Today, technology has incorporated the use of high-end and expensive solutions. You can start at a lower level by automating the simple existing processes in your business to improve its productivity. The Singapore Government has introduced the Productivity Solutions Grant (PSG) in a move to encourage and support businesses in their transformation journey. The transformation requires a massive investment in digital marketing and more long-term commitments. The productivity solutions grant will help companies to purchase and adopt new technological solutions in an aim at remaining competitive in digital marketing. The Productivity Solutions Grant is dedicated to supporting the business firms that are interested in adopting information technology solutions and equipment’s to make their business processes more effective and efficient. This article will go through all what you need to know about the Productivity Solutions Grant.
What Is The Productivity Solutions Grant (PSG)
The Productivity Solutions Grant is focused on adopting internet technology solutions in several selected industries. These include retail, finance, logistics, engineering, food, and landscaping industries. Productivity Solutions Grant (PSG) has brought together three types of existing grants including national parks board ‘s landscape grant, spring Singapore innovation voucher, and Media Development Authority‘s SMEs Digital programme. The Government simplified the overall awards into one main Productivity Solutions Grant (PSG). You can now apply for the support under one grant scheme. These solutions have been previously pre-copied by the Government mentioned above agencies. However, in case your business SME does not readily fit any of the industries, Productivity Solutions Grant (PSG) offers some adoptable solutions such as digital customer relationship management and human resource management that cuts across all sectors.
The Productivity Solutions Grant (PSG) provides one of the significant financial breakthroughs to most companies. According to the global commercial banking, adopting technological changes in your business is essential as it brings cost benefits that enable the state to attain sustainable growth in the long run. The programme offers about seventy percent funding support to the Singapore companies. This will give them a chance get into long-term digital technology investments. The tech Depot can provide the list of the readily flexible solutions. Companies that want to undertake the schemes can apply the Productivity Solutions Grant for a more substantial one grant scheme. Among the support of pre-approved solutions, to be streamlined into a productivity solution grant include the SMEs Go digital programme.
What Kind Of Help Is The Singapore Government Giving With The Productivity Solutions Grant (PSG)
The Government of Singapore is ready to allocate about $110 million in financial assistance to the company that will get into the modernisation strategy of their business through the Productivity Solutions Grant. The Government has integrated Productivity Solutions Grant (PSG) to work together with industry transformation maps (ITMs) in a motion seeking to promote partnership between the industries, the local business, and the Government. Why is ITMs integration necessary? Industry transformation maps act as the guideline in the determination of Government digital transformation support. The Singapore Government can group industries as a group of six through ITMs. This collaboration is critical in making Singapore home of productive and innovative SMEs.
The revolution of IT solutions is fast growing through the incorporation of social media marketing, online marketing, and search engine optimisation. In that case, most of the businesses downfall is as a result of poor digital marketing strategy. Company development ‘requires a vast lead generation investment to keep it competitive in online marketing. Online marketing has become a huge investment for small and big investors and has had tremendous growth especially in Singapore. About fifty-five percent of Singaporeans accessing the internet use their devices to search or purchase products. This proves the need for the companies to apply for the production solution grants to try and sell their business brand to the demographic market.
Today, business digital transformation and automation is crucial in all business firms. Your business cannot afford to work manually in calculating and keeping its marketing records. The Government is funding for innovation of these local businesses through Productivity Solutions Grant (PSG). The grants will provide a computerised accounting that is more accurate and gives the online marketer more room in concentrating on other business matter. Additionally, use of automated transactions places your business at the exposure of a larger area of online users. You can gain access to more potential buyers and also gives you an ideal platform for company marketing campaigns.
Your company is your brand. The social media, e.g., Facebook will never be your company and while it may be a popular and best advertising platform, that might change in the future. The social media will build your business brand, or you may not have the same popularity in the coming days. You, therefore, need to have a marketing strategy that you will progressively build your business brand in unlimited duration. To have a business without a real webpage regarding an available, lead generating website with a blog feature is a cynical mistake. The Productivity Solutions Grant (PSG) enables you to make changes to your business platforms frequently. The static sites that give you overnight traffic after posting are already outdated.
How does the Productivity Solutions Grant (PSG) help SMEs remain competitive?
