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Lack of time, expertise and insufficient funding are some of the challenges facing small and medium sized enterprises (SMEs) in Singapore today. This is particularly true when it comes to the adoption of new technologies and improving on customer satisfaction. The Productivity Solutions Grant (PSG) is an initiative of the Singaporean Government aimed at enabling businesses to embrace technological solutions in their day-to-day processes in addition to streamlining existing schemes under one roof.
Founded in 2018, the PSG was purposefully created to enable businesses to transform their operational automation and consequently improve on their productivity through adoption of the latest IT solutions.
Productivity Solutions Grant: What Does It Cover?
PSG, as stated earlier, is a government incentive to enable businesses and companies to apply technological solutions by offering up to 70 percent of the funding. For that reason, businesses can apply for this funding support and have a long-term tech-oriented investment.
The Productivity Solutions Grant provides industry specific solutions. Logistics companies, retail businesses and food vendors get assistance that is tailored to their needs. Moreover, PSG also supports the use of information technology in other areas such as financial management, data analytics, customer management, ecommerce and inventory tracking. It basically provides a platform for SMEs to expand their business to achieve a top-level business transformation.
Additionally, when companies or businesses want to prove the potential for growth and transformation to new investors, a Productivity Solutions Grant is the perfect way to achieve this. Investors are mostly interested in projects or businesses with creative IT systems as this demonstrates a high potential for growth, which in-turn means low risk and a quick return on investment.
Tips for Applying for the Productivity Solutions Grant
Below are some important tips that will help you in your application for the PSG grant
- Confirm Eligibility
Just like any other grant, PSG has its requirements for one to qualify for this grant. As such, there are three basic requirements that SMEs are required to meet before applying for this grant. The first one, is that the company or business applying for the grant has to be registered and operating in Singapore. Secondly, the purchased or leased IT solution or equipment must solely be used in Singapore. And lastly, the company applying for the grant must have at least 30% local shareholders.
This is important information that you need to be aware of beforehand so as to make an informed decision as to whether or not to apply for the grant. It also helps you to roughly determine your chances for success.
- Understand the Application Process
Before applying for the grant, it is prudent that you carefully study and understand the grant’s application process. Note that you are first required to apply for the grant before making payments or signing any contract with a vendor regarding the subscription, lease or purchase of an IT solution. Failure to do so will result in the application being denied.
You should also be aware of the fact that only authorized and pre-approved vendors are allowed to consider your eligibility for the grant.
- Consult an IT Solutions Provider
Applying for the Productivity Solutions Grant can be quite challenging for most businesses and therefore it is advisable that you seek an information technology provider’s assistance on this. An expert IT solutions provider with immense experience and knowledge on the PSG application process will not only assist you to properly apply for the grant, but will also help to significantly lessen the processing time.
How to Apply for the PSG
You can apply for the PSG through the Business Grant Portal which is also the same portal to use when applying for any other business grant. For you to login to the portal, you’ll be required to have a CorpPass account which is also used for all corporate business deals on government digital services.
After you’ve set-up your account, the next thing is to decide on which solution best fits your business model. Once you have identified the right solution, the next thing to do is contact a vendor for a quotation. There are quite a few pre-approved vendors to consider. Shopify, for example, is a great choice for e-commerce business models. Note that, at this stage, you are not supposed to buy the solution yet.
The next step involves filling the PSG application forms. The forms are available on the business grant portal and can only be accessed upon signing in. After you’ve correctly filled the application forms, you will then have to submit the forms together with the quote through the portal.
It usually takes approximately 6 weeks for the application to be evaluated. Once it is approved, you will receive an email notification. You will then be required to accept the application via the portal within 31 days.
Finally, you will only receive the disbursement once you’ve purchased the solution, submitted your claim documents and paid all the expenses.
So that’s it. Don’t let a good opportunity go to waste. The Productivity Solutions Grant is a great government initiative that removes the funding barrier for Singapore’s small and medium-sized enterprises. Confirm your eligibility and get an application started today.
The post Essential Tips for Applying for the Productivity Solutions Grant appeared first on MoneyDigest.sg.
or as a 1pc add-on.
