Your Ultimate Guide to the Productivity Solutions Grant (PSG)

Technology in the present day is not always about opulent, pricey high-end solutions. Everyone may begin their technological journey by performing simple actions that can increase productivity and automate current operations. That is why Singapore’s Productivity Solutions Grant (PSG) was created.

What is PSG in Singapore?

To assist local SMEs in enhancing their business operations through the use of IT services and equipment, the Singaporean government introduced the Productivity Solutions Grant (PSG) in April 2018. Among the industries PSG serves are retail, building, logistics, precision engineering, and the food industry. Some solutions are industry-specific in addition to numerous systems, processes, and procedures like data analytics, financial management, inventory management, and customer management.

Additionally, PSG advocates the use of cross-sector solutions, such as customer management, data analytics, financial management, and inventory monitoring. Discover all you need to know to begin your PSG application!

What Do You Get From PSG?

PSG funds provide financial support for SMEs to adopt IT solutions, equipment, and consultancy services. While SMEs play a key role in assisting Singapore’s economic growth, they struggle to keep up with technologies, in this case, digital solutions. Systems for managing customer relationships and human resources are among them. Examples include:

1. Consultancy

The PSG Grant provides funding for a range of activities, including consultancy services. You can apply for money to help pay for the cost of hiring a consultant if you need assistance with your business strategy or marketing. The PSG Grant can lower the cost of consulting services, which can be very useful in launching your firm.

2. IT Solutions

The PSG Grant covers a wide spectrum of IT solutions, including services, support, and both hardware and software. This implies that companies can acquire the assistance they require to modernize their current systems, introduce new technology, or simply begin utilizing IT in their operations. The award can also be used to pay for the costs associated with training employees to use new IT systems. Ultimately, the PSG Grant helps businesses embrace easier-to-use and more affordable IT systems, thereby boosting their competitiveness and bottom line.

3. Equipment

PSG financing Singapore offers a range of equipment appropriate for each field. This organization also provides equipment unique to each business. For instance, in the healthcare sector, equipment is crucial to delivering high-quality care to patients. There is a wide range of medical equipment available, from straightforward devices like tongue depressors to sophisticated devices like X-ray machines. PSG will fulfil any needs if they arise for the company.

1. Get Assistance For Up To 70% Of Eligible Expenditures

The PSG Grant is a fantastic resource for financing your company. Starting your project off with up to 70% of eligible costs covered can be a terrific first step. The funding can also assist you with marketing and advertising costs, which can greatly benefit your project. On April 1, 2022, the 70% funding support will become effective. The food services and retail business industries, in particular, are qualified for 80% grant support (only applicable for certain solution categories).

The following classifications apply to food services:

Online/Digital Ordering and Payment
Online Reservation
Digital marketplace for businesses
Queue Control
Customer Relationship Management and e-Loyalty
Equipment for General Food Services

Furthermore, the following categories apply to retail businesses:

System for Enhanced Retail Management
Commercial Screening for Money Laundering and Countering Terrorist Financing
Shopper Analytics
Online Store: E-Commerce (B2C)

2. Get In Touch With Superior Digital Solutions

For companies to have widespread access to excellent digital marketing solutions, many submit applications for the PSG award for SMEs. With the help of PSG Grant, businesses can enhance their operations by automating processes, cutting down on errors, and raising customer satisfaction, all of which are beneficial for organisations in all different industries. PSG Grant enables companies to access new markets and connect with fresh clients.

3. Advantageous For A Vast Majority Of Industries

The PSG Grant Singapore supports companies and industries that want to use digital technology to improve their operations. Therefore, the following sectors can apply for a PSG grant to help them with their demands for digital marketing or e-commerce:

Logistics
High-Tech Engineering
Food and Beverage
Wholesaler and retailer
Construction
Landscaping
E-commerce

This funding also covers the adoption of solutions across sectors, so long as they are all linked to customer management, data analytics, financial management, and inventory monitoring.

Who Can Apply for the PSG Program?

If a business entity satisfies the requirements listed below, it may apply for the PSG:

Operating and also registered in Singapore.
All purchased or leased IT hardware, software, and consulting services must be used in Singapore.
Local shareholders must own at least 30% of the business.
Bring three or more local employees when deploying or applying the solution.

Before applying, make sure you have all the required documentation, including:

A purchase order for goods
A bank record demonstrating the transfer of funds to a PSG-approved vendor
License information for the digital solution (with evidence of usage for at least a month)
A receipt
A screenshot showing the names of your business and the solution

For your information, there is a waiting period before approval. An administrative body will get in touch with you and let you know if there are any problems with the PSG grant application.