Businesses need productive employees in ensuring that their services or products offered are effective and efficient. Search engine optimisation is arguably a perfect strategy for business development.
A creative project brief is required for effective execution by your advertising agency. You should have well aligned strategic objectives and niche tactics for you to apply for the Productivity Solutions Grant (PSG). A creative brief involves documenting the project scope, goals and all deliverables. A creative brief gives details on the target audience, their current beliefs, what you want them to believe and why they should believe in it. You should ensure your online agency contributes to the strategic planning and give it time for iteration. This will allow the full input of all the agency workers in the organization.
The Productivity Solutions Grant (PSG) may be a Government tool in aiming for economic growth. The Government provides a finding of up to seventy percent to the SMEs. Other companies have raised offering to fund businesses with a quite reasonable amount in countering the PSG. This increases competition between local businesses resulting in industrial growth. A good example is Innovation and Capability Voucher (ICV). Many Singapore digital agencies offer search engine optimisation services. They provide experts that work to fix your website errors. These companies are experienced in digital marketing and are aware of the extensive and intensive deployment of appropriate keywords and ads on the website in a move to attract more leads. Huge online traffic will be generated through SEM and SEO. The affected solution providers will direct their SME clients apply for the Productivity Solutions Grant (PSG) support on business grant portal.
Are You Eligible for Productivity Solutions Grant?
SMEs companies are eligible to apply for the Productivity Solutions (PSG) grant if they are registered and based in Singapore. Additionally, the information technology solutions or equipment’s, lease and purchase will be in Singapore. The SME applying for the grant should possess a minimum local shareholding of thirty percent. Another condition for the SEMs applying for the grant is that their annual turnover should not be exceeding $ 100 million. More so, the company’s employee should not exceed two hundred employees.
Step-By-Step Guide To Apply For Productivity Solutions Grant (PSG)
To apply, you will go through the list of supportable solutions featured on Tech Depot. Select the relevant solutions that are useful in your business. You will then obtain a quotation from a pre-approved vendor who will supply you with the IT solution and equipment. Finally, you will submit your grant application through the business grant portal. You should ensure that you register to get a CorpPass account. Below are the steps on how to apply the Productivity Solutions Grant (PSG).
#1. Login into The Business Grants Portal
The portal has clear details requesting you to register with CorpPass. Click on the register tab to immediately register with CorpPass.
#2. Use the CorpPass To Login to The Portal
Click the login tab at the bottom right hand and fill in the CorpPass logins. These include an entity ID, CorpPass ID, and password.
#3. Click on Get New Tab
After your login into Productivity Solutions Grant (PSG) account, there three options depending on what you want to do. You can either edit company profile, get a new grant or learn to apply. Click on get new tab middle tab.
#4. Choose The Industry Sector
The new window that opens requests you to choose the industry sector that fits best in your business. The options include landscape, services, building and construction, logistics, tourism, food and beverages, retail, manufacturing and engineering, information technology, media, and others.
#5. Click on Select Grant After Choosing Your Business Industry Sector
Cricking on select grant brings two options on the display. You should choose the second option that features upgrading the critical business areas, adoption of technology, improvement of business processes and raising of service standards. Do not select the option stating that you want to make your business international and establish its overseas presence.
#6. Choosing of The Grant Type
The next window brings options about the best description of the area of your company you will develop using the grant. Among them include service excellence, human capital development, financial management, branding and marketing, standards adoption, pre-scoped productivity solutions, and business excellence. You should choose the pre-scoped productivity solutions option.
#7. Proceed Tab
This section has some vital information for you. It makes you aware of the requirements for completing the grant application. You will need your vendor’s quotations and the product brochures. The grant application attachments and company profile should not be more than fifty MBs in size. You should scroll down the page and click the on proceed tab.
#8. Verification of Your Eligibility Status
The page has a list of the things you must meet to qualify for the grant. Below is the query on whether the applicant meets the eligibility criteria. You should tick the yes option to verify that you are eligible for the grant and click next.
#9. Completion of Business Information
It is mandatory for you to fill in the contact details including your name, job title, and contact number.
#10. Proposal Details
You should search for the IT solution option and select the IT solution. Fill in the required questions. Infusionsoft CRM is ideal in filling in with the customer relationship management.
