The Productivity Solutions Grant (PSG) is a government grant in Singapore which first available for the public in April 2018 to support local SME businesses that want to use IT solutions and equipment to improve business processes and operations. PSG Singapore vendor provides numerous IT solutions for various industries, including retail, construction, logistics, precision engineering, and food. Currently, IT solutions mentioned include the support of a reliable ERP for many industries. This movement arose in the hope for local SME businesses to advance their business, especially with ERP automation.
The publication of enhancements to PSG was in the Supplemental Budget 2020 to encourage businesses to continue their digitalization and productivity enhancement efforts. However, from 1 April to 31 December 2020, the maximum level of funding support will be increased to 80 percent. With that fact, the government grant in Singapore gives an incredible opportunity for SMEs to experience the help of ERP in their business. A good ERP will be able to assist them in achieving growth way quicker. Learn about the pricing scheme calculations here.
What is PSG Grant?
The Productivity Solutions Grant (PSG) is assistance from the government for businesses that want in implementing IT solutions and equipment to improve business processes. For example, PSG offers solutions for the retail, food, logistics, precision engineering, construction, and landscaping industries. The PSG Singapore vendors have now reached over 250+. Furthermore, PSG will assist in the following ways:
- funding for up to 80% of the cost;
- PSG grant allowance of $30,000 per year;
- Pre-qualified IT solution vendors have been shortlisted.
- Grant applications have been simplified on the Business Grants Portal (BGP)
To be eligible for PSG, SMEs must meet the following criteria:
- Singapore is where the company is registered and operates.
- A minimum of 30% local ownership is required.
- Looking for IT solutions in Singapore?
You’re in luck if you register your SME in Singapore and still operate there with a minimum of 30% local equity-seeking for IT solutions like our eCommerce website development! You are qualified for the PSG.
however, you can still apply for PSG if your company has been in operation for less than 6 months, subject to Enterprise Singapore’s approval (ESG).
Pre Approved Vendor PSG
Here are some of the pre-approved PSG Singapore vendor which whom you could consider collaborating for your business:
2. 361 Degree Consultancy
3. Abundant Accounting
4. Accounts 101
5. Ace Business Pte Ltd
How Do Companies Apply for the PSG?
Before applying to the PSG, here are some of the documents businesses will need to apply for PSG Singapore:
- Purchase order or signed quotation acceptance/contract invoice
- Screenshots of the company name and the name of the e-commerce solution
- Software license number(s) with a minimum one-month use report
- Receipt or copy of the payment by cheque
- The payment appears on the bank statement.
Disbursement of the PSG grant will be credited directly to the company’s bank account through GIRO. The completed GIRO form must be through verification by the company’s bank and submitted to ESG before the company’s claim request. Moreover, it only requires one GIRO form on the first claim for multiple claims.
After understanding what is The Productivity Solutions Grant (PSG) Singapore and who the pre-approved vendors are, we hope you could find more information regarding the topic in this article. Now, HashMicro provides up to 70% funding support if you adopt HashMicro with PSG Singapore. With a guarantee of giving the best ERP experience, HashMicro will be the way you could boost your business. Learn about the software pricing scheme here.