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Productivity Solutions Grant (PSG Grant)

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Things to Know About Productivity Solutions Grant (PSG Grant)

Productivity Solutions Grant (PSG Grant)

Singapore is becoming a magnetic industrial hub. Other than being a tourist attraction, it is continuously accelerating towards success. Singapore’s government strives to provide various financial opportunities and support to businesses to grow and make the country proud. If you are new to the industry in Singapore, you must know about Productivity Solutions Grant (PSG Grant). Here we will unfold things you need to know about this government grant, its criteria, and its benefits.

What is Productivity Solutions Grant (PSG Grant)?

PSG Grant Singapore is a business grant designed to assist businesses in adopting technology for increased productivity and process automation. Productivity Solutions Grant (PSG Grant) was instigated in April 2018, transforming business success in Singapore. These government grants cover various industries, from the hotel industry to logistics, retail, food, engineering, etc. Cut across solutions, including data analytics, customer management, financial management, inventory tracking, and human resource management, are also covered. 

Psg Grant Productivity Solutions Grant

Key Benefits of PSG Grant

One of the PSG’s core strengths lies in its versatility. Eligible businesses can tap into PSG’s benefits to defray up to 80% of the qualifying costs for adopting pre-approved digital solutions and equipment. This inclusive approach extends PSG’s reach to small and medium-sized enterprises (SMEs), enabling them to embrace technological advancements that might have previously been financially out of reach.

Edg Grant Singapore Enterprise Development Grant

Areas of Coverage

PSG’s scope spans across diverse sectors, encompassing solutions tailored to specific industry needs. From retail and food services to logistics and manufacturing, PSG offers a repertoire of approved solutions addressing challenges unique to each domain. These solutions often revolve around digital innovations, including but not limited to customer relationship management (CRM) systems, e-commerce platforms, inventory management software, and automation equipment.

Application Process

Navigating the PSG application process is relatively straightforward, yet meticulousness is key. Businesses are required to identify relevant PSG-approved solutions that align with their operational needs. Subsequently, they can apply through the Business Grants Portal (BGP), submitting necessary details and cost breakdowns for evaluation. Successful applicants receive approval and funding support to implement the chosen solutions.

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Eligibility Criteria for PSG Grant

Edg Grant Singapore Enterprise Development Grant

Required Documents for Application

Application Process for PSG Grant

Conclusion

In an increasingly digitized landscape, the PSG emerges as a beacon of support, empowering businesses to embrace transformation and thrive in a competitive market. Its provision of financial aid and encouragement for technological advancements underscores Singapore’s dedication to fostering a robust and future-ready business ecosystem.

In harnessing the PSG, businesses not only enhance their operational capabilities but also contribute to the nation’s overarching goal of sustained economic growth and innovation. Check out EDG Grant here.

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