- PSG stands for Productivity Solutions Grant.
- It is a government grant by the Singaporean government to encourage local small businesses to invest in new technologies to increase productivity.
- You can apply for the PSG Grant by contacting a PSG pre-approved vendor and sign a contract. You can then go to businessgrants.gov.sg to file your application.
- You can only apply for the grant after signing a contract with a pre-approved vendor. However you must not have received the service yet.
Singapore is home to many different kinds of businesses. It has welcomed these businesses and in return, these companies have been the foundation of its strong economy. Companies of all sizes can be found in Singapore. That is why Singapore extends a helping hand (hint: via the PSG Grant), especially to small and medium enterprises.
Singapore helps these businesses by offering health through different kinds of grants. There can be monetary grants or those that involve helping them create website PSG commerce. One of the most in-demand grants is the productivity solutions grant as it covers IT solutions.
Note that Singaporean SMEs will also be provided a $10,000 SkillsFuture Enterprise Credit for business or workforce transformationshttps://www.enterprisejobskills.gov.sg/content/upgrade-skills/sfec.html.
What is PSG?
As mentioned it this is a grant that is focused on technology-based solutions. It was launched back in April 2018 to help businesses such as SMEs in their business journeyhttps://www.straitstimes.com/singapore/singapore-budget-2018-productivity-solutions-grant-among-measures-to-foster-pervasive. It helps companies to adopt new technology-based solutions and strategies.
The productivity solutions grant offers technological solutions, equipment, and even consultancy to help businesses. It aims to improve productivity and align different industry roadmaps with the help of innovations. For example, it helps build website PSG eCommerce software.
The current funding scheme of the productivity solutions grant is up to 50%https://www.enterprisesg.gov.sg/financial-assistance/grants/for-local-companies/productivity-solutions-grant. This current rate can continue until March 31, 2020, and can be used by small and medium enterprises to create website PSG commerce. However, the grant would depend on your company’s grant cap. This cap can be checked Through the business grants portal to verify your current status.
Who is eligible to apply?
As the Productivity Solutions Grant is a very comprehensive and helpful grant, there are many businesses who want to apply and avail of this. Below are some of the qualifications that must be met to be eligible for the PSG. The first qualification is for the company to have a Singapore-registered company. The said company should also be operating within the country. The company should also be interested in purchasing IT solutions that will be used in Singapore. For example, if the company wants to build a website PSG eCommerce, it must be used within Singaporean territory.
The interested company must also have a 30% minimum local shareholding. The annual sales should also be less than 100 million or less than 200 employees. The last qualification ensures that grantees or small and medium enterprises are really in need of help. If you meet the qualifications listed above, the new may apply for the grant to help you create website PSG commerce.
How to apply?
#1 Access your account
The first thing that you have to do to apply for the PSG is to access your account in the Business Grants Portalhttps://www.businessgrants.gov.sg/. This first step would help you acquire the grant and build website PSG eCommerce.
When you are already on the Business Grants Portal website, you have to access the ‘My Grants’ tab to get the process started. By clicking the get the new grant you can access the grant options.
#2 Select the correct business sector and grant type
During this process, it is important to disclose the sector that best fits your business. This way Singapore can properly assess and process your application.
You have to click on the upgrade key business areas such as technology. This can indicate that you need help to build website PSG eCommerce. After this, you have to select the ‘Pre-scope Productivity Solution’
#3 Meeting the eligibility criteria
This page contains the eligibility or qualifications when you want to apply for the productivity solutions grant. You can only choose ‘Yes’ if all given qualifications are met. These qualifications are the same as the ones given above.
#4 Fill in with your correct information
After this, it would ask for your contact details and other information. Inputting false information or contact details can lead to disqualification. It is also important to put the information of the main contact person of the application.
#5 Submitting the proposal
You have to submit a proposal to be eligible and build online store PSG grant. This page on the website would make it choose between equipment or IT solutions. You will have to indicate which of these choices is appropriate for you.
You would also have to fill up or fill in the details of the equipment or IT solution. Choosing the vendor who will help you build website PSG eCommerce is also done on this page. Documents such as quotations from the chosen vendors should also be submitted through the select files button. When all these are filled up in putting the right deployment location is also important.
The application process would also require you to input the cost when you build online store PSG grant. This would help the Singaporean government determine the right kind of graph for you.
As you fill out this application form to build online store PSG grant. You must always remember that only correct and factual details should be written. Putting false information can jeopardize or compromise your business and grant application.
#7 Details of the project
More information about the project would have to be submitted to help agencies assess the application. Your project’s overall impact on the economy and other details of the project would have to be explained.
There are many businesses who want to build online store PSG grant, the competition when applying for this grant is tight. Through this section, the Singaporean government can ensure that all grantees are those that have a great impact on the economy.
#8 Review your application and submit
The last part of the application would be the declaration section. Complete this section and review your application. You will also be required to fill out the consent and acknowledgment form. Review your application thoroughly and click submit once you are done.
Apply and start building your eCommerce website today
You can have a reliable partner agency to help you through this application. There’re other options like Verz Design for eCommerce design. But every business owner should consider all their options. We aim to help small businesses in Singapore transition over their operations and streamline everything via technology. WLP Digital Solutions can guide you in applying for the Productivity Solutions Grant. Check out our services today and let us build online store PSG grant together. Call Digital Solutions at +65 6797 9149.