The productivity solutions grant (PSG) by EnterpriseSG is a valuable initiative by the Singapore government to help businesses enhance productivity through its solutions.
This comprehensive guide provides a step-by-step process on how to apply eligibility criteria, benefits, and answers to frequently asked questions, empowering your business to leverage PSG for growth.
Key Takeaways
- PSG grants help Singaporean businesses adopt IT solutions & equipment to boost productivity.
- Businesses can receive up to 50% funding support, capped at $350,000.
- Eligibility criteria include being registered in Singapore, having at least 30% local equity, and meeting sales turnover/employment size requirements.
- The post provides a step-by-step guide on how to apply and submit claims for PSG.
- MediaPlus is an approved PSG vendor for digital marketing and website development.
What is the PSG?
The Productivity Solutions Grant (PSG) is a government initiative by Enterprise Singapore (ESG) aimed at helping businesses in Singapore adopt IT solutions and equipment to enhance productivity.
It offers funding support to cover a portion of the qualifying costs, making it easier for businesses to invest in pre-approved digital solutions.
What Does PSG Cover?
The PSG covers a wide range of IT solutions and equipment across various sectors.
The support levels and maximum funding amounts vary depending on the specific solution and the size of your business.
Here’s a breakdown of what PSG covers:
IT Solutions
This includes sector-specific and generic software solutions, such as accounting software, CRM systems, HR platforms, e-commerce tools, and more.
Equipment
PSG also supports the purchase of equipment necessary for you to use the IT solution, such as laptops, servers, and specialized industry-specific equipment.
Consultancy services
Engage consultants to help with feasibility studies, system analysis, solution design, prototyping, testing, training, and project management related to the implementation of the IT solution.
How to apply for PSG: step-by-step guide
To apply for Productivity Solutions Grant (PSG), simply follow 8 steps:
- Step 1: Login to Business Grants Portal
- Step 2: Select business sector and grant type
- Step 3: Eligibility
- Step 4: Contact Details
- Step 5: Proposal
- Step 6: Cost
- Step 7: Business Impact
- Step 8: Declare & Submit
Step 1: Login to Business Grants Portal
- Login to BGP > My Grants tab
- Click on “Get new grant”
Step 2: Select business sector and grant type
- Select Sector that best describes your business
- Click on “Upgrade key business areas, such as adopt technology, improve business processes or raise service standards”
- Click on “Productivity Solutions Grant”
- Click “Proceed”
Step 3: Eligibility
- Check “Yes” if you meet the eligibility criteria
- Click “Next”
Step 4: Contact Details
- Fill in details of the main contact person
- Fill in details of the Letter of Offer addressee
- Click “Next”
Step 5: Proposal
- Indicate “Equipment” or “IT Solution”
- Indicate “Solution” or “Vendor” for the preferred search method for your solution
- Fill up the reason for the solution and the intended start date of the project
- Click “Select Files” to upload quotation from vendor
- Fill in your deployment location if it is different from your ACRA registered address
- Click “Next”
Step 6: Cost
- Fill in details of project cost. Ensure that the quoted items and costs are as per Annex 3 of the PSG pre-qualified solution package
- Click “Next”
Step 7: Business Impact
- Fill in details of overall impact
- Fill in details of productivity gains
- Click “Next”
Step 8: Declare & Submit
- Complete declaration section accordingly
- Where applicable, indicate your consent & acknowledgement
- Review your application and click “Submit”
PSG: Steps to claims submission
Step 1: Login
- Login to BGP > My Grants > Claims
- Click on “File new claim”
Step 2: Select Project
- Select approved grant you wish to claim for
- Click “Proceed”
Step 3: Contact Details
- Fill in your contact details
- Click “Next”
Step 4: Claim Information
- Fill in your claim information
- Click “Select files” to upload supporting documents
- Fill in payment details and Fund Transfer Method
- Fill in deployment location
- Click “Next”
Step 5: Business Outcomes
- Fill in business outcomes
- Click “Next”
Step 6: Declaration & Submit
- Complete declaration section accordingly
- Where applicable, indicate your consent & acknowledgement
- Review claim and click “Submit”
Psg Grant Amount
Under the PSG, businesses can receive funding support of up to 50% of the qualifying costs.
