This article was first published on 24 December 2020 and has been updated with the latest information from the Budget 2021 announcement. The enhanced maximum support level on the Productivity Solutions Grant (PSG) of 80% will now be extended 31 March 2022.
Entrepreneurs are constantly pursuing ways to boost productivity at the workplace. After all, a more productive team allows more and/or better work to be done in less time, and for employees to leave on time. As workers feel in control of their workload, it reduces burnout and improves their well-being. So it’s no wonder that productivity hacks remain a perennial topic.
If you are planning to boost productivity for your company, consider applying for the Productivity Solutions Grant (PSG), where SMEs can get up to 70% off on technology solutions and equipment.[Update: During the Budget 2021 speech, DPM Heng Swee Keat announced that the enhanced PSG funding support level of 80% will be extended to 31 March 2022. Support levels will revert to 70% thereafter.]
What Is The Productivity Solutions Grant Grant (PSG)?
In general, businesses can apply for 1) pre-scoped IT solutions; 2) pre-scoped equipment; and 3) pre-scoped consultancy services.
The PSG grant then has sector-specific solutions within each of the 3 areas, including for retail, food, logistics and construction. It also covers solutions for customer management, data analytics, financial management and inventory tracking.[Update: The Productivity Solutions Grant SkillsFuture Training Subsidy (SFTS) has been phased out, and replaced by the SkillsFuture Enterprise Credit (SFEC) from 1 March 2020, which provides $10,000 grant to offset up to 90% of your business’ out-of-pocket expenses.]
How To Apply For PSG Grant?
Companies can apply for the PSG grant via the Business Grants Portal, where you can also apply and manage all your other business grants.
To login to the portal, you need to have a CorpPass account, which is used for corporate transactions on Government digital services. If you need help setting up a CorpPass account, refer to this guide here.
Once you’ve got the account up, your next step is to figure out which solution is best suited for your business. You can find a list of PSG approved vendors on Tech Depot.
Once you have chosen your preferred solution, contact the vendor for a quote. This applies to both IT solutions and equipment. At this stage, you need not purchase the solution yet.
Next, fill up the application form for PSG grant. This form can be found on the Business Grants Portal and only accessible upon login. Submit the completed form with the quote via the portal.
It takes about four to six weeks for your application to be assessed. When the application is approved, you will receive an email. Within 31 days, you will have to accept the application on the portal.
You’ll receive disbursements after you have purchased the solution, paid for the expenses and submitted all claim documents.
Take note that the PSG Grant only applies to solutions that your company does not currently use.
Who Can Apply For PSG Grant?
SMEs can apply for the productivity Solutions Grant if they fulfil these criteria:
- Registered and operating in Singapore
- Purchase/lease/subscription of IT solutions or equipment to be used in Singapore
- For selected solutions, have a minimum of 30% local shareholding
With so many approved vendors out there, deciding on a specific vendor can be hard. The best way is to figure out what your business needs. Do you need help in accounting, cybersecurity or human resource? Once you have that ironed out, it’s easier to sieve through the vendors to find a suitable solution.
Below, we list a short round-up of certain approved vendors. For a full list of PSG Approved Vendors, head here instead.
Businesses who wish to automate accounting, inventory, HR and sales can consider A2000 Solutions’ business management tool. Streamlining quotation and invoice processes or HR services such as payroll or leave can boost efficiency and productivity, as time is freed up on such tasks.
Online retailers can apply for Shopify, an e-commerce platform with a full suite of features. Services such as payment, marketing, store management and web hosting are provided, making it much easier to build and manage your online store.
Running a restaurant is hard work. To stay ahead of the game, F&B owners can adopt Oddle’s online ordering system. Customers can view the menu, make an order and pay online with Oddle’s solutions. By streamlining such processes, it helps to better manage delivery and takeout orders, boosting efficiency.
# 4 aZaaS
If you wish to improve customer interactions, tap on aZaaS’s IonTone TapBot for a chatbot. Apart from enhancing customer engagement, this AI solution also has a dashboard that provides data insights that can help you make more informed decisions.
Businesses who wish to go digital can use DocuWare solutions, provided by Pericom Imaging. DocuWare is a digital document management software, allowing you to securely store and organise any document in a centralised space. It also helps to automate processes such as invoice approval or employee onboarding, typically tasks that are heavy on paperwork.
Building a Sustainable Future
Be part of the Singapore Green Plan 2030 and achieve your business’ sustainability goals. Fund your green initiatives today with the OCBC SME Sustainable Financing Framework.
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