The Complete Guide To The Productivity Solutions Grant (PSG)
Businesses across the world are constantly looking to improve productivity and create a seamless workflow. Creating a proficient team, boosting teamwork, increasing the marketing efforts, and maximizing tech support are a few ways entrepreneurs employ to boost productivity and take their business to newer heights. Doing it all by yourself without proper guidelines or support can become challenging, especially in a global scenario that is getting more competitive by the day. But the Productivity Solutions Grant (PSG) puts all those challenges to rest. It is a program that supports small and medium-sized businesses in Singapore to improve their technical equipment and solutions. It also helps companies in boosting their productivity and streamlining their workflow.
Table of Contents
- What is Productivity Solutions Grant (PSG)?
- What is the total Grant amount?
- Are you eligible for the PSG?
- How to apply for PSG Grant?
- PSG authorized vendors
What is Productivity Solutions Grant (PSG)?
PSG is an initiative by the Singapore Government to support small and medium-sized businesses embracing IT and digital solutions to improve their business processes and increase productivity. This initiative provides support to companies specific to different industries including logistics, construction, landscaping, precision engineering, and retail and food industries to name a few. PSG also grants support to processes that cut across several industries like data analytics, customer management, financial management, and inventory tracking.
What is the total grant amount?
The total grant amount till only some time back was 70 percent of the qualifying amount. But the Singapore government recently increased the cap to 80 percent of the total qualifying amount to motivate businesses to continue their efforts towards productivity and digitization (this is applicable till March 31, 2022). In addition, the range of generic solutions has also been extended so that businesses can implement COVID-related protocols and processes to ensure safety. These solutions include temperature screening solutions, queue management systems, online collaboration tools, virtual phone, and meeting tools among several others.
Are you eligible for the PSG?
To be eligible to avail of the grant, businesses must fulfill the following criteria:
- The company should be registered and operating in Singapore
- At least 30 percent of its shareholders should be locals
- The company’s overall annual sales turnover should not be more than S$100 million
- The employment size of the company should not be more than 200 employees
- The company must demonstrate that the IT equipment or solutions will be used in Singapore
In addition to fulfilling these prerequisites, the company should also present certain documents like:
- A marked quotation for a pre-scoped solution from an approved vendor
- Last three years’ financial statements of the company
- A copy of the latest ACRA
How to apply for PSG Grant?
The process of applying for the PSG Grant is relatively simple and involves a few essential steps. To start with, the registration needs to be done on the PSG Business Grant Portal. To access this portal, you need to have a CorpPass account, a platform that allows users to make corporate transactions on the government’s digital initiatives.
The next step involves identifying a solution/option that best fits your business requirement, followed by choosing the suitable vendor who will provide you with a quotation. A quotation from an authorized vendor is a must for all IT solutions, while for all IT equipment, you need to find the right vendor and get a quote.
Next, please fill out the PSG form on the portal mentioned above after receiving the required quotations and submitting it along with the vendor quotes. It usually takes around six weeks for the application to be evaluated after the form is submitted. Once the application is approved, you will receive an email notification, which you must accept within 31 days.
The disbursement of funds is made when you submit all your claims, purchase the solutions, and pay all your expenses. The important thing to remember here is that this grant is only applicable for IT solutions that your business doesn’t currently have.
PSG authorized vendors
There is a list of authorized vendors you can contact for the services. But it can be a challenging decision to choose the right vendor as there are several options available. You can start by charting out your exact business requirements and then select the vendor that provides the best suitable services. Once you know the requirement, it will become relatively easy to choose the right vendor from the list.
The Singapore government has provided efficient support through Productivity Solution Grant to several small and medium-sized companies to improve their business processes and workflow. This has provided businesses across sectors with a reliable source that they can depend on. The PSG’s less stringent requirements and a straightforward application process make it possible to apply for the grant without any hassle.
Flavor helps businesses in availing all the suitable application grants by streamlining their sales process. They do this by implementing an efficient CRM system. The more streamlined is your business process, the more likely you are to get the grant approval. So, if you wish to reap the benefits of PSG, let our experts lay the foundation for you.