Productivity Solutions Grant (PSG)
As a pre-approved vendor for the Productivity Solutions Grant (PSG) for three consecutive years, FirstCom Solutions has been helping countless small-medium enterprises (SMEs) implement e-commerce solutions to scale and grow their business.
The PSG supports companies who are looking to adopt IT solutions to enhance their business processes. Besides sector-specific solutions, PSG provides up to 80% funding for approved e-commerce solutions, such as FirstCom’s E-commerce Web Software Development Package.
In our partnerships with SMEs to help them go digital, we’ve come across several frequently asked questions regarding the PSG grant. From eligibility to application, documentation and more; you can refer to the questions below to clarify any doubts.
Q1: What is the PSG Grant?
The PSG is a government grant in Singapore that supports local SMEs who want to utilize IT solutions and equipment for their business operations. PSG covers many IT solutions for various industries such as retail, construction, food, and also solutions in business management, processes and systems, such as customer management, inventory management, financial management. Check out a list of what PSG covers here.
Q2: Who is eligible for the Productivity Solutions Grant (PSG)?
SMEs must meet the following criteria to be eligible for PSG:
- Registered and operating in Singapore
- Have a minimum of 30% local shareholding
- Looking for Singapore-based IT solutions
If you’re an SME registered and operating in Singapore with a minimum of 30% local shareholding and looking for IT solutions such as our eCommerce website development, you’re in luck! You’re eligible for the PSG.
For start-ups with less than 6 months of operating period, you can still apply for PSG, subject to an assessment by Enterprise Singapore (ESG).
Q3: What are the documents required for companies to be able to apply for the Productivity Solutions Grant (PSG) successfully?
The following supporting documents are required for a successful PSG application:
- Purchase order or signed acceptance of quotation/contract
- Screenshots showing the company’s name and name of e-commerce solution
- Licence number(s) of software with minimum one-month usage report
- Receipt or copy of cheque payment
- Bank statement showing the payment
Q4: Can I claim for IT solutions before the application date under the Productivity Solutions Grant (PSG)?
No. Any IT solutions claimable under PSG must be paid after the application date. The application must be made before the signing of the invoice/quotation letter with the solutions provider, payment to the solutions provider and commencement of any work for the project.
Q5: When is the ending date to apply for the PSG grant?
As recently announced in the Singapore Budget 2021, the maximum support of 80% has recently been extended and the new ending date to apply is 31 March 2022.
Q6: What are the payment terms accepted? When can I claim my expenses under the PSG?
PSG accepts typical business payment terms like cheques and bank transfers.
For credit card payments, the owner of the card has to be the sole proprietor. Corporate entities have to produce an official document stating that expenses incurred were by the company and not of a personal nature. Reimbursements to the director/individual who has paid using their credit card will need to be shown.
Claims must be submitted after the solutions are used and expenses are fully paid for — before the 13th-month mark after approval for purchases and 7th-month mark after the approval for hire purchases, subscriptions or leases.
Q7: Is there a cap to the number of packages or applications for each SME?
SMEs may apply for more than one solution under the PSG but the deployment location of each solution must differ.
Grants for applications supported by Enterprise Singapore (ESG) are capped at $30,000 for each business entity between 1 April to 31 March of every year.
Q8: Can the quotations from vendors be modified to add or include extra complimentary items/services?
No. Quotations that differ from the packages under the PSG are non-approved and will be rejected.
Any modifications must be quoted separately from the PSG package and any amendments to the package must be approved again by the IMDA.
Q9: Can the pre-approved vendor submit the application for me?
Unfortunately, we cannot. All submissions must be made by the business themselves. However, our sales team and executives will guide you through the application process.
Q10: How do I choose which vendor is best for my business?
In our opinion, if your business requires a set of multiple digital solutions, we recommend you to sign up with a PSG vendor that provides a full suite of services. At FirstCom, we not only provide ecommerce solutions via website development, we also have other services such as digital marketing, logo creation, and video marketing. If you are a F&B business looking for a PSG vendor, then FirstCom is the perfect choice. Click on ‘Get in Touch’ below to find out more!