PSG Grant
Singapore has long been known as one of the most business-friendly countries in the world. The government’s commitment to supporting small and medium-sized enterprises (SMEs) has played a major role in this reputation. One of the key ways the Singaporean government supports SMEs is through grants, which provide financial assistance to businesses in various forms. This article will explore the different PSG grant options available for small businesses in Singapore.
- Productivity Solutions Grant (PSG)
The PSG grant is a grant designed to help businesses in Singapore adopt and implement technology solutions that can improve their productivity. The grant covers up to 80% of the cost of the eligible solutions. The PSG covers a wide range of solutions, including:
- Accounting and HR software
- Inventory management systems
- Customer relationship management (CRM) software
- Point of sale (POS) systems
- E-commerce solutions
- Cybersecurity solutions
To be eligible for the PSG, businesses must be registered and operating in Singapore and have a minimum of 30% local shareholding.
- Market Readiness Assistance (MRA) Grant
The MRA grant helps businesses in Singapore expand overseas. The grant covers up to 70% of eligible costs, including market research, overseas market set-up, and overseas business development. The grant also provides support for branding and marketing activities, including digital marketing and participation in trade fairs.
To be eligible for the MRA grant, businesses must be registered and operating in Singapore and have a minimum of 30% local shareholding. Businesses must also have a turnover of less than S$100 million or employ fewer than 200 employees.
- Enterprise Development Grant (EDG)
The EDG is a grant designed to help businesses in Singapore grow and expand. The grant covers up to 80% of eligible costs, including consultancy, training, and overseas market expansion. The grant also covers the costs of technology adoption, product development, and intellectual property registration.
To be eligible for the EDG, businesses must be registered and operating in Singapore and have a minimum of 30% local shareholding. Businesses must also have a turnover of less than S$100 million or employ fewer than 200 employees.
- SkillsFuture Enterprise Credit (SFEC)
The SFEC is a grant designed to help businesses in Singapore invest in the development of their employees’ skills. The grant provides a one-time credit of S$10,000 to eligible businesses, which can be used to offset the costs of training and development programs.
To be eligible for the SFEC, businesses must be registered and operating in Singapore and have a minimum of 30% local shareholding. Businesses must also have a turnover of less than S$100 million or employ fewer than 200 employees.
Conclusion
Small businesses in Singapore have a range of PSG grant options available to them. These grants are designed to help businesses improve their productivity, expand overseas, grow and expand, and invest in the development of their employees’ skills. By taking advantage of these grants, businesses can reduce their costs and improve their chances of success. It is important for businesses to carefully consider their eligibility and the requirements for each grant before applying.