In today’s business environment, implementing advanced IT solutions is crucial for a company’s growth. The Singapore government’s Productivity Solutions Grant (PSG) provides substantial support in this endeavour. There has been several changes to the PSG Grant since 2018. But the following guide will walk you through the application process for the PSG in 2023, ensuring your business gets the best shot at harnessing the benefits of this pivotal funding program.
Get a quote from a pre-approved PSG vendor
First, identify the solutions best tailored to your business needs. For example, if you’re looking for an accounting software grant to improve the efficiency of your accounting, you may want to use a software like Xero accounting. You must choose a pre-approved accounting software like Quickbooks or Xero and you must work with a pre-approved accounting firm. Visit the GoBusiness Gov Assist platform, which provides a comprehensive list of adoptable IT solutions. Select those most pertinent to your operation to leverage this funding opportunity effectively.
Once you’ve singled out the appropriate solution, it’s time to get a quotation. For IT solutions, reach out to a pre-approved vendor, while for equipment, source the required equipment and request a quotation from the vendor. For consultancy services, secure a quotation from a pre-approved consultant. Note that only the actual purchase or hire cost of the approved solution is supported, excluding administrative fees or charges like delivery and installation costs. It’s worth noting that EnterpriseSG does not require any application fees for its schemes.
Submit your PSG application on BGP (Business Grants Portal)
Armed with these quotations, you can now navigate to the Business Grants Portal (BGP) to submit your application. You’ll need to sign in to your Corppass account to transact on the BGP. If you don’t have a Corppass account, you’ll need to sign up for one. Businesses incorporated in Singapore can sign up for a Corppass account. For guidance, refer to the Corppass User Guide and the BGP Step-by-Step Guide.
To ensure a smooth application process, consider referring to the PSG Application Checklist for necessary documents and information. Expect to receive an update about your application around six weeks after submitting all required details.
Preparation is key, so gather all necessary documents and information. This includes your contact details, the details of the main contact person, and the details of the Letter of Offer addressee (either the CEO or Managing Director as registered with ACRA, or other authorised individuals). You will also need the vendor name and details of the equipment or IT solution, the vendor’s quotation, other supporting documents, and your deployment location. Additionally, you should prepare a detailed proposal of the project’s cost, its overall impact, and its expected productivity gains. You can make changes to your PSG Grant but it may be a hassle to do so later, so make sure that you fill up all the details right the first time round.
What happens after your PSG application gets approved?
Upon approval, you can submit claims for reimbursement on the Business Grants Portal. Ensure that your solution has been purchased or subscribed as approved in the application, has been in use for at least 30 days, and has been paid in full.
Finally, note that disbursements can only be made after claims have been approved. Effective from 1 February 2023, funds are disbursed through PayNow Corporate. Register for PayNow Corporate with your UEN through your respective banks and submit your details through FormSG.
Applying for the PSG is a streamlined process that, when done correctly, can immensely benefit your business. Ensure you meet the eligibility criteria and follow the application guidelines closely to maximise your chances of securing this impactful grant.