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Benefits of Government Funding for Singapore Businesses

Grant. Wooden letters on the office desk, informative and communication background

Good government involves vision with action. SMEs are the engines of growth in any economy, so good government should support SMEs. This is happening in Singapore with new government funding for building the economy through technology. Companies keen to improve productivity by adopting technology solutions can now receive support in the form of simplified grants. Any SME startup needs cash flow. A Singapore Government grant for SMEs can help with this.

 

Productivity Solutions Grant (PSG)

The Productivity Solutions Grant (PSG) supports companies keen on adopting IT solutions and equipment to enhance business processes. This is an excellent way for you to get a budget for your new ABSS accounting software or other technology solutions. PSG covers sector-specific solutions including the retail, food, logistics, precision engineering, construction and landscaping industries. Other than sector-specific solutions, PSG also supports the adoption of solutions that cut across industries, such as in areas of customer management, data analytics, financial management and inventory tracking. It’s ideal for SMEs. With up to 70% funding support, PSG serves as an easy way for your SME to make a long-term investment in technology that will make your business more productive and more competitive. Take a look at the list of solutions on Tech Depot.

 

Government grants help cash flow

One entrepreneur, called Yaro, describes his personal experience of getting a government grant in Australia a few years ago. “I did take advantage of a government-funded support service for small businesses, which I discovered was available thanks to a tip-off from my father’s friend who was on the scheme. This is not something I want to stress as key for success as you may not have something similar in your area and in fact what I received in support several years ago is dramatically different today, and no doubt much harder to get. The programme I benefited from after completing an application process that included writing a business plan and attending a panel interview, I qualified for a full 12 month’s worth of income support. This small income, when I received it, was certainly helpful and became another dependable income stream, although with the knowledge it would end in 12 months you don’t want to make decisions based on the money coming forever. The idea is to use the breathing room the money provides to grow your business so it can replace that income within the 12 months. I didn’t make any dramatic changes as a result of qualifying for the support but combined with other income sources, including my growing online income, my cash flow was good.” So government grants anywhere help, but they are not a complete solution for your SME business or SME startup.

 

Getting your Productivity Solutions Grant

Government grants are not always easy to obtain. Singapore Government grants make it easier for you but, so you don’t waste your time, check that you are eligible before you apply. You can apply for a PSG if you meet the following criteria:

  1. Registered and operating in Singapore
  2. Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore
  3. Have a minimum of 30% local shareholding (for selected solutions only)

 

If you meet these criteria, then go ahead and apply for your PSG. This is how you do it.

  1. Access the list of supportable solutions from below and identify relevant solutions that best suit your business needs.
  2. For IT solutions: Get a quotation from the pre-approved vendor.
  3.  For equipment: Source for the equipment and get a quotation from the vendor.
  4. Submit an application on the Business Grant Portal (BGP). You will need to register for a CorpPass account to transact on the portal.

 

Singapore business grants

PSG grants are also available for Skills Future Training Subsidy. PSG are not the only business grants available for Singapore startups and Singapore SMEs. There are also a variety of other Singapore business grants available. Take a look at the list for further assistance. Whether you are a Singapore SME or a Singapore Startup, Singapore grants are available to help your business. Take a look at what’s new and what’s on offer, then go for it.

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