Productivity Solutions Grant: SME Singapore Government Funding and Grant
As a business owner, you are looking for ways to digitally transform your business, and this is where grants can come to your aid. This aid can come in the form of the Productivity Solutions Grant (PSG).
What is Productivity Solutions Grant(PSG)?
PSG or the Productivity Solutions Grant is a grant that provides small and medium-sized enterprises funding to improve productivity. The said government grant for SMEs was announced on 19 February 2018, Monday. According to Finance Minister Heng Swee Keat, this is one of the measures to ‘foster pervasive innovation’.
With the purpose of helping the SMEs quest to digital transformation in mind, the productivity solutions grant was developed. This is to provide you the support you need for the adoption of IT solutions and equipment.
Mr. Heng also announced to the Parliament, that the new Grant will be providing up 70% of the funding of qualifying cost to SMEs who wishes to get the off-the-shelf technologies with a defined scope. Giving you the assistance you need, in the different areas of your business operations.
An initial of $110 million will be set aside over the next three years for the Productivity Solutions Grant as stated by the Mdm Sim Ann, Senior Minister of State for Trade and Industry. This is to support the selected productivity solutions in line with 23 Industry Transformation Maps (ITMs) in 6 categories for example: ICT & Media, Retail, and Real Estate. Broad-based solutions are also supported by this Grant. This includes industries such as digital customer relationship management and human resource management systems. View the full list of supportable solutions here.
Grants Aimed at Economic Growth
On February 19, 2018, Singapore’s Finance Minister Heng Swee Keat announced that the Ministry of Trade and Industry will be giving grants to qualifying small and medium-sized enterprises. This grant came to be called the Productivity Solutions Grant or PSG, and it will provide funding of up t0 70 percent to SMEs. This program is a continuation of the earlier Productivity & Innovation Credit.
Apart from the PSG, there is also the Innovation and Capability Voucher (ICV), which is launched by SPRING Singapore now Enterprise Singapore. It aims to enhance competitiveness in small enterprises and facilitate growth in the different industries. This would, in turn, develop a strong and dynamic economy for the country. Like PSG, the ICV would give SMEs funds in the form of a $5,000 voucher. This program was launched in July 2012.
Funding for Innovation
So, the big question is what is this government-issued funding for? The funding is for the improvement of the SMEs. The Productivity Solutions Grant as the name implies is geared towards equipping local enterprises with automation and digital transformation. Gone were the days when business would have to rely on manual work to input, calculate and keep track of business transactions. This big leap to computerized transactions would guarantee that businesses would not only manage their finances accurately, but it would also mean that they would be able to lessen the time allotted for such tasks.
Aside from the benefits that enterprises would get from computerization of transactions, a move to go digital also comes with the exciting integration of the World Wide Web into the customer pool. Having access to the net would mean that you would be able to reach more potential buyers. Connection to the internet also guarantees better advertisement for businesses, which in turn build up greater customer trust and interaction.
A Deeper look into PSG (Productivity Solutions Grant)
The government of Singapore would be allotting productivity solutions grant budget of $110M for the businesses willing to take the leap to modernization and adopting off-the-shelf technology for their businesses in the form of the Productivity Solutions Grant or PSG.
Integration to the ITMs
PSG works in conjunction with the Industry Transformation Maps (ITMs) to foster deeper partnerships between industries, the government, and local businesses. Why is it necessary to be inline with ITMs? ITMs or the Industry Transformation Maps is the guideline for government support for the country’s digital transformation. Via the ITMs, the government groups the different businesses into 6 clusters of industries namely; Manufacturing, Built environment, Trade and Connectivity, Essential Domestic Services, Modern services, and Lifestyle. The goal of this collaboration is to transform Singapore into a global city with a dynamic-economy that has world-class enterprises and productive and innovative SMEs. This will be made possible through the joint ventures in the aspects of innovation, productivity, jobs and skills, and internationalization.
What is the Eligibility Criteria for PSG?
Who can avail of this grant from the government? What are the productivity solutions grant requirements? These would most probably be the question on everyone’s mind after hearing about the benefits you can get from availing the grant. Here are the requirements to be able to apply and acquire Infusionsoft CRM Singapore:
1. SME applying for the PSG must be registered and is currently operating in Singapore.
2. SME must have a minimum local shareholding of 30%.
3. SMEs annual turnover does not exceed $100 million or the employment size must not be exceeding 200 employees.
How to Apply for Productivity Solutions Grant?
If your business is eligible for the PSG then the next step would be applying for it. The steps on how to apply will be mentioned below.
Step 1: Go to the Business Grants Portal.
Step 2: Login to the Portal using your CorpPass.
Step 3: On your Applications Tab, click Get New Grant.
Step 4: You will be directed to a new window where you will be asked to select your industry sector.
Step 5: Select the “Upgrade key business areas, such as adopt technology, improve business processes or raise service standards.”
Step 6: Then select the grant type. Choose “Pre-scoped Productivity Solutions.”
Step 7: Next Scroll down click “Proceed.”
Step 8: Verify your Eligibility status and click “NEXT.”
Step 9: Complete the Business Information Required.
Step 10: Search and select the IT solution: Infusionsoft CRM and answer the required questions
Step 11: At this time, select Vendor “Scale Up Marketing Pte Ltd” and upload vendor quotation.
Step 12: Enter the Cost of purchase and click on “NEXT.”
Step 13: Read and answer the questions about the potential business impact.
Step 14: Review the declarations & acknowledge, then click on “Review.”
Step 15: Check and review all the items, make a final declaration and click “SUBMIT.”
The Productivity Solutions Grant (PSG) is set to include more IT solutions and equipment in the future to help SMEs from various sectors move towards Digitization, improve Competitiveness and higher productivity.