Productivity Solutions Grant (PSG) Pre-approved Solutions Vendor
Verz Premium Magento Ecommerce Package – V2
- Scalable
Customised E-commerce Website Design based on Magento 2.
- Fast
High Speeed 20GB Business Web Hosting.
- Supported
Up to 70% Funding Support with Productivity Solution Grant (PSG) and SkillsFuture Enterprise Credit (SFEC).
In our efforts to support SMEs growth, we’ve rolled out a premium Magento
Ecommerce solution that has been pre-approved under the SMEs Go Digital
Initiative. Because it’s been pre-approved, you’ll be able to dive right in to
growing your business without further delay.
Get started in funding your Ecommerce endeavour with the Productivity
Solutions Grant (PSG)!
Registered and operating in Singapore
Minimum 30% Singapore shareholding
Business is financially capable to complete the projectClients who successfully apply for the PSG with Verz Design are also eligible for the Digital Resilience Bonus if your
- Company’s UEN falls under the Food Services or Retail sectors as at 26 May 2020
- UEN has an active PayNow Corporate account
- UEN is on the Peppol e-invoicing network
Everything You Need to Know About the Productivity Solutions Grant (PSG)
On April 1, 2018, the Singapore government launched the Productivity Solutions Grant (PSG), a grant that encourages businesses to adopt digital productivity solutions. With today’s technology and everyone going digital, PSG aims to help companies that are determined in adopting information technology solutions and equipment to amplify their business processes in order to be more effective and efficient in improving their productivity.
In our efforts to support Small and Medium-sized Enterprises’s (SME) growth, we’ve rolled out a premium Magento eCommerce solution that has been pre-approved under the SMEs Go Digital initiative. Because it’s a pre-approved solution, you’ll be able to dive right into growing our business without further delay.
Productivity Solutions Grant (PSG) for SMEs
Industry collaboration is essential in maintaining Singapore’s innovative and productive SME atmosphere. Digital marketing is on the rise, and as companies move online, they would require support and funding for them to future-proof their business. With the PSG, SMEs will no longer have to worry so much about migrating to the digital space, as the government rolls out up to 80% of funding support to qualified businesses.
PSG Grant in Singapore
Every company owner, especially those operating an SME, wants their business to become the trusted and go-to brand in its industry. Digital marketing has evolved in many ways that it’s now a vital tool in building the trust and brand that you’ve always wanted for your business. Pair it with Singapore’s Productivity Solutions Grant, and you’ll be able to implement the best business strategies for your company to succeed in the future.
Productivity Solutions Grant (PSG) FAQs for Small Businesses & Websites in Singapore
Q. What is Productivity Solutions Grant (PSG)?
A. Productivity Solutions Grant is a program under the Environmental Services Industry Transformation Map (ES ITM) designed to augment the operational efficiency and productivity of the ES industry through technology adaptation.
Q. What does Productivity Solutions Grant (PSG) cover?
A. PSG covers sector-specific solutions including the retail, food, logistics, precision engineering, construction, and landscaping industries.
Q. Other than sector-specific solutions, what else does the PSG support?
A. The Productivity Solutions Grant (PSG) also supports the adoption of a solution that cuts across industries, such as in areas of customer management, financial management, inventory tracking and data analytics.
Apart from that, COVID-19 business continuity solutions such as online collaboration tools, virtual meeting and telephony tools, queue management systems, and temperature screening solutions are included. These solutions are pre-scoped by various government agencies such as the National Environmental Agency (NEA), Enterprise Singapore (ESG), and Singapore Tourism Board (STB).
Charities, Institutions of Public Characters (IPCs), Religious Entities, Voluntary Welfare Organisation (VWO), and Government agencies and subsidiaries are not covered by this grant support.
Q. Am I eligible to apply for a Productivity Solutions Grant (PSG)?
A. If you have a Singaporean Small and Medium Enterprise (SME) looking to continue your digitalization and productivity upgrading efforts and you meet the criteria below, then yes you can.
- The business should be registered and operating in Singapore.
- Have at least 30% local shareholding.
- Company’s Group Annual Sales Turnover of not more than S$100 million, or Company’s Group Employment Size of not more than 200 workers.
- Purchase / lease / subscription of the IT solution(s) or Equipment(s) should only be used in Singapore.
- The company must not have made any payment and signed any contract with a supplier, vendor, or third party concerning the purchase/lease/subscription of the equipment or IT solution.
Q. What benefit do I acquire if I apply for this grant?
A. Once your application is approved, the funding support will be raised to 70% of the qualifying cost from 1st April 2022. For Food Services and Retail sectors. support level will be up to 80% from 1 April 2022 to 31 March 2023.
