. They shall provide you with a tool that will help you take care of your transactions more efficiently.

 

Choose the appropriate Productivity Solutions Grant vendor for your business, and define your objectives beforehand. Doing so should provide you with the best and most appropriate solutions depending on your needs.

 

3. THE GRANT IS APPLICABLE TO MOST INDUSTRIES

As mentioned earlier, the Productivity Solutions Grant supports companies and enterprises that want to adopt digital solutions to improve their operations. Hence, the businesses who can apply for PSG are from the following industries: 

 

  • Food and beverage 
  • Logistics
  • Precision Engineering
  • Retail to Wholesale Seller
  • Construction
  • Landscaping
  • Ecommerce

 

And besides these sector-specific businesses, Productivity Solutions Grant also covers the adoption of solutions across industries, but as long as they are all about customer management, data analytics, financial management and inventory tracking.

 

Industries That Are Suitable for PSG Gran

 

4. MAKE LONG-TERM INVESTMENTS

One of the challenges that SMEs may face is budget constraints to make long-term investments. Due to a lack of funds to purchase necessary equipment or hire professionals, SMEs may suffer from not delivering quality service to their customers, causing damage to their reputation. 

 

However, with 80% of funding from a PSG grant, SMEs can prevent those kinds of situations from happening. With more financial resources on hand to invest in long-term digital solutions and technologies, this frees them up to focus on other aspects of your business.


PART 2 – APPLYING FOR THE PRODUCTIVITY SOLUTIONS GRANT

Applying for the Productivity Solutions Grant

 

WHO IS ELIGIBLE?

Before applying, you need to ensure that your business is part of government-approved industries for the Productivity Solutions Grant. These industries include but are not limited to food, retail to wholesale trade, construction, landscaping, precision engineering, logistics, and landscaping. 

 

For a start, your business has to be registered and operating in Singapore. Any SME outside the country does not qualify for a PSG grant. 

 

Most importantly, you have to utilise all of your digital solutions and tools in Singapore. Any purchase, lease, and subscription outside the country will make your business ineligible to apply for the Productivity Solutions Grant.

 

Once you have ensured that your business is a registered entity in Singapore, the last step is to decide on the solution you wish to apply. After passing the criteria, the next step is to submit your PSG application.

 

In doing so, you are giving your business the boost it needs to grow. Here is a step-by-step guide on how to apply for the Productivity Solutions Grant.

 

HOW TO APPLY FOR THE PRODUCTIVITY SOLUTIONS GRANT?

How to Apply for the Productivity Solutions Grant

 

STEP 1: VISIT GOBUSINESS GOV ASSIST

Click On Government Assistance

 

The GoBusiness website is the first place you should visit to apply for a PSG grant. Here, the Government Assistance can suggest a list of assistance schemes based on your company’s needs and eligibility, from tax incentives to grants.

 

However, since your concern is to get a PSG grant, you should go to the PSG grant portal. You can go there by clicking on the Government Assistance icon, then on the left side of your screen, click on Business Grants Portal, and it will drop down two subcategories: About and FAQ.

 

Click On Business Grants Portal

 

Among the two subcategories, choose “About” to see the list of grants. Once done, a new tab will open, and there you will find Productivity Solutions Grant and clicking on that would lead you to the PSG grant portal, where you can find the steps for applying.

 

STEP 2: CHOOSE A SOLUTION FOR YOUR BUSINESS

On the very same GoBusiness website, on the Productivity Solutions Grant page, you can spot a list of pre-scoped IT solutions that displays various industries, such as advanced manufacturing, banks, food services, logistics, and many more.

 

pre-scoped IT solutions

 

Choose the industry and select a suitable solution for your business. For instance, you can click on the “Others” section of the list to view a wide range of ecommerce solutions.

 

All of the given IT and digital solutions are from every PSG pre-approved vendor and consultant. It is not applicable to get a solution from a non-approved vendor and still apply for the Productivity Solutions Grant. Make sure that you choose a solution provided by a PSG pre-approved vendor first before applying for the grant.

 

STEP 3. REQUEST A QUOTATION FROM A PRE-APPROVED VENDOR OR CONSULTANT

Whether for equipment or solutions, you need to request a quotation from a PSG pre-approved vendor or consultant first. Contact your preferred vendor or consultant, then ask for a quote from them before submitting your application for the PSG.

 

For example, if you own an ecommerce store and have digital marketing needs, you need to get a quote from a digital marketing company about the services you need from the pre-approved vendor. 

 

When you get a quote, make sure there should be a list of digital marketing services they will do for your ecommerce store. Once you have that, you can attach this document to your PSG application, along with the rest of the required documents.

 

STEP 4: SUBMIT YOUR APPLICATION

Submit PSG application on the Business Grants Portal

 

After completing the three steps above, the next step is to submit your application on the Business Grants Portal. Before submitting, ensure that you have a registered Corppass to apply for the grant.

 

The Business Grants Portal has the information you need to know regarding the PSG grant application. Complete the application form by filling in the required information. Once you finish your application, you can keep track of your progress and wait for its approval until you receive a Letter of Offer and Appointment. 

 

WHAT ARE THE REQUIRED DOCUMENTS FOR APPLYING?

Required Documents For PSG Grant

 

Being eligible for the PSG is just the beginning. To apply for the Productivity Solutions Grant, you need to possess all the documents necessary for the PSG application.

 

Before you apply, prepare all of your required documents, such as:

 

  • A purchase order
  • A bank statement indicating payment to a PSG pre-approved vendor
  • The license number of digital solutions (with an indication of at least one (1) month’s usage)
  • An invoice
  • A screenshot of your business’s name with the name of the solution

 

Do take note that there is a waiting period before approval. If any issues arise about the PSG application, a government agency will contact and notify you.

 

PART 3 – OTHER BUSINESS GRANTS TO CONSIDER

OTHER BUSINESS GRANTS TO CONSIDER

 

1. MARKET READINESS ASSISTANCE (MRA)

For SMEs that want to take their efforts abroad for the first time, go for the Market Readiness Assistance (MRA) grant. Business owners who apply for this grant can obtain a support level of up to 70%. You can receive a maximum of S$20,000 for each fiscal year.

 

Solutions associated with the MRA grant revolve around digital marketing and public relations (PR) for overseas marketing. The downside of this grant is that you are limited to only one activity in a single overseas market.

 

2. ENTERPRISE DEVELOPMENT GRANT (EDG)

The Enterprise Development Grant (EDG) is another grant related to overseas expansion and marketing. It helps companies in Singapore grow and transform outside the country. 

 

The EDG enhances business based on three pillars:

 

  • Core Capabilities – For projects under core capabilities, the EDG grant helps businesses grow by focusing on primary functions, such as accounting and sales.
  • Innovation and Productivity – Explore areas where your business can grow. This pillar aims to support companies by utilising automation and technology to enhance efficiency.
  • Market Access – Projects under this pillar are for businesses willing to venture into a foreign country. With the EDG grant, you can analyse some of the costs of expanding overseas.

CONCLUSION

Submit A PSG Application Today

 

The future of Singapore looks promising, thanks to the abundance of grants provided by the Singaporean government. Take your time to research and choose the best grant for your business. 

 

Consider applying for the Productivity Solutions Grant today! If you want to learn more about digital marketing PSG service, contact our award-winning digital marketing agency at 6391-0930.

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