10 Things to Know for Singapore Government Grant Productivity Solutions Grant PSG

Productivity Solutions Grant PSG Grant Singapore

Singapore is becoming a magnetic industrial hub. Other than being a tourist attraction, it is continuously accelerating towards success. Singapore’s government strives to provide various financial opportunities and support to businesses to grow and make the country proud. If you are new to the industry in Singapore, you must know about Productivity Solutions Grant (PSG Grant). Here we will unfold things you need to know about this government grant, its criteria, and its benefits.

What is Productivity Solutions Grant (PSG Grant)? 

PSG is a business grant designed to assist businesses in adopting technology for increased productivity and process automation. Productivity Solutions Grant (PSG Grant) was instigated in April 2018, transforming business success in Singapore. These government grants cover various industries, from the hotel industry to logistics, retail, food, engineering, etc. Cut across solutions, including data analytics, customer management, financial management, inventory tracking, and human resource management, are also covered. 

Since its launch, this government grant has helped numerous SMEs scale up their businesses. Entrepreneurs can avail various IT solutions and equipment to boost their business operations. The maximum support level is up to 70% which was enhanced to 80% by March 2022. You are eligible to apply for any of the following positions:

• Pre-Scoped IT Solutions
• Pre-Scoped Equipment
• Pre-Scoped Consultancy Services

10 Things You Should Know About PSG Grant:

Here are some essential elements you should know about Productivity Solution Grants (PSG)

1. Eligibility Criteria for PSG Grant

To avail of this business grant, you should meet the following requirements:

• Your company must be registered in Singapore and be in operation.
• The business grant must be utilized in Singapore
• A minimum of 30% local ownership is required.
• The annual turnover of the company should not be more than $100 million
• A company must not have over 200 employees. 

Companies like the Institute of Public Characters (IPCs), government agencies, Voluntary Welfare Organizations (VWO), religious entities, and charities are not eligible for PSG Grant. Identify relevant solutions according to your business through the provided list of solutions. 

2. Required Documents for Application

If you are applying for IT solutions, you need to have a quotation from a pre-approved vendor. The source for equipment and quote from the vendor is required for pre-scoped equipment. You must create a Singpass account on Business Grants Portals (BGP). You will have to complete the application form and submit it at BGP. 

3. Application Process for PSG Grant

To apply for a business grant:

1. Access the list of supportable solutions on the business Gov Assist website.
2. Identify a relevant supportive solution for your business.
3. Contact and get a quotation from a pre-approved vendor/consultant.
4. Register a Corppass account to allow transactions.
5. Submit your application.

Once approved, submit your grant claim before the claim due date. Through Business Grants Portal, you can submit and manage your business grants. 

4. Possible Cause for Your Application Rejection

If your PSG grant application is rejected, it could be any one of the following reasons:

• A signed contract with the vendor about the government grant
• If you have made any payment to the vendor about the grant

5. The functionality of PSG Grant

Once you have finalized your solution/vendor/consultant from the pre-approved list, connect with the vendor for a demo solution. Acquire quotations and submit your application on the portal for approval. Once you receive the approval letter, you can deploy your new solution system for usage. Submit your claim at the business portal and wait for approval and reimbursement. Upon approval, you will receive the reimbursement amount to your account.

6. Unlisted IT Solutions and Equipment

PSG grant is constantly working to provide the latest technologies and productivity solutions. The organization keeps itself updated with the newest advancement in solutions. New solutions are regularly reviewed and processed. But, if the productivity solution is not present in the pre-approved list, it cannot be supported for the business grant. For equipment, it should have minimum standards, as mentioned. 

7. Changing Application Request

You can make change requests even after the submission of your application. If you want to change your vendor, you must withdraw the previous application. But it is essential that you have not made any payment to the vendor. To request a new application, visit the GoBusiness website and write your application to amend or withdraw your previous application. 

If you want to change your equipment vendor, you should:

• Edit vendor details and quotations and resubmit for the same category equipment vendor. 
• Withdraw the application and submit a new one for a different category of equipment vendor

8. Annual Grant Provided for Your Business

A Company or business supported by a PSG grant is provided with an annual grand cap of $30,000 for approved solutions between 1st April to 31st March every year. 

9. Extension of Due Date

You can claim one time claim before your due date. If you miss your due date, your lawsuit will lapse. To extend the due date, you will have to choose to Extend Due Date button on your business grant portal. For BIF, MRA and EDG, you will have to submit a change request for a due date extension.

10. Enhanced Support Of 80%

Some industries can avail of up to 80% PSG grants. These industries include:

Food Industry

• Online order and payment method
• Customer Management
• E-Procurement System
• General food service equipment

Retail

• Retail analytics
• B2C online store
• Retail Management System

Conclusion

The use of technological innovations can be transformational for business growth and success. Availing of these government grants can help in business acceleration. If you are not sure about applying yourself, you can opt for different agency services on your behalf with a greater success rate of application approval. To find out more about Enterprise Development Grant (EDG), please click here.

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