Q. Where can I get information on equipment and pre-approved IT solutions?
A. You may see the full list on Tech Depot.
Q. Can the equipment or IT solution be used for the company’s supplementary or related party?
A. No, it can’t. The equipment or IT solution should only be used by the applicant’s primary entity and not by a related party.
Q. How long must the purchased equipment or IT solution be held?
A. The holding period is one year from the date of final claim disbursement.
Q. What are the documents required to be able to apply for PSG?
A. The documents needed are as follows:
- Purchase Order or Quotation Contract
- An invoice
- Screenshots showing the company’s name and the name of an IT solution.
- License number(s) of software with a minimum of one-month usage report
- Receipt or copy of cheque payment
- Bank statement showing the payment.
Q. How do I apply for the Productivity Solutions Grant (PSG)?
A. To apply for the PSG, you will have to:
- Visit Tech Depot to access the list of supportable solutions and identify which solution is applicable to which you want to acquire.
- Get quotations from a vendor and it must be unsigned. IT solutions and vendors have been pre-qualified under this grant.
- Not have signed any contract or made payment before submitting the PSG application.
- Once you have collated all necessary documents, submit your application to Business Grant Portal (BGP). Remember to have a CorpPass account to transact with BGP.
Q. Can you walk me through on how to apply for Productivity Solutions Grant (PSG)?
A. Sure, just the follow the steps below:
- Log in to Business Grant Portal
- Go to My Grants tab
- Click on “Get new grant”
- Select Sector that best describes your business
- In this “I need this grant/permission to” section, choose the “Upgrade key business areas, such as adopt technology, improve business processes or raise service standards” option. After that click Next.
- You’ll be asked “which best describes the area you will develop with this grant?”, choose “Pre-scoped Productivity Solutions”. Then hit Next.
- Now, for eligibility, mark ‘Yes’ if you meet the criteria for eligibility.
- Next, key in your contact details or the main contact person.
- Then fill in details of the Letter of Offer addressee.
- Submit your proposal. Don’t forget to answer all * mandatory fields.
- Indicate what type of solution you are purchasing.
- Next, select a vendor and fill in details of the equipment of the IT solution.
- Click ‘Select Files’ to upload supporting documents such as the quotation from the vendor.
- Fill in your deployment location.
- Provide details of costs.
- Fill in details of overall impact and productivity gains.
- Complete the declaration section.
- Read the consent and acknowledgement, tick the box.
- Review your application and click ‘Submit’.
Q. What is the annual grant cap for Productivity Solutions Grant (PSG)?
A. For companies supported by ESG, they are given an annual grant cap of S$30,000 starting the 1st of April until the 31st of March of the following year.
Q. What happens when the grant cap is fully utilized?
A. Companies that have fully availed of their grant caps will not be eligible for assistance within the validity period of the grant cap. They can apply again in the next cycle when the grant cap is already refreshed. Companies are strongly encouraged to strategize the use of the PSG for their purchase.
Q. What is the processing time for applications?
A. Applications are processed within 4-6 weeks from the submission of all required information/documents.
Q. How many Productivity Solutions Grant (PSG) can I apply for?
A. Companies can apply for more than one PSG, depending on your business needs. Also, take note that the support can only be extended for one package per solution category and deployment location. You cannot apply for the same IT solution to be deployed in the same location.
Q. What are the payment terms accepted?
A. Just like any usual business payment, cheques and bank transfers are acceptable.
For credit card payments, the owner of the card must be the sole proprietor, or in the case of corporate entities, there should be an official document stating that the expenses incurred were by the company and not for personal usage. Reimbursements to the director or individual need to be submitted as well.
Q. Is it possible to modify vendor quotations?
A. Apparently not. The information you have submitted to the PSG must not be different from your quotation.
Q. What about adding a complementary item to the vendor quotation?
A. Additional items can be quoted separately and make sure that whatever modification you have made to your package, you’ll also present it to IMDA for approval.
Q. Can a pre-approved vendor submit an application on my behalf?
A. Even if we want to, we can’t. Each organization should submit its own application.
SME start-up grants Singapore
In summary, Productivity Solutions Grant (PSG) is crafted for small-medium enterprises who want to invest in digital technology to help them gain more profit, be efficient and effective. With funding support of up to 80% of the qualifying cost once approved, we’ll definitely help every business entity to make progress in the digital world. Just make sure that when you apply for PSG, all details declared are true; it’s also free to apply.
Contact us today to schedule a consultation, where our experts will help to assess your eligibility to apply for the SMEs Go Digital initiative and receive up to 70% funding from the PSG and SFEC.