#11. Uploading of Vendor Quotation
Fill in your vendor naame at the vendor details additionally, upload the supporting documents and selected vendors quotations. Each document should not contain more than ten MBs.
#12. The Purchasing Cost
The purchase price should include all the delivery, installation and training charges. Enter the purchasing cost and click on ‘next.’
#13. Answering Questions on Potential Business Impact
You need to answer questions including how the solution will change how you do things. More so, you will answer questions about productivity gains on how your task will be more efficient after the grant. Answer the questions and click next.
#14. Review of Declarations and Acknowledgement
You are supposed to go through the contents of consent and acknowledgment. If you agree with the acknowledgment, tick the consent tab and click ‘review.’
#15. The Final Declaration
You should check and review all the items to confirm that they are correct. If everything is as you would like it to be, make the final declaration and click the bottom ‘submit’ icon. You have successfully applied for the Productivity Solutions Grant.
The Productivity Solutions Grant (PSG) FAQs You Need To Know
What Documents Should Your Company have when applying for the Productivity Solutions Grant (PSG)?
One way to know if you’re eligible to register for anything official in Singapore is when you have all the legal supporting documents.
Productivity Solutions Grant (PSG) application is no exception – here’s a list of all the supporting documents your company is required to submit while applying for the Productivity Solutions Grant (PSG):
- A signed quotation/contract acceptance letter or a purchased order.
- An invoice
- A bank statement indicating that payment was made
- The license number of a software tool that you’ve used for more than one month
- A screenshot displaying your company’s name or that of your IT solution
- A copy of a cheque payment or receipt
Are the IT solutions claimable before the application date under the Productivity Solutions Grant (PSG)?
Of course not. IT solutions can only be claimed under the Productivity Solutions Grant (PSG) after the application date is due. The same way you’re required to submit your application before signing the engagement/invoice or quotation letter, paying the solutions provider, and getting started on the project.
What Payment Terms are Accepted? And when am I allowed to claim the expenses I incur under the Productivity Solutions Grant (PSG)?
Standard payment terms – bank transfers, cheques, and so on — also work with the Productivity Solutions Grant (PSG) claims.
Payments can also be made via credit card for a sole proprietorship company. It’s to be, however, noted that payments can only be released to the sole proprietor’s credit card, and not any other.
In the case of a corporate entity, you must produce official documents confirming the expenses are connected to the company and not you as a person.
Reimbursements made through your credit card will also be shown.
Also, you’re to submit claims after all the expenses have been fully paid and all the solutions are fully used – and before the 13th month after your purchases have been approved, and before the 7th month after your hire purchases, leases, and subscriptions have been approved.
Are there restrictions as to the number of Applications or Packages an SME can Submit?
You’re allowed to submit more than one application under the Productivity Solutions Grant (PSG). However, each solution must be deployed from a different location.
Applications supported by the Enterprise Singapore are also subjected to a grant cap of $30, 000 – for each SME, starting from 1st April to 31st March every year.
This demands that you weigh your options carefully and only choose a solution that you’re so damn sure about.
Can You Modify Vendor Quotations? Are You Allowed to add or Include a Complimentary Service or Item?
The package you submit to the Productivity Solutions Grant (PSG) must not be different from your quotation. In other words, your quotation will be rejected if it’s not approved.
Additional items can only be quoted separately. Also, be sure to present all the modifications you make to your package to IMDA for approval.
Can a Pre-approved Vendor Submit an Application on My Behalf?
Of course, not – each organisation is to submit its own application.
You don’t need to fret if you don’t understand the procedure, though. Just reach out to one of the sales reps and let them guide you through the procedure.
What exactly does the Productivity Solutions Grant (PSG) Covers?
The Productivity Solutions Grant (PSG) aims to incentivise companies that implement technological solutions. It can shoulder up to 70% of the total cost you incur in setting up or running a technology company.
However, the Productivity Solutions Grant (PSG) is only limited to specific industry solutions – among them is food, retail, and logistics. The grant also covers general solutions in the lines of data analytics, customer management, inventory tracking, financial management, and e-commerce.
Advantages of Applying for the Productivity Solutions Grant (PSG)
The Productivity Solutions Grant (PSG) was introduced a few years ago by the Singaporean Government in what’s clearly a move to encourage businesses to invest in technological solutions.
