With the advent of technology, business models and business processes are evolving. Switching your business processes does not require a sudden upturn in high-end technology. You can start small and grow gradually over time. Begin with the current processes and upscale them in baby steps, keeping the switch easy to handle for the business and the employees alike. PSG or Productivity Solutions Grant is a monetary support for such businesses that are interested in adopting IT solutions and equipment for improving and enhancing their business processes. How to get PSG Grant Singapore? Keep reading!
What is PSG Grant Singapore?
PSG Grant Singapore was launched in 2018 to support businesses in enhancing their processes using technology. It aimed to turn existing businesses into modern and digital businesses. The solutions provided through PSG are designed as per the industry roadmaps. Initially, it offered up to 70% support level. During Covid, it increased its support to 80%. But since April 2022, its support was reverted to a maximum of 70%. But a few subcategories such as Food and Retail, still have the support of up to 80% until March 2023.
PSG grant Singapore covers pre-scoped sector-specific IT solutions such as retail, food, construction, precision engineering, logistics and landscaping industries. It also provides solutions for customer management, finance management, inventory tracking and data analytics. The latter can be adopted by sector-specific as well as general industries.
For a company to be eligible to apply for PSG Grant Singapore, there are certain conditions.
How to Get PSG Grant Singapore? Eligibility Criteria
A company must comply with the following to be eligible for PSG Grant Singapore:
- It must be registered with Singapore and operating within Singapore
- A minimum of 30% shareholding must be local
- Annual sales turnover of the company must not exceed S$100 million or the group employment size of the company must not exceed 200 employees
- Purchase, subscription or lease of the IT solutions, equipment or consultancy service must be in Singapore
- A minimum of 3 local employees are required at the time of applying for a PSG grant ((in case of consultancy service)
What are the Types of PSG Grant Singapore?
As stated earlier, PSG Grant Singapore can be divided into two categories. These categories make it easier to identify our business needs. These include:
- Sector-specific Solutions
These solutions apply to specific sectors as they are carefully designed by industry experts. All business processes involved are keenly developed following the industrial roadmaps such as Industry Digital Plans IDP) and Industry Transformation Maps (ITM).
These are designed to elevate your existing business process to enhance their productivity. The lead agencies of a particular sector are involved in designing these IT solutions.
- Generic Solutions
Any industry across the business sector can benefit from these generic solutions. They cover the common or general business functions and processes. These solutions generally cater to the managerial processes of a company like customer management and data analytics.
How to Get PSG Grant Singapore? Application Process
How to apply?
Here’s the guide:
- Visit Tech Depot. You can find all the possible solutions for your business here. Identify the solution that best suits your business.
- Obtain quotations from pre-qualified vendors under the grant.
- You must not sign any contract with any vendor before you submit your PSG application.
- Submit your application at Business Grants Portal (BGP).
How to Get PSG Grant Singapore? Step-by-Step Guide
Now that you have all the information on what is PSG Grant Singapore. Let us discuss the step-by-step procedure to claim one for your business.
You must have a CorpPass account
Log in to Business Grants Portal at https://www.businessgrants.gov.sg/ using your CorpPass credentials.
File a claim now under the My Grants > Claims tab.
Now choose “File New Claim”. If you have already claimed a new file with the same account earlier but did not complete the application, you can do that by clicking on the file from Drafts.
It is time to fill in all the information required for your claim. It consists of your contact details, the claim information, and the business outcomes followed by the use of a new solution.
Further, under “Claims Information”, you need to fill in your software license number or equipment serial number.
Then, you need to attach the stated documents.
Enter the number of instalment payments or subscriptions. This is based on your agreement with the solution service provider. Also, add the information about the actual expenses paid.
Since the goal is to enhance the productivity of your business processes, under the “Business Outcomes” tab, you need to state the expected savings of your company. Also, mention the productivity gains of your business. This piece of information is given as percentages.
In case, there is any change in the projection, you have to add the feedback or reason for changes. This must not exceed the limit of 500 characters.
The final step asks you to declare and review all the information been shared. This is done via sharing a questionnaire. It serves as a final reminder to review your data. Once you are satisfied with what has been shared, you can proceed with the declaration and click “Review” at the bottom of the page.
Once reviewed, check the small box on the next page and click submit.
Your application is complete now!
It takes around 4-6 weeks for your application processing. Therefore, it is recommended that you submit your application for PSG Grant Singapore ahead of time. Also, provide complete information. Incomplete applications also lead to delays.
PSG Grant Singapore is a great help for businesses that need monetary support in updating their processes. During the claim process, there are a few things where you might need guidance, like the software license number and equipment serial number. It is better to take help from your service provider to fill in this information.
If you have any queries, feel free to contact us!