Unlock Up to S$30,000 for Your Business with the Productivity Solutions Grant in Singapore
Are you an SME owner seeking funding to enhance your business productivity? Great news awaits!
Launched in 2018, the Productivity Solutions Grant (PSG) is a government initiative designed to provide financial support to businesses. Grants like the PSG can help you upgrade your tools and resources, ultimately boosting your company’s productivity.
This guide outlines the benefits of the PSG, eligibility criteria, application process, and what to expect.
What Does the Productivity Solutions Grant Offer?
The PSG allows businesses to claim expenses for approved support solutions. You can find a comprehensive list of eligible solutions and approved vendors based on your sector. Keep in mind that your SSIC code determines your specific sector.
In addition to sector-specific solutions, the PSG offers options across three main categories: IT solutions, equipment, and consultancy services.
To apply, you’ll need to obtain a quotation from an approved vendor and submit your application through the Business Grants Portal (BGP). Make sure you have a Corppass account to access the portal’s features. Don’t forget to submit your claim before the due date to ensure eligibility.
As of April 1, 2023, the maximum support for all sectors is 50% of eligible costs. For example, if your approved expenses amount to S$1,000, you can claim S$500, with a maximum annual cap of S$30,000 per eligible company.
Eligibility Requirements
To qualify for the PSG, your business must meet the following requirements:
- Be a registered and operational entity in Singapore.
- Have a Singaporean or Singapore PR holding at least 30% of the total shares.
- Not exceed S$100 million in turnover or have more than 200 employees.
- Ensure that purchased solutions and equipment are used solely in Singapore.
- Not be classified as a charity, institution of public character (IPC), religious entity, voluntary welfare organization (VWO), society, or government agency.
How to Apply for the Productivity Solutions Grant
Identify pre-approved solutions that align with your business objectives. You can find these here. Reach out to the vendors for quotations.
Log in to the Business Grants Portal using your Corppass. Fill out the necessary information about your selected solutions, your business, and estimated project costs. You may need to include supporting documents like quotes or proposals.
1. Approval and Evaluation
Once submitted, your application will be assessed by the relevant government agency. If approved, you’ll receive a letter of offer detailing the grant amount and any specific conditions.
2. Project Execution
Connect with your approved vendor to implement your project within the designated timeframe. Up to 50% of the qualifying costs can be funded through the PSG.
3. Claiming Your Grant
After completing your project, submit your claims and supporting documents via the Business Grants Portal. Once verified, the grant amount will be disbursed to your business.
Take advantage of the Productivity Solutions Grant to elevate your business operations and drive growth in Singapore!