The Singaporean Government launched it
Digital marketing is costly, especially here in Singapore. It’s also one of the most demanding investments one can ever make.
The Singaporean government understands this. So, they decided to launch the Productivity Solutions Grant (PSG), which seeks to help businesses in Singapore adopt technological solutions to gain a competitive edge.
It’s safe to say that the Singaporean government has your best interest at heart. The least you could do is take advantage of the little support they’re giving to technological-driven businesses in the country.
It’s Free to Apply
Any business that wishes to adopt technological solutions is free to apply for the grant.
Innovative Technological solutions are highly sought after – not just in Singapore, but all over the world. Businesses need these solutions to be efficient and effective.
If not for anything else, your business needs these solutions to grow and enhance its capabilities. It’s your only chance to become competitive and remain relevant in the modern world of business.
It Integrates Three Different Types of Grants
The Productivity Solutions Grant (PSG) brings together three different types of grants – Spring Singapore Innovation Voucher, SMEs Digital Program (by Media Development Authority), and Landscape grant (by the National Parks Board).
It’s a financial breakthrough for companies experiencing financial hardship. You get to enjoy a 70% financial cover – not loaned but handed to you for free.
Use the chance to make a long-term investment in technology and get to enjoy many of the benefits associated with creating a digital extension of your business.
The Current State of Business Grants in Singapore
Singapore’s government remains relentless in its quest to support SMEs. If anything, it’s one of the most supportive governments in the world, which is why Singapore is considered one of the easiest and the most supportive countries to set up a business.
The Productivity Solutions Grant (PSG) was launched on 1st April 2018. Its goal was to give businesses an incentive that will see to it that most of them adopt digital productivity solutions.
The grant hopes to fund up to 70% of the cost you incur while making the digital shift. The grant offers to shoulder up to 70% of this cost, but only if your business falls under the following sectors:
- Precision Engineering
How to Increase Your Chances of Getting the Productivity Solutions Grant (PSG)
Don’t Lie or Omit Facts
The worst mistake you can ever make while applying for the grant is to lie on your application letter or omit some facts.
Take into account that state authorities distribute the grant. They have records and can make follow-ups if they suspect a foul play.
They also tend to be super-strict on trivial issues, and any attempt to falsify information, exaggerate information or conceal facts might permanently disqualify you from applying for any grant in the country.
You also don’t want to damage your reputation. So, be truthful and cross your fingers after submitting your application. Improve on some of the issues raised and wait for the coming year to try again.
Make Sure Your Idea Contributes to the Country’s Economic Growth and Development
You’ll have a better chance of your application going through if your idea appears to contribute to Singapore’s economic growth and development.
Enterprise Singapore is the government agency responsible for making any decision regarding the grant.
And they only have one mission:
To make Singapore enterprises stronger, which they do by exposing them to global opportunities and enhancing their capabilities. The end goal is to create job opportunities for the people of Singapore.
Make sure your company’s goals align with the agency’s mission, and you’d have raised the stakes of your application going through.
Demonstrate that Your Business Success Contributes to the Prosperity of the State
If it’s a start-up, make sure your idea is innovative enough, based on solid science and that it can impact real change in the economic sector.
Don’t recycle other people’s ideas. If you do, be sure to improve on it and make it better. The more convincing your idea is, the more convinced the state authorities appraising your grant application will be.
For instance, you can develop an application that tracks different food items and where they came from (if it’s even possible). You can use this technology to prove that your brand is concerned about food safety or transparency.
You want users to start making informed decisions on what they buy instead of doing their shopping blindly.
If you’re running an ordinary business, be sure to demonstrate that the more your business grows, the more you’ll be empowered financially, and be in a better position to create more employment opportunities for the people of Singapore.
How Does the Productivity Solution Grant Benefit the People of Singapore?
Scaling up is not easy for SMEs. Their limited size and resources mean their growth is hampered in so many ways. They cannot expand beyond the Singapore border and target other countries.
The Productivity Solutions Grant (PSG) offers financial relief to businesses with great ideas but lack the financial muscle to bring them to life.
The government introduced this grant program to support small business owners held back by financial constraints. It seeks to help SMEs in Singapore upgrade their capabilities.
