The Productivity Solutions Grant (PSG) is a new initiative by the Grants Management Office (GMO) to consolidate grants and pre-scoped solutions from various government agencies into one central platform.
This makes it easier for business owners to have a great overview of the grants available and to apply for them easily with dedicated and central support.
With PSG, businesses owners will only need one standard application and claim form. The application process will be standardised and all the information will be available once the desired solution is selected on the grants portal.
The PSG will launch on 01 April 2018 on the Business Grants Portal (BGP). In the initial phase, the PSG will combine the below 3 existing well-known grants.
– Spring Singapore’s Innovation and Capability Voucher (SPRING ICV)
– National Parks Board’s Landscape Productivity Grant (NParks LPG)
– Infocomm and Media Development Authority’s pre-approved digital solutions (IMDA SMEs Go Digital Programme)
More schemes and grants will be streamlined into PSG in the later stages.
We recommend that you should hold off until PSG is launched before applying for new grants.
However, if you have some grants applications that you like to submit now, please note that 29 Mar 2018 is the last day to submit applications for both SPRING ICV and NParks LPG. This allows time for the said schemes to transit to PSG.
For PSG, the general eligibility criteria will be as below:
– Singapore registered businesses with at least 30% local shareholdings.
– The desired solution must be used in Singapore.
– And the solution must not have been purchased before the grant application. (No retrospective application.)
Pre-scoped IT solutions and equipment which are easy to adapt and increase productivity are already identified. Once you apply for PSG through BGP, you will be able to see the available solutions that are applicable to your industry.
Typically, the reimbursements provided by the PSG are up to 50% or 70% of costs incurred, depending on the selected solution. (On a related note, some local banks are now offering bridging loans to improve your cash flow while waiting for reimbursements.)
The types of payments available are typically direct purchase, hire purchase and 1-yr subscription for IT solutions.
Again, all related information will be displayed on your chosen PSG solution during application.
Do note that you will need CorpPass to access BGP.
If you need more information, please feel free to contact us.