The grant amount varies based on the specific solution being adopted.
Who Is Eligible For PSG?
To be eligible for the PSG, your business must meet the following criteria:
- Registered and operating in Singapore: Your business entity must be registered and operating in Singapore.
- Local share holding: The company must have at least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore Permanent Resident(s).
- Annual sales turnover or employment size: The company must have a Group Annual Sales Turnover not exceeding S$100 million, OR a Group employment size not exceeding 200 employees.
- Solutions used in Singapore: The IT solutions or equipment purchased, leased, or subscribed to must be used in Singapore.
- Excluded entities: Charities, Institutions of Public Characters (IPCs), Religious Entities, Voluntary Welfare Organizations (VWOs), Government agencies and subsidiaries, and societies are not eligible for this grant.
Benefits Of Obtaining A PSG Grant
Obtaining a PSG grant can provide your business with several key benefits:
Increased Productivity
Implementing IT solutions can streamline operations, automate tasks, and improve efficiency, ultimately leading to increased productivity.
Enhanced Competitiveness
Adopting new technologies can help your business stay ahead of the competition by improving product quality, customer service, and operational efficiency.
Cost Savings
The grant helps offset the costs of implementing IT solutions, making it more affordable for businesses to invest in technology upgrades.
Business Growth
Improved productivity, efficiency, and competitiveness can contribute to overall business growth and expansion.
Digital Transformation
PSG supports businesses in embracing digital transformation, which is crucial for long-term sustainability and success in today’s digital economy.
Tips For A Successful PSG Application
Thorough Research
Carefully research the available pre-scoped solutions and choose the ones that best address your business needs and challenges.
Eligibility Check
Ensure your business meets all the eligibility criteria before starting the application process.
Multiple Quotations
Obtain quotations from multiple pre-approved vendors to compare pricing and services.
Accurate Documentation
Prepare all required documents accurately and ensure they are submitted on time.
Application Follow-Up
Track your application status and respond promptly to any requests for additional information from ESG.
MediaPlus As An IMDA Pre-approved PSG Vendor
MediaPlus Digital is an IMDA pre-approved PSG vendor with 100s of completed projects under our scope. We’ve helped and assisted numerous clients with their PSG applications and the application submission process.
If you’re interested in generating more business leads from online marketing channels like Google, Facebook and Instagram, check out our PSG Digital Marketing Grant. Eligible companies get to enjoy 70% funding support from EnterpriseSG. Find out more today!
And if you find your company website is getting old and needs a revamp, we offer PSG Website Development Grant as well. Let us know!
Conclusion
The PSG is a valuable opportunity for Singaporean businesses to embrace technology and boost productivity.
By understanding the grant’s scope, eligibility requirements, and application process, you can effectively leverage this funding to drive your business growth and enhance your competitiveness in the market.
Frequently Asked Questions (FAQs) about PSG
1. What is the maximum funding amount I can receive under PSG?
The maximum funding amount depends on the specific solution and the size of your business.
Generally, businesses can receive up to 50% funding support, with a maximum quantum of $350,000 per company.
2. Can I apply for PSG if my business is operating from a residential address?
Yes, you can deploy the PSG solution in a residential area if it aligns with the required PSG solution and complies with HDB/URA guidelines for home-based businesses.
3. Can I make concurrent applications for several PSG-eligible projects?
Yes, you can apply for multiple PSG-eligible projects concurrently, but the total grant funding you receive is still capped at $350,000.
4. What is the processing time for PSG applications?
The typical processing time for PSG applications is 4-6 weeks.
5. How will I be notified of the application outcome?
You will be notified of the application outcome via email. If approved, you will receive a Letter of Offer.
6. How is the PSG grant disbursed?
The PSG grant is disbursed to your company’s bank account via GIRO or PayNow Corporate after you have submitted a claim and it has been approved.
Last Update: 23 Sep 2024
