As a small business owner, you want to boost your productivity to increase your profits, but affording tech productivity solutions can be challenging. The Singapore government offers financial support for those solutions through the Productivity Solutions Grant (PSG).
Implemented on April 1, 2018, this program combines several previous grant schemes into one application process. A PSG covers up to 80 percent of the cost for selected IT solutions and equipment that support your business processes and improve productivity. Businesses in the retail, food, logistics, precision engineering, construction, and landscaping sectors have the option for industry-specific solutions under the grant. Businesses in the food sector may qualify for tools such as an automated cake slicer, high-speed oven or vertical carousel, for example.
If your small business falls outside those sectors, you still have the chance to get a grant for other solutions. Options here relate specifically to customer management, data analytics, financial management and inventory tracking.
The following criteria would need to be met to qualify for PSG funding support:
- Own an SME that’s registered and operating in Singapore
- Use the IT solutions and equipment purchases with the grant money in Singapore
- Have at least a 30% local shareholding.
If you meet the basic requirements, check the list of qualified solutions for PSGs to make sure your business needs (equipment or product) qualifies under the grant. If it does, get a quote from the vendor before submitting your application.
SMBs in Singapore can also apply for the PSG via:
– The Business Grants Portal.
– Through our ProAdvisor: ACC Pro (Singapore).
No matter how SMEs fund productivity solutions, using tech-based products can significantly cut down on your work time. Products such as QuickBooks Online help SMEs handle all financial aspects of your business, from generating reports to automating invoices. Many apps and tech solutions integrate seamlessly into QuickBooks for greater efficiency.
PSG makes tech productivity solutions more affordable for small businesses in Singapore. Make your business processes more efficient to help reduce labour costs and increase profits with help from this government grant option.