What Does PSG Grant Cover For Your Business?

What Does PSG Grant Cover For Your Business?

In today's digital landscape, adopting modern technology is a necessity. The PSG grant is an initiative by the Singaporean government designed to help SMEs adopt technology to improve their productivity and streamline their operations. It supports businesses in various sectors by subsidizing the costs of adopting IT solutions and equipment that have been pre-scoped by various government agencies.

What is PSG?

To get the PSG grant claim, you first need to understand what is PSG. The grant aims at encouraging SMEs in Singapore to take the next step in their digital transformation. It offers substantial subsidies (up to 70% of the cost) for solutions that improve efficiency and streamline processes. The PSG solutions includes customer management, data analytics, inventory tracking, and financial management systems. In addition, the PSG grant’s objective is to make top-tier technology accessible to SMEs to help them to save time and resources while boosting their productivity.

Also read: How is PSG Helpful For Your Business in 2024?

Eligibility Criteria

The grant is targeted at SMEs that are registered and operating in Singapore. To qualify, you must be purchasing IT solutions or equipment for use in Singapore only. For PSG grant Singapore, you must have a minimum local shareholding of 30% if the solution requires it. Listed below is the criteria for application:

  • The business must be registered and operating in Singapore.

  • At least 30% local shareholding is required for selected solutions.

  • The IT solution or equipment should be used in Singapore.

These PSG grant criteria ensure that the PSG benefits are directed towards genuine business improvements for SMEs. They are committed to improving your operations through technological upgrades. By meeting these criteria, you can take a significant step towards transforming your operations and achieving new heights of productivity.

Also check: Who Qualifies For The PSG?

The PSG Grant Claim Coverage

The grant supports you in your transformation by covering various pre-approved technological solutions. These solutions are personalized to various sectors to ensure relevant and direct impact on the core operations of SMEs. The grant covers the following:

  1. IT Solutions and Equipment: It includes point-of-sale systems, online collaboration tools, customer management systems, and more. These PSG grant tools are designed to automate processes and improve business efficiency.

  2. Retail Solutions: Integrated solutions for inventory management, e-commerce, and customer engagement platforms that help retail businesses manage their operations more effectively and reach a broader customer base.

  3. Food Services: Solutions such as digital ordering systems, kitchen display systems, and PSG grant reservation management tools that streamline operations from kitchen to customer, improving service delivery.

  4. Logistics: Fleet management and route planning software that optimizes delivery routes and schedules, reducing fuel costs and improving delivery times.

    Examples For Better Understanding

    1. Retail: A retail clothing store can use a pre-approved inventory management system under PSG grant Singapore to track stock levels in real-time. It will reduce overstocking or stockouts and enhance customer satisfaction by ensuring popular products are always available.

    2. Food Services: A café may adopt a comprehensive digital ordering system that allows for efficient table management and order tracking. Through PSG grant solutions, the cafe can also integrate mobile apps for easy customer ordering and loyalty program management.

    3. Logistics: Logistics companies benefit from advanced GPS tracking systems and route optimization software, ensuring that drivers take the most efficient routes, thereby saving time and fuel.

      Benefits of PSG for Your Business

      The PSG grant claim covers up to 70% of the cost of modern digital solutions to reduce the financial burden on SMEs. By investing in technology at a reduced cost, you can allocate resources to other critical areas, such as product development or market expansion.

      Adopting new technologies through PSG grant can lead to substantial improvements in productivity and operational efficiency. For example, automating routine tasks reduces the likelihood of human error and frees up staff to focus on more strategic activities that add value to the business.

      Success Stories

      The below success stories are hypothetical to make you understand how the PSG grant Singapore will work for your business:

       

      • Story 1- Suppose a boutique store in Singapore implemented a CRM system that was covered by PSG. Over time, the CRM system helped the company personalize customer interactions and increase repeat business by 30%.

      • Story 2- Image a small logistics firm used PSG grant to adopt a fleet management system. Later, this system reduced their average delivery times by 25% and fuel consumption by 20%.

      How to Apply for PSG?

      • Start by reviewing the list of pre-approved solutions and equipment on the Business Grants Portal (BGP).

      • Choose solutions that align with your business needs.

      • Obtain a PSG grant claim quotation from the pre-approved vendors.

      • The quote must be valid when you submit your grant application.

      • Log in to the BGP with your CorpPass.

      • Complete the application form and upload the necessary documents, including the quote.

      • Keep an eye on your email for approval notification or any requests for additional information.

      Successful PSG Grant Application Tips

      • Double-check that both your business and the chosen solutions meet all eligibility criteria before applying.

      • Be meticulous in providing accurate and detailed information in your application to avoid delays.

      • Apply for PSG before purchasing any solution to ensure the grant covers your costs.

      How To Navigate The PSG Grant Challenges?

      Regularly check for PSG grant Singapore updates on the BGP and from relevant authorities to stay informed about any changes affecting your application.
      Consult with experts or individuals like MS Web International who have successfully obtained PSG. Their insights could streamline your process.

      The PSG Future

      The government periodically updates the list of supported solutions and eligibility criteria to adapt to technological advancements and changing business needs. Keep abreast of these PSG grant claim updates to maximize potential benefits for your business. You must also encourage your team to stay updated with the latest industry trends and technologies that could be supported under future PSG expansions. Regularly review and plan your technology needs to quickly leverage future PSG offerings that could enhance your business operations.

      Also read: What is PSG Grant for E-Commerce Merchants?

      Conclusion

      We have covered the essential steps and tips to successfully apply for the PSG grant. This blog also includes how to handle common challenges and prepare for future updates. In short, PSG is designed to help businesses like yours innovate and improve productivity, which is crucial for growth in today’s competitive environment.


      Visit the Business Grants Portal to start your application process today. If you need further assistance or have any questions, MS Web International is here to help you prepare and submit your PSG application!

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