Are you curious about PSG Grant? PSG Grant will benefit you in many ways.
This guide will teach you everything you need to know about the PSG Grant, including eligibility requirements, the application process, and the types of solutions that qualify.
What is the PSG Grant?
The PSG Grant is a Singapore government initiative that helps SMEs in adopting technology solutions and increasing productivity.
Who is Eligible for PSG Grant?
To be eligible for the grant;
- Your company must be registered and operating in Singapore
- Have at least 30% local shareholding
- Have a group annual sales turnover of $100 million or 200 employees..
Furthermore, the solutions you propose must be covered by the PSG Grant.
How much funding can SMEs get through the PSG Grant?
SMEs can receive up to 80% funding support for the cost of pre-approved technology solutions through the PSG Grant.
The maximum annual funding amount per company is $30,000.
Keep in mind, however, that the amount of funding is determined by the scope of the project and the level of support provided by the solution.
Small and medium-sized enterprises (SMEs) are encouraged to apply as soon as possible in order to secure funding support.
How to apply for the PSG Grant and what documents are required?
SMEs can apply for the PSG Grant by completing an online application through the Business Grants Portal (BGP).
The application process is simple, and SMEs must provide basic company information, the project for which they are applying, and the cost of the solution.
SMEs must also provide supporting documentation such as quotations, invoices, and payment proof.
The supporting documents must be written in English or translated into English.
After submitting their application, SMEs can expect a response within four to six weeks.
Tips for maximising the benefits of the PSG Grant for your business
Consider the technology solutions that will best improve your productivity to maximise the PSG Grant’s benefits for your business.
To find the best solutions for your specific business needs, conduct research and consult with experts.
In addition, ensure that you have a clear plan in place for implementing and integrating the technology into your operations.
Finally, keep track of the project’s progress and outcomes to demonstrate the impact of the PSG Grant on your business.
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