SMEs in Singapore Can Benefit From the Productivity Solutions Grant (PSG) to Embrace Its Solutions and Equipment
The GMO or the Grants Management Office of MTI in Singapore has come up with a new initiative called the Productivity Solutions Grant (PSG). The specific agencies administer the initiative for assisting companies in its journey towards the transformation. PSG is aligned with the ITMs or Industry Transformation Maps and offers assistance to embrace IT equipment and solutions. It has been pre-scoped by the lead agencies of the industries.
PSG streamlines the prevailing grant schemes as a part of the efforts made by the Singaporean Government. It is to ensure that the overall grant procedures are simplified. Any business that desires to embark upon productivity solutions just has to apply for seeking support for only a single grant scheme. Another key objective of PSG is to support businesses in a better manner in the next stage of their transformation that may need commitments for a longer-term and more substantial investments.
Productivity Solutions Grant is also available on the Business Grants Portal from April 1, 2018.
PSG and Its Aim to Support Business
It is important to realize and understand that technology is not simply about costly and fancy high-end solutions. In fact, a business can initiate their technology journey when they take certain simple and easy steps for enhancing productivity and automating the existing processes.
It is also the aim of Productivity Solutions Grant (PSG) to support businesses that want to embrace IT equipment and solutions to enhance the existing business processes.
To start with, Productivity Solutions Grant offers coverage to certain sector-specific solutions like landscaping, construction, precision engineering, logistics, food, and retail industries. The grant also assists in adopting solutions, which cut across sectors apart from sector-specific solutions like inventory tracking, financial management, data analytics, and customer management.
The different government agencies like NParks (National Parks Board) and Enterprise Singapore predefine the scopes of all such solutions in Singapore. PSG offers a maximum of 70 percent funding support. Thus, they are offering a path for the businesses to make technology investments for the long-term.
PSG will support the SMEs in their next transformation phase that may need more commitment and huge investments. Therefore, Productivity Solutions Grant has the features listed below:
- IT solutions are pre-scoped
- Pre-scoping of equipment with approved vendors for the IT solutions, as well as, simplification of the grant procedures
- A maximum of 70 percent of the funding cost
How to Be Eligible for Productivity Solutions Grant (PSG)?
All Singaporean local SMEs are eligible to apply for this grant. As long as those businesses will fulfil the criteria laid down by the Productivity Solutions Grant (PSG) of Singapore. These are as follows:
- The SMEs who are applying for the PSG grant needs to be registered, as well as, operating in Singapore
- These SMEs should have a minimum of 30 percent in local shareholding
- The SMEs should not have an annual turnover of over 100 million dollars. They should not employ more than 200 employees in their bluishness.
The SMEs are free to buy pre-approved solutions in digital form from the service providers. The affected solution providers can instruct their SME clients to submit their application for the grant. They can do it in the Business Grants Portal and under the PSG section.