What is the Productivity Solutions Grant?

Modern technologies can comprise high-end, complex and expensive solutions. But this shouldn’t worry you since you can begin at a lower level and progress gradually to where you desire to be. For instance, you can begin by automating basic and simple processes such as marketing and record-keeping. 

In Singapore, business start-ups and small and medium-sized enterprises (SMEs) are basically the impetus of various industries and have employed more than 63% of the Singaporean workforce. As a result, the government of Singapore has consistently supported these enterprises by offering several different grants to enable them to overcome various challenges. One such grant is the Productivity Solutions Grant, which is also referred to as the PSG. 

This grant is meant to support and motivate businesses and industries in their journey of transformation. This journey requires substantial investments in the area of social marketing and a long-term commitment. The grant is meant to assist SMEs acquire and embrace modern technological solutions with the aim of making them more competitive, especially in the digital world. 

The Productivity Solutions Grant’s key objective is basically to support business enterprises that are interested in adopting IT equipment and solutions. The aim is to make these business processes more efficient and effective. 

So, What Exactly is the PSG and How Does It Help SMEs? 

The main objective of the Productivity Solutions Grant (PSG) is to help SMEs and industries to acquire and implement internet technology solutions and equipment in their day-to-day business processes. These include industries and SMEs working in different areas such as food, engineering, logistics, landscaping and finance. 

The PSG grant essentially comprises three main grants – the Innovation and Capability Voucher, the National Park Board’s Landscape Grant and the Media Development Authority’s SME Digital Grant. The government simply summarized and merged these grants into one and with this merger, you can now apply for any of these grants under one scheme. 

Even so, if your company or industry doesn’t fall under any of the above categories don’t be discouraged, as you can still apply for the grant through adoptable solutions such as human resource and digital customer relationship management which is a service that is common in almost all sectors. 

The Productivity Solutions Grant offers some fundamental financial assistance to several companies. According to global financial planning, embracing technology in your company or business is important, as it provides cost benefits which ultimately helps the government or state to achieve sustainable growth.  

The PSG nowadays offers 80% funding support to businesses based in Singapore, which is a substantial amount of money that can give these businesses an opportunity to get into a long-term digital technology investment.  

What Help Does the PSG Offer? 

The government of Singapore, through the PSG program, can offer up to 110 million USD in financial assistance to an industry or company that is willing to embrace the modernization strategy. The government has integrated Industry Transformation Maps (ITMs) with the PSG so that they can work in sync to enhance partnership between local businesses, industries and government. 

The ever changing and transformational internet technology solutions are quickly developing thanks to the incorporation of search engine optimization, and social media marketing. So therefore, most businesses that fail, attribute their failure to poor digital or social media marketing strategies. Businesses require a considerable amount of investment to maintain a competitive edge, and that’s exactly what the PSG offers. 

How Does the PSG Help SMEs Remain Competitive? 

For any business to succeed, it requires productive employees and a sound business strategy. Search engine optimization is one such strategy that can help businesses achieve success. For you to apply for the PSG, you need to have a smart, but achievable niche, and a strategic objective. 

With the PSG offering up to 80% funding support to SMEs, other agencies have also stepped up to counter the PSG by increasing their funding to businesses. This has subsequently led to increased competition between local companies and businesses, leading to industrial growth. 

Who is Eligible? 

All SMEs based and registered in Singapore are eligible for the Productivity Solutions Grant, provided the IT equipment and solutions are utilized in Singapore. Additionally, an SME or company applying for the grant, need to have at least 30% local shareholders.   

How to Apply 

To apply for the Productivity Solutions Grant, you will first need to register for a CorpPass account, which you will use to login to the Business Grants Portal. After that, you will need to select the appropriate IT solution that suits your business. You can get a list of approved IT solutions from Tech Depot. 

For an IT solution, you will need to seek a quotation from a pre-authorized vendor. A pre-authorized vendor t is essential for setting up a successful ecommerce business . For IT equipment on the other hand, you will have to choose the equipment first and then seek quotations from the vendor afterwards. 

The last step is applying for it through the Business Grants Portal.