Have you ever thought about needing support from someone for your business? Well, most of us have if we are being completely honest. Starting a business, even a normal one, is not that easy. You need to invest a lot of time, money, and effort into it. We recently met up with a friend of ours and had a brief chat about digital businesses. And the processes you have to go through to start a successful one. We stumbled upon the PSG Grant that is being offered by the Singapore government during the conversation.
Most people don’t know about the PSG Grant by the Singapore government and we did learn it during the conversation with our friend. Being a digital marketing agency in Singapore, we thought we should probably do our best to explain to our readers what it is about. And all other details a business owner may want to know about. So that is what we are here to do today. Let’s take a look at some important and basic details of the PSG Grant by the Singapore government, shall we?
What is a PSG Grant?
The PSG Grant (Productivity Solutions Grant) by the Singapore government is an SME (Small and Midsize Enterprises) Grant that offers support to the businesses registered in Singapore. Most businesses were started without any modern equipment or digitization in the start. If any of those businesses would like to digitalize, modernize their business with IT Solutions and equipment, PSG Grant supports that process.
This PSG Grant by the Singapore government supports sector-specific industries like retail, food, engineering, logistics, etc. It also supports other sector-specific industries such as Customer relationship management, financial management, data analysis, etc.
What is the Grant amount for PSG?
The Singapore government supports these businesses with up to 80% of the costs they may need. This enhanced PSG support of 80% that was started because of the 2020 Pandemic will last up to 31st March 2022. After that, the grant will go back to offering 70% of the funding support for qualifying businesses.
Which businesses are eligible to apply for the PSG Grant?
There are a few eligibility criteria that you need to check to make sure that your business qualifies for the PSG Grant. Here are all the eligibility criteria your business must qualify on to apply for the PSG Grant:
- Make sure your company or business or registered/incorporated in Singapore
- You also need your business’s annual sales turnover to be less than S$100 million
- Your company’s workers or employees number has to be less than 200 to apply for the grant
- Your company must use the purchases/leased/subscribed IT solutions or equipment in Singapore
These are all the important eligibility criteria that your company needs to qualify on to apply for the grant. Now let’s take a look at the documents you need to submit to avail the PSG Grant by the Singapore government.
What documents do you need to submit for the PSG Grant?
If you have made sure that you are eligible to apply for the grant, you need to get the below documents ready to start applying.
- For IT solutions: Get a quotation from the pre-approved vendor
For Equipment: Source for the equipment and get a quotation from the vendor
For Consultancy Service: Get a quotation from the pre-approved consultant
- Your company’s financial statements for the last few years (preferably three years)
- You also need to get ready the license of the software you have been using for more than a month
- And lastly, a copy of the ACRA (Accounting and Corporate Regulatory) certificate
Now let’s see how to apply for the grant, shall we?
How to apply for the PSG Grant?
After making sure that your company meets all the eligibility criteria and get the documents ready, you can start applying for the grant.
Log into the Business Grants Portal site and carefully submit your application. An application can take up to four to six weeks to be processed. It can take longer than that in some cases so be patient.
After the processing, you can log in to the same site to check if your application has been approved or not. If it is approved, you can accept the letter of offer by the Singapore enterprise to get started.
After using the subscription/purchase/equipment for at least a month, you can file a claim.
Be sure that you don’t purchase any equipment or subscription before applying for the grant to get the support you need. You also need to make sure that you purchase only from a qualified vendor to be eligible for this grant.
How to file a claim?
To file for a claim, you need to make sure you get the required documents ready. The documents you require to file for the claim are:
- Invoices and receipts from the purchased vendor
- A bank statement that shows the payment made to the vendor
- Screenshot of the license number of the software or equipment you are using
- Usage proof or report of using the purchased the equipment or subscription for a month
Then you can file for a claim by doing the following steps:
- Log in to the Business Grants Portal website. Then go to the ‘Claims’ tab under the ‘My Grants’ option
- Then start entering and uploading all the necessary information and documents required for the claim
- Fill out the declare and review section and submit the claim
Once the application for the claim is approved, you will get the necessary amount to the company’s account. You will receive an email to get confirmation on the transaction.
And that’s it. That is everything you need to know about PSG Grant, how to apply, how to file for a claim etc. If you require any further assistance to apply for this grant, you can also hire a professional tech solution.
We hope this blog was informational and useful. For more similar business-related content, make sure to take a look at Shadowbizz digital marketing blog.