The Productivity Solutions Grant (PSG) is a government-funded initiative launched by Enterprise Singapore to help Small and Medium Enterprises (SMEs) in Singapore adopt productivity solutions that can improve their business processes and increase efficiency.
The PSG provides funding support of up to 50% for qualifying costs for adopting pre-scoped productivity solutions listed on the PSG website. The grant also supports equipment purchase or lease, with funding capped at S$30,000 per company per year. The PSG covers solutions across various categories such as accounting, HR, inventory management, customer management, and others.
Eligible businesses can apply for the PSG through the Business Grants Portal and receive support from Enterprise Singapore’s SME Centres for advice on which solutions to adopt and how to apply for the grant.
By adopting innovative solutions and equipment, businesses can significantly reduce costs, increase productivity. Thus remain competitive in today’s challenging economic environment.
Eligibility Criteria for Singapore PSG
To be eligible for the PSG, businesses must meet the following criteria:
- Registered and operating in Singapore
- Have a minimum of 30% local shareholding
- Have a group annual sales turnover of less than S$100 million OR less than 200 employees (for selected solutions only)
- Not have received funding for the same project from another government agency
How to Apply Singapore PSG
To apply for the PSG, businesses can follow these steps:
Step 1: Choose a pre-scoped productivity solution from the list of solutions available on the PSG website or propose a project that meets their business needs.
Step 2: Obtain a quotation for the selected solution from the vendor or consultant.
Step 3: Submit an application through the Business Grants Portal. Businesses will need to provide their UEN (Unique Entity Number) and CorpPass ID (for corporate entities) or SingPass ID (for sole proprietors).
Step 4: Include relevant supporting documents, such as a project proposal and the vendor quotation.
Step 5: Once the application is submitted, the business will receive an email notification from Enterprise Singapore acknowledging the application.
Step 6: The application will be processed within four to six weeks. The business will receive a Letter of Offer if the application is approved.
Step 7: Upon acceptance of the Letter of Offer, the business can proceed with the implementation of the selected solution and submit a claim for reimbursement of the PSG amount.
The PSG covers solutions across various categories such as accounting, HR, inventory management, customer management, and others. Businesses can select a pre-scoped solution from the PSG website or propose a project that meets their needs.
The PSG covers up to 50% of the qualifying costs for adopting pre-scoped productivity solutions listed on the PSG website. The remaining costs must be borne by the company. The funding cap is S$30,000 per company per year. PSG also supports equipment purchase or lease, with funding capped at S$30,000 per company per year.
Businesses can seek assistance from the Enterprise Singapore’s SME Centres for advice on which solutions to adopt and how to apply for the grant. The PSG also provides support for businesses to hire consultants or trainers to implement the productivity solutions.
The Productivity Solutions Grant is an excellent initiative by the Singapore government to support local SMEs in enhancing their productivity and competitiveness. The grant helps companies adopt innovative solutions and equipment, leading to significant cost savings and efficiency improvements. Businesses should take advantage of this opportunity to increase their productivity and grow their business.
Get the human resources and payroll solution for your business with HRMLabs, a pre-approved digital solution vendor under Productivity Solutions Grant (PSG). HRMLabs is an HR and Payroll systems that designed to help business runs efficiently and improves productivity.