Unlike other grants offered in the country, the Productivity Solutions Grant (PSG) tends to be more focused. It’s what small business owners use to drill down to specific capabilities. For example, they recently introduced the go digital programme under the PSG. This programme was aimed to encourage businesses to work on their online visibility.
Other Government Grants for Singapore Start-ups and Enterprises
The Productivity Solutions Grant (PSG) isn’t the only government grant to apply for in Singapore. You have other alternative grant options to try out and test your luck:
The EDG was launched in 2018 (12th October, to be more precise). It’s an SME grant formed as a result of the former Global Company Partnership Grant and Capability Development Grant combining.
It aims to help businesses in Singapore build internal capabilities in three key areas – innovation, market access, and core capabilities.
For whom: Any Singaporean with a registered company. Must have at least 30% local shares in the company.
How to Apply. Visit the Business Grants Portal and follow the application procedure.
More Information: Follow this link.
This grant seeks to help businesses in Singapore take advantage of overseas opportunities. It aims to fund the entire procedure starting from setting up your market, identifying your overseas partner, to promoting your business in the foreign land.
A few things to note about this grant:
- Companies that have already established overseas presence can still apply for the MRA support.
- Applying for any EDG grant does not deter one from applying for the MRA grant. As long as you’re not applying for the same scope of work or activities, you’re free to apply for the MRA regardless of what grant you’ve already applied for.
MRA caters for up to 70% of the cost you incur in your company. However, the amount that each company can apply per fiscal year is capped at S$20, 000. You’re also limited to only one funding per activity.
How to Apply. Visit the Business Grants Portal and follow the application procedure.
For more information on the application procedure and to find out if you’re eligible to apply, follow this link.
Start-up SG was started to provide first-time entrepreneurs with start-up capital grants.
To qualify for the grant, start-ups have to raise and commit a co-matching fund of $10, 000.
The application procedure is headed by the Accredited Mentor Partners, which selects applicants and takes them through a training program.
For whom: First-time entrepreneurs and start-ups.
Hold more than 30% stakes in the company.
Be fully committed to the company’s management and be a key decision-maker in the company’s affairs.
How to Apply: Follow this link to apply and learn more about the grant.
This grant enjoys the least competition. It aims to encourage entrepreneurs to hire eligible job seekers in Singapore (those above 40 years and are desperately seeking jobs).
You’re allowed to apply for a grant of up to $42, 000.
Who can apply for the grant? Legally registered companies and corporate institutions in Singapore. You’ll be required to produce the UEN (Unique Entity Number) that shows you’re registered with the ACRA.
Follow this link to submit your application letter for the grant WSG portal.
More Targeted or Sector-specific Grant Schemes
If you’re operating in a fast-developing economic sector, an alternative option would be to scour around for a sector-specific grant. Usually, such grants are run and controlled by selected specialised-sector agencies.
For instance, if you’re planning to set up a tourism-related business, be sure to check with Singapore’s Tourism Board for a list of grants run by them.
It’s the same case for tech or media businesses. Check with Media Development Authority or Infocomm and find out if you do qualify for any of their grants.
Here are sectors-specific government grants to apply in 2020:
What’s the grant for? Supporting the implementation of Cloud Native apps using DevOps and Microservices.
For more information on the grant, follow this link:
What’s it for? It supports the implementation of cybersecurity measures. It subsidizes the cost by up to $6, 500.
Sector: ICT, Cloud Computing
For more information on the grant and how to apply for it, follow this link.
A grant for entrepreneurs investing in the tourism sector. It aims to encourage them to invest in technology adoption and innovation. It focuses on redesigning business processes and models.
This grant encourages the creation and testing of innovative lifestyle concepts. It targets entrepreneurs with great tourism potential and scaling capabilities.
You can receive a grant of up to $200, 000 per project.
To apply for the grant and find out more about it, follow this link.
The Productivity Solutions Grant promotes the Singapore SMEs in various sectors in their journey towards improved competitiveness, higher productivity, and digitalisation. The grant will in future have an option to incorporate more IT solutions and equipment. The introduction of the Productivity Solutions Grant (PSG) will see Singapore rise to become a global city through digital productivity, innovation, and skills.