1. Use Your CorpPass To Log In To The Business Grants Portal (BGP)

Please keep in mind that before beginning anything, you will need a quote from a PSG vendor who has already been approved and who will supply the application and help you.Verz Design is one of the few PSG-approved vendors, allowing you to obtain up to 80% government funding for a variety of web development solutions. You can submit your grant application through the business grant site with the quotation from Verz Design. The application requires a CorpPass account.

2. Proceed To “My Grants”

Select the “Applications” option on the “My Grants” page and under it you will find “Get new grant”. Consequently, you may then select the sector that has the best description of your business.

3. Select Your Business Sector

You will be prompted to choose your business sector at this point. Go through the extensive list of available business sectors and choose the sector that best describes your business. If you don’t see your respective sector on the list of available options, click on “Others“. Therefore, once you click this, the options would include “adopt technology, improve business processes or raise service standards”. In addition, a question will pop up, “Which of the following best represents the region you intend to improve with this grant?” wherein you need to select the “Pre-scoped Productivity Solutions” option, and then click “Apply.”

4. Go Over The “Eligibility” Criteria

You will now be directed to the page where you can begin completing your grant application form. Scroll down and press the “Proceed” button. Check the award criteria to ensure that you are eligible for the grant. If you fulfil the qualifying requirements, click “Yes” and then “Next.” Alternatively, you may click “Save” and finish the application later.

5. Include The Details Of The Main Contact Person

Following that, the application will request your contact information or the information of the primary contact person. This includes details for the Letter of Offer addressee. If it is the same as the main contact person, check the box. Otherwise, you can manually enter the individual’s information. You will also be required to provide your mailing address. Simply check the box if your mailing address is the same as your registered address in Company Profile. Otherwise, enter your selected postal address manually.

6. Click On “Equipment” Or “IT Solution”

Choose the option that best applies. You can enter the vendor and solution specifics under the “Proposal” area, and then upload the vendor’s quote. “What kind of solution are you purchasing?” will then be asked of you for the next step. When you see this, choose the option “IT Solution.” Then, in the search area for the services solution, enter “Verz Design” and choose the appropriate package.

7. Fill In The Information Needed

Fill up the blanks with relevant information, such as the number of units you’re requesting. Unless you specify otherwise, the date is usually the next day after your submission. Then you’ll have to explain why you need the grant. Finally, choose Verz Design as your vendor.

When you receive a quote, make sure it includes a list of the digital marketing services they will provide for your eCommerce store. Once you have that, you may attach it to your PSG application along with the other needed paperwork.

8. Complete The Sections On Cost Details

For the next step, you will need to click on “Direct Purchase” for the question “How do you intend to make the purchase?” All you need to do when asked to enter the cost is do so by the quotation given.

9. Complete The Declaration Section

Then, go through the declaration section and tick the appropriate boxes accordingly. After completing the processes outlined above and receiving a price from your preferred PSG pre-approved vendor, the next step is to submit your PSG application through the Business Grants Portal. Make sure you have a registered Corppass before applying for the award.

The Business Grants Portal provides all of the information you need about the PSG grant application. Fill out the PSG application form with the necessary information. Once your application is complete, you may watch its progress and await confirmation until you receive a Letter of Offer and Appointment.

Other Grants You Can Apply For with Verz Design

The Enterprise Development Grant (EDG) supports the expansion and modernization of Singaporean companies. EDG grants provide financial assistance for initiatives that enhance your company’s modernization, innovation, or global expansion under the three pillars of Core Capabilities, Innovation and Productivity, and Market Access.

Enterprise Development Grant (EDG)

Businesses interested in applying for the Enterprise Development Grant (EDG) must fulfil the following requirements:

Possess a Singapore business license and have a Singapore address.
Local ownership must be at least 30%.
To be able to begin and complete the project, you must be in a financially feasible situation.

1. Core Capabilities

Projects in this pillar help companies lay the groundwork for their operations so they are ready for expansion and change. Among the five areas supported are business strategy development, financial management, human capital development, service excellence, and strategic brand and marketing development.

Development of a strategic brand and marketing
Develop business strategies
Development of Human Capital
Excellent Service
Financial Administration

2. Productivity And Innovation

This pillar’s projects assist companies in seeking novel ways to grow or become more efficient. Automation, process restructuring, and product development are the three topics covered.

Process Improvement
Product Creation
Automation

3. Market Access

The initiatives under this pillar aid Singaporean company seeking international expansion. Adoption of standards, testbeds and pilot projects, and mergers and acquisitions are encouraged (M&A).

Overseas Marketing Presence (OMP)
Market Entry
Pilot Project and Test Bedding
Mergers and Acquisitions (M&A)