Due to this COVID-19 pandemic, businesses are facing distinctive difficulties and challenges in terms of productive capacity and revenue. So, how can an owner of a small and medium-sized enterprise enhance its productivity and put themselves ahead in the respective area? And, what do they have to do to kick-start their technology journey for automating the existing processes?
But, thanks to the Singapore government as they come up with a strategic plan, called PSG (Productivity Solutions Grant). Usually, it supports corporations keen on adopting IT solutions and equipment to develop business processes. This government grant strives to support small and medium-sized enterprises to heighten productivity by streamlining their processes. The Singapore government is just immediately beside the SME owners and supporting them by giving numerous tools and assists to maintain everything.
PSG grant in SG controls every sector-specific solutions like logistics, engineering, retail, construction, food, and many others. In addition, A Singaporean Small and Medium Enterprise (SME) can manage everything in areas of customer management, data analytics, financial management and inventory tracking with the help of PSG. These solutions will not only strengthen the industries to recapitulate their digitalisation but also provide adequate approaches for improving productivity efforts.
Well, what else is available in PSG? This guide will provide a brief idea of PSG. So, take a look.
Table of Content
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What is Productivity Solutions Grant (PSG)?
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What Is The Eligibility Criteria for PSG?
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How to Apply for PSG?
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Wrapping Up!
1. What is Productivity Solutions Grant (PSG)?
The productivity solutions grant is also pronounced as PSG, which allows the SMEs to improve their company performance and business processes by adopting the innovative IT solutions and equipment. The range of solutions is available within this single term that can make your business better in every area. Whether an SME requires an improvement in customer management, HR management, data analytics, financial management, quality assurance or any other, these solutions will expand their business even during thIs COVID-19. Some supportable solutions are:
- Virtual meeting and telephonic tools
- Logistics management tools
- Online collaboration tools
- Marketing management systems
- Temperature screening solutions
- Inventory Tracking Systems (ITS)
Together with Infocomm Media Development Authority, the PSG will also provide Laptop-Bundle Remote Working Solutions for every eligible business from 17 April up until 31 December 2020.
2. What Is The Eligibility Criteria for PSG?
The SMEs can apply for PSG if they meet the appropriate eligibility criteria of PSG. The requirements are easily accessible. Every Singaporean business that is registered and needed help in the purchase, lease, and subscription in other IT solutions within Singapore is eligible. To meet with the requirements for the grant, an SME owner must follow these three simple criteria:
- Your company should be Small or Medium-Sized Enterprise presently operational in Singapore.
- The local shareholding of your company must be around 30%.
- Your annual turnover does not exceed $100 million or your company must be equipped with more than 200 employees.
Qualified organisations who meet the subsequent guidelines can also be eligible for further subsidies supporting the SkillsFuture Enterprise Credits (SFEC) scheme.
3. How to Apply for PSG?
Once your business fulfils the required guidelines, this means you are free for taking your business to the next step – How to apply for PSG? The application process of Productivity Solutions Grant is simple and straightforward. You just need to follow some subsequent steps while applying for PSG.
In the first step, make sure the classified and relevant business solutions of PSG are able to delight your business requirements while surveying through the list of its supportable solutions. Businesses can pick the relevant solutions from a list of pre-scoped solutions. You just need to go through the navigation menu for selecting the type of solutions that you need to determine about the respective sector your business belongs to.
After identifying your business needs and solutions, you will need to take advantage of submitting a quotation request to vendors that implement the equipment and IT solutions you require. Getting the quotation from vendors is your next step.
- For IT solutions, you need to obtain a quotation from the pre-approved vendor.
- For equipment, you need to source for the equipment and receive a quotation from the vendor.
After making registration, move to the Business Grants Portal. There are following five simple steps for completing the submission of the grant application.
- Click on the “Get New Grant” Button.
- Answer three questions concerning your project.
- Fill out the request form and click on the “Submit” button.
- Track the status of your application.
- Accept the Offer Letter.
Now, you have to register your business and set up a CorpPass account in order to apply for the grant. CorpPass stands for Singapore Corporate Access. it is the digital ID given to all businesses based in Singapore. In order to receive a CorpPass, your Certified Officer needs to visit the CorpPass official site.
4. Wrapping Up!
If you really want to embrace the technology of your Singaporean company and attract more and more productivity, then you definitely consider the Productivity Solutions Grant (PSG) for better results. By filling out the online application form and submitting it, you are availed to take your business to the next level. Either you need IT solutions or equipment for your business processes, it is advisable to take benefit of the relevant solutions that can amazingly delight your business needs.
Hope, you find this guide informative and avail to fulfil your business needs with ERP software companies in Singapore !
