Your Guide To The Productivity Solutions Grant
If you’re a businessman in Singapore, chances are you’ve heard of or even researched about the Productivity Solutions Grant. Referred to as PSG, this government grant aims to help small and medium sized enterprises improve and adapt technology into their day to day processes.
As you browse through the different search engine results about “PSG grant Singapore” you probably have these questions in mind:
What are the requirements I need to qualify for the grant?
How do I apply for the grant?
What is PSG? (If you don’t know what it is yet)
What is the purpose of the grant?
Is the grant for me?
Grant Requirements and Eligibility Criteria
The requirements for the grant comes into three simple criteria:
- Your company must be a Small or Medium Sized Enterprise currently operating in Singapore
- The local shareholding of your company must be at least 30%
- Your annual turnover does not exceed $100 million or you must not have more than 200 employees
How Do You Apply For the Grant?
Let’s say you passed the three requirements? What’s next? Below are the 15 easy steps you need to follow to apply for the grant.
Step 1: Go to the Business Grants Portal.
Step 2: Login to the Portal using your CorpPass.
If you have no idea what a CorpPass is, it stands for Singapore Corporate Access. It’s a digital ID given to all businesses based in Singapore. In order to get a CorpPass your Registered Officer needs to go the CorpPass official site.
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.”
What is the Purpose of the Grant?
In February 2018, Singapore’s Finance Minister Heng Swee Keat announced the grant as a way to help small and medium-sized enterprises. It’s goal was to help SMEs innovate and facilitate growth in different industries.
The grant’s sole purpose to provide 70% funding for the improvement of SMEs. Geared towards equipping local businesses with automation and digitalization of their day to day transactions. It hopes to make processing easier for SMEs through computerized transactions and more accurate record keeping.
It also targets bringing the countries SMEs into to the global market through connectivity and integration to the World Wide Web, helping businesses rank in more customers locally and internationally.
Understanding What PSG is About
PSG is a grant that gives small and medium sized businesses across the country funding to improve their productivity. The grant is aimed at fostering pervasive innovation for the businesses involved.
It’s sole purpose to help businesses transition to the digital age through the adoption of IT solutions and equipment. An initial $110 million is set aside for the grant beginning in the year 2018.
Integration with ITMs
ITMs or the Industry Transformation Maps is the government programme to foster deeper partnerships between industries, the government and local businesses. ITM is the government’s guideline to a more sustainable growth and the digital transformation of the country. It targets to build a dynamic economy with world class enterprises, productive and innovative SMEs that geared towards internalization.
Is the Grant For You?
If you’re looking to innovate and integrate digital solutions to your business then the Productivity Solutions Grant is exactly what you need. With 70% funding from the government, you can bring take the computerized leap forward and incorporate automation and IT solutions into your day to day transactions.
Other Grant You Can Apply For
Aside from PSG the government also launched the SkillsFuture Training Subsidy which aims to provide 70% funding for employee training. With the new technologies being implemented in your business you need additional training to upskill your employees on how to handle these new equipment.Instead of taking the money out of your pocket, you can apply for the grant which will help you enhance your workers’ competence and productivity skills.
For more information on how to apply visit their website skillsfuture.sg
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