Productivity Solutions Grant (PSG) guide for SMEs in Singapore
In Singapore's rapidly evolving business landscape, SMEs must enhance productivity and innovation to remain competitive. The Productivity Solutions Grant (PSG), a government initiative, is set up to offer substantial subsidies for SMEs to adopt IT solutions and consulting services.
This all-inclusive guide explains PSG's eligibility criteria and application procedures and offers tips to increase your chances for a successful grant application. Regardless of whether you're a seasoned grant applicant or new to the process, this guide empowers your SME for growth in Singapore with the help of PSG!
What is the Productivity Solutions Grant (PSG) in Singapore?
The Productivity Solutions Grant (PSG) is a Singaporean government initiative designed to support SMEs in enhancing their productivity.
It offers a 50% subsidy to businesses for the adoption of IT solutions and consulting services provided by pre-approved vendors.
The grant has a maximum cap of SGD 30,000, allowing businesses to automate existing processes and boost productivity through digital solutions and equipment offered by these pre-approved vendors and consultants.
What are the different types of PSG solutions?
Sector-specific solutions
Eligible for companies in specific sectors, these solutions are tailored by sector lead agencies and encompass sectors such as:
Advanced manufacturing
Building and construction
Early childhood
Engineering services
Food
Food manufacturing
Food services
Legal
Logistics
Marine and offshore
Personal care services
Precision engineering
Retail
Security
Travel agents
Wholesale trade
Generic solutions
Applicable to businesses across all sectors and industries, these solutions aim to enhance overall productivity and streamline the management of various business processes and functions. This includes:
The PSG grant for laptops ended on 31 December 2020 and there has been no extension since then. However, you can still tap into the PSG grant to adopt the above IT solutions.
Where can I find the PSG pre-approved vendor list?
You can refer to this PSG pre-approved vendor list to shortlist your preferred vendors for the various IT solutions.
What are the criteria to apply for the Productivity Solutions Grant (PSG)?
Business entities can apply for PSG if they meet the following criteria:
Registered and operating in Singapore.
Your business’s annual sales turnover is less than SGD 100 million, or you have less than 200 employees.
For consulting services, you will need to have at least 3 local employees before applying.
Purchase/lease/subscription of IT solutions and consultancy services must be used in Singapore.
After selecting the appropriate IT solution or equipment for your business, communicate with the solution provider to obtain a quotation from the pre-approved PSG vendor.
Tip: After selecting the solution that is suitable for your company's headcount, reach out to us here to receive a pre-approved quotation. We also provide product demos and full support throughout the grant application process!
To submit your application, you will need to register for a Corppass account, which allows you to apply for the grant on the portal.
Visit Corppass website and click on "Get Started" to begin the registration process.
Fill in your organisation's details, including your Unique Entity Number (UEN).
Select the relevant roles and permissions for your Corppass account.
Add users to your account and allocate roles as needed.
Review the information, confirm your registration, and wait for approval.
Once your account is registered, you can proceed to submit your application online via the Business Grants Portal (BGP).
What are the steps to apply for the Productivity Solutions Grant (PSG) on the Business Grants Portal (BGP)?
Log in to Corppass: Ensure you have a Corppass account and log in.
Access Business Grants Portal (BGP): Go to the Business Grants Portal (BGP) using your Corppass credentials.
Apply for grants: Select “My Grants” on the header menu, followed by “Get new grant” under the “Applications” tab.
Select the sector which best describes your business and click “Next”
Select “Upgrade key business areas, such as adopt technology, improve business processes or raise service standards” and click “Next”
Select “Pre-scoped Productivity Solutions” and click “Next”
Scroll down and click on “Proceed”
Check eligibility: Confirm that your business meets the eligibility criteria for PSG and click next
Provide your contact details: Apply for your grant with accurate business details such as main contact person, mailing address, and so on.
Submit your proposal
Type of solutions: Select either IT Solution or Consultancy Service
Search for your preferred solution provider
For example, if you are applying PSG for Payboy, search for “Payboy HRMS - Package X (XX Employees) based on the the package that matches the quotation provided by Payboy
Fill in the reason on “Why do you need this solution?”
Indicate the date that you wish to start using the solution
Indicate the no of units required
Attach documents: Upload necessary documents, such as vendor’s quotations and other supporting documents to support your application.
Provide details of costs
Explain the business impact
Declare and acknowledge terms
Review and submit: Double-check the application for accuracy, and then submit it. Upon successful application, you will receive an email from MTI BGP.
Await processing: Your application will be processed, and you'll receive email notifications on its status.
Grant application approval: If your application is approved, implement your project and submit claims on the BGP after project completion.
What are some useful tips to ensure a successful grant application?
If you're a first-time grant applicant, consider these tips to increase your chances of success!
Tip #1: Check eligibility criteria
Each grant has its own set of eligibility criteria, which may depend on factors like business size, nature, and format. Your revenue and regulatory compliance will also be considered. Make sure you meet all the criteria before applying.
Tip #2: Seek professional advice
Connect with a grant specialist when a new grant is announced. They can assess the likelihood of your application's success and offer valuable insights to improve your chances of approval.
Tip #3: Prepare supporting documents
Prepare all the necessary documents and ensure that your application is in an editable format. Save it as a draft and create backups to ensure all your hard work is preserved.
Tip #4: Follow the application procedures
Provide clear and concise answers to the application questions, and submit your application well before the deadline to avoid last-minute rushes.
Tip #5: Double-check the details
Review your application for accuracy and ensure that you tailor your answers to align with the grant priorities and your business goals before submission.
Feel free to reach out to us if you are keen to apply for a PSG grant to adopt Payboy HR software. We're here to help you every step of the way!
How do I file for a PSG claim on the Business Grants Portal (BGP)?
Now, let's delve into the detailed steps you should follow when filing a PSG claim on the Business Grants Portal.
Step 1: Log in to the Business Grants Portal (BGP)
Log in to the Business Grants Portal (BGP) website using your Corppass credentials. Make sure you have your Corppass username and password ready.
Step 2: Select "File a Claim"
Once you are logged in, look for an option that allows you to "File a Claim" or a similar phrase. Click on this option to begin the claim process.
Step 3: Choose your grant
Choose the grant for which you are filing a claim. Make sure it corresponds to the grant you were approved for.
Step 4: Complete the claim form
You will now be directed to a claim form. This is where you will provide details about your project, expenses, and other relevant information. Fill out the claim form accurately. Be sure to double-check all the details to ensure they are correct.
Step 5: Attach supporting documents
Upload all the necessary supporting documents, including invoices, receipts, quotations, and any other relevant files. Ensure that the documents you upload are clear and legible, as these will be used to validate your claim.
Step 6: Review and submit
Before submitting your claim, double-check the accuracy of your claim form and the completeness of your attached documents. Click the "Submit" or "File Claim" button. This will initiate the claim submission process.
Step 7: Await processing
After you've submitted your claim, it will undergo a processing period. The processing time may vary depending on the grant and other factors. During this time, you can check the status of your claim through the Business Grants Portal.
Step 8: Claim disbursement
If your claim is approved, congratulations! The grant amount will be disbursed to your business account. The disbursement process may also take some time. Be sure to monitor your account for the arrival of the grant funds.
Streamline your HR processes with Payboy today!
As a PSG-approved HRMS, Payboy provides a robust system to help you manage your HR tasks so that you can focus on your business and people!
With our wide range of modules, you can customise a solution to meet the specific needs of your business:
Reach out to us if you are keen for a free demo on how we can help you save hours and give you some peace of mind on payroll and other HR matters so that you can focus on your business and people.
