Singapore has been one of the most technologically advanced countries in the world for several years. This makes Singapore want to help small entrepreneurs (SMEs) to move quickly in development. Therefore, Singapore provides assistance called PSG (Productivity Solution Grant) to subsidize the needs of small companies so that their business can be managed properly and correctly.
This assistance aims to introduce IT solutions, tools, and consulting services for digitalization. Additionally, to help businesses transform digitally, the government introduced the Productivity Solution Grant (PSG).
Read More: PSG Singapore: Solutions to Enhance Your Business Operations
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What is Productivity Soluions Grant (PSG)?
The Productivity Solutions Grant (PSG) is designed to assist businesses and organizations that want to use technology-based devices and solutions to enhance their operations. It contains industry-specific solutions and service companies in various sectors, including food, engineering, logistics, building, landscaping, retail, and e-commerce. For your company, pick from various digital solutions based on industries.
PSG’s pre-approved vendors can install the digital solutions listed below.
- Online Marketing Productivity Solution Grant
- e-Commerce Scholarship PSG award
If your business is awarded the PSG grant, you will receive up to 70% funding and access to top-notch digital solutions on April 1, 2022. It is the best alternative for digitizing your workplace, especially if you are unfamiliar with the process. Similar to digital marketing, A S$35 million PSG award for the financial services sector was introduced in 2020 by the Monetary Authority of Singapore (MAS) to encourage smaller financial institutions. In addition, it was a component of MAS’ initiative to help financial organizations become more productive.
Businesses from other industries might gain from the digital marketing Productivity Solutions Grant and those in the financial services sector. MAS’s funding assistance, known as the PSG award, helps SMEs increase productivity and efficiency.
It is just a matter of time before every organization uses at least one form of digital software or application as digital solutions spread and become more prevalent. Since 90.83% of Singaporeans have access to the Internet, marketers may engage, connect, and communicate with their consumers online in Singapore.
The PSG digital marketing grant was created to offer local companies in various industries financial assistance to buy the equipment and services necessary for their growth and development.
Read more: PSG Grant: How to Gain Up to 80% of Funding
Digital Productivity Solution Grant
You need to stay ahead of the competition by utilizing cutting-edge technology. By hiring a digital firm that is a pre-approved vendor for the solution, startups, and SMEs have additional options to go digital and stay competitive with the aid of a government-provided grant.
To further support SMEs, the funding for the Productivity Solution Grant increased in 2021 from 70% to 80% through 31 March 2022. For eligible pre-scoped solutions, the PSG grant support will return to 70% on April 1, 2022, except for the food services and retail sectors.
Singapore will set aside S$600 million over the following four years to assist SMEs with their operations and address their issues with digital marketing and e-commerce.
With the COVID-19 pandemic still active, this is the ideal opportunity to revamp your company and become digital with the aid of a PSG grant for digital marketing. The Productivity Solution Grant has the answers you need to assist your firm in going digital and outsourcing your services to a digital marketing agency.
When you apply for a PSG grant for your digital marketing needs, examine your eligibility, select suitable digital solutions, and prepare the relevant documentation for submission.
The advantages of the Productivity Solutions Grant are listed below.
The Benefit of Productivity Solution Grant (PSG)
Get 70% or More of The Funding Support
Applying for a digital marketing PSG grant might get up to 70% funding support. Firms can employ a sizeable sum of money to handle short-term problems or invest in long-term digital technology and resources.
From 1 April 2022, 70% of financing support will be available. Only the sectors under the food services and retail business industries—which are only relevant for certain solution categories—are eligible to receive 80% grant support.
These are solution categories apply to food services:
- Online/digital ordering and payment
- Online Reservation
- E-Procurement and B2B marketplace queue management
- Customer relationship management and e-Loyalty
- Equipment for general food services
Here is why solution categories are relevant to the retail sectors:
- Enchanted retail management system
- Commercial anti-money laundering (ML)/Countering the financing of terrorism screening
- Retail analytic
- Examining the online shop for retail analytics (B2C)
Access High-Quality Digital Solutions
Businesses typically apply for the Productivity Solution Grant (PSG) grant for widespread access to digital marketing solutions. E-commerce companies must keep their websites at the top of search engine results in pages. Importantly, a digital marketing PSG grant can give you access to crucial solutions, resources, and equipment. Select the right Productivity Solutions Grant vendor for your company, and establish your goals in advance. Depending on your needs, doing so should offer you the greatest and most suitable choices.
The Grant Is Acceptable
Businesses and enterprises that seek to implement digital technologies to enhance their operations are supported by the Productivity Solutions Grant. Consequently, companies in the following sectors may apply for a Productivity Solution Grant grant to cover their expenses for digital marketing or e-commerce:
- Food and beverage
- Logistics
- Precision Engineering
- Retail to Wholesale Seller
- Construction
- Landscaping
- E-commerce
The Productivity Solutions Grant also includes adopting solutions across industries, provided they are all related to customer management, data analytics, financial management, and inventory tracking.
Have a Good Head Start
When SMEs go digital, they may have difficulty competing with several companies that have been active in the e-commerce sector for a long time.
Equally important, aside from a lack of resources, most SME owners have little to no knowledge of how to reach potential clients and effectively run a successful online business.
Moreover, the good news is that SMEs can get a head start on resolving these issues and standing out from their rivals with 70% cash from a Productivity Solution Grant digital marketing grant.
An SME owner can anticipate amazing outcomes and a good improvement in their e-commerce even though the aforementioned support is a one-time claim per solution, as long as they contact the appropriate pre-approved vendor.
PSG Eligibility Criteria
- Registered and operating in Singapore
- Less than $100M in yearly revenue
- Have a minimum of 30% local shareholding
Conclusion
Thanks to the generous incentives offered by the Singaporean government, the future of Singapore is bright. Especially, spend some time researching and selecting the right grant for your company.
Finally, to enhance your digital marketing efforts right now, think about applying for PSG! With HashMicro, you can Kick-start your business growth by claiming up to 70% Productivity Solutions Grant (PSG) for HashMicro ERP Software!
