Table of Contents
- PART 1 – UNDERSTANDING THE PRODUCTIVITY SOLUTIONS GRANT
- PART 2 – APPLYING FOR THE PRODUCTIVITY SOLUTIONS GRANT
- PART 3 – OTHER BUSINESS GRANTS TO CONSIDER
As part of Singapore’s economic transformation plan to position the country as a key player for technology, innovation and enterprise, support is given to small medium-sized enterprises (SMEs) to encourage the adoption of IT solutions, equipment and consultancy services. To assist businesses in this transformation journey, the Productivity Solutions Grant (PSG) was introduced.
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 enhance their operations. It covers sector-specific solutions to support businesses from various industries, such as food, engineering, logistics, retail and eCommerce. You can choose from a wide range of industries-based digital solutions for your business.
By applying PSG for your business, you can gain up to 80% funding support and access quality IT solutions and equipment. It is an ideal way to digitally transform your workplace, especially if you are new to software development and solutions.
In 2020, the Monetary Authority of Singapore (MAS) launched a S$35 million PSG for the financial services industry to support small financial institutions. Doing so was a part of MAS’ initiative to improve productivity for financial organisations.
Besides the financial services sector, businesses from other industries can benefit from the Productivity Solutions Grant too. The funding support from PSG is beneficial for SMEs to optimise productivity and efficiency.
As IT solutions become more widespread and commonplace, it is only a matter of time before all businesses use at least one type of digital software or tool. With around 82.86% of Singaporeans having Internet access, brands can connect with their customers online in Singapore by going digital.
The purpose of the grant is to provide businesses from various sectors with tools and solutions to grow and expand.
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 grant for Productivity Solutions Grant increased even further from 70% to 80% and the deadline has been extended from 30 September 2021 to 31 March 2022 to provide greater support for SMEs.
PART 1 – UNDERSTANDING THE PRODUCTIVITY SOLUTIONS GRANT
With the COVID-19 pandemic, it is now the best time to rethink your business and go digital with the help of PSG. Besides outsourcing your services to a digital marketing agency in Singapore, the Productivity Solutions Grant has solutions you need to help your business go digital. Do 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
1. UP TO 80% FUNDING
As mentioned earlier, you can gain up to 80% funding if you apply for the PSG. It is a substantial amount of savings for businesses to invest in long-term digital technologies and resources.
As of now, the financial support is valid until March 2022. Be on the lookout for updates from time to time if you are interested to apply.
2. ACCESS HIGH-QUALITY IT SOLUTIONS
One of the main reasons business owners apply for the PSG is to access a wide range of high-quality IT solutions and equipment. All of these are beneficial for any business from different industries, especially for eCommerce businesses that need to maintain high SEO rankings for their websites.
Whether you are looking to boost your eCommerce website’s online presence or invest in social media marketing technologies, the PSG can provide you with access to essential solutions, tools, and equipment. To find the right tool or solution for your business, you need to get in touch with a suitable pre-approved vendor.
For example, if you plan to design a high-quality eCommerce website, you should contact a pre-approved web design and development 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 right 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
4. MAKE LONG-TERM INVESTMENTS
One of the challenges that SMEs may face is budget constraints to make long-term investments. With 80% funding, you will have more financial resources on hand to invest in long-term digital solutions and technologies, and this frees you up to focus on other aspects of your business.
PART 2 – APPLYING FOR THE PRODUCTIVITY SOLUTIONS GRANT
To apply for the grant, you have to be eligible and qualify based on the given criteria.
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, construction, landscaping, precision engineering, and logistics.
For a start, your business has to be registered and operating in Singapore. Any SME outside the country cannot qualify for PSG.
Most importantly, you have to utilise all of your IT 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 that you wish to apply. After passing the criteria, the next step is to apply for your PSG.
Try 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?
1. VISIT GOBUSINESS GOV ASSIST
Click on “Business Grants Portal”.
The GoBusiness Gov Assist website is the first place you should visit to apply for PSG. Here, the e-Adviser can suggest a list of assistance schemes based on your company’s needs and eligibility.
Click on the “Government Assistance” tab and visit the “Business Grants Portal” page. Doing so should provide you with a link to the “Productivity Solutions Grant” page, where you can know more about the grant and its steps for applying.
2. CHOOSE A SOLUTION FOR YOUR BUSINESS
Check the left side of the page, and choose an appropriate industry for your business.
On the very same GoBusiness Gov Assist website, you can spot a list of pre-scoped IT solutions that displays various industries, such as advanced manufacturing, banks, food services, and many more.
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 digital solutions are from pre-approved vendors and consultants. 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 pre-approved vendor first before applying for the grant.
3. REQUEST A QUOTATION FROM A PRE-APPROVED VENDOR OR CONSULTANT
Whether you are going for equipment or solutions, you need to request a quotation from a pre-approved vendor or consultant first. Contact your preferred vendor or consultant, then request a quotation from them before submitting your application for the PSG.
4. SUBMIT YOUR APPLICATION
Visit the Business Grants Portal and follow the step-by-step instructions.
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 with regards to the application of the grant. 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.
WHAT ARE THE REQUIRED DOCUMENTS FOR APPLYING?
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 application.
Before you apply, prepare all of your required documents, such as:
- A purchase order
- A bank statement indicating payment to pre-approved vendor
- The license number of IT solutions (with indication of at least 1 month’s usage)
- An invoice
- A screenshot of your business’s name with the name of the IT solution
Do take note that there is a waiting period before approval. If any issues arise with regards to the application, a government agency will contact and notify you.
PART 3 – OTHER BUSINESS GRANTS TO CONSIDER
The PSG is just one of several other grants provided by the Singaporean government. All of these grants are for supporting local companies in Singapore to benefit the country and prosper.
Besides the Productivity Solutions Grant, here are some of the grants that you should consider applying for your business.
OTHER BUSINESS GRANTS
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 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, you can analyse some of the costs of expanding overseas.
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! For more digital marketing tips, contact our award-winning digital marketing agency at 6391-0930.