What is PSG?
As Technology is rapidly advancing, many people has already some form of technology. But, Technology is not always just about owning the most best high-tech device. It’s meant to help business people like you for doing technology solution into your workplace with PSG.
Overview of PSG
Product Solutions Grant (PSG) is meant to provide assistance to companies by the government who is starting to adopt technology to develop solutions and equipment. This in return helps enhance the business to grow further in the IT journey. It covers certain sectors like retail,engineering,finance,food,logistics and landscaping industries. But, if your business is not really into these industries,there are other solutions that is offered which cut across sectors/industries. These include data analytics, digital customer management, financial management and other human resource management.
How can PSG Grant help improve my business?
Technological solutions are rapidly on a rise with the usage of social media marketing. It is important to have a good strategy for digital strategy in order to stay relevant and competitive in today’s society. This is where PSG comes in, a government tool for economic growth by providing funding of up to 70%. As of april 2020 to 31 December 2020, it has went to 80% as of the supplementary Budget 2020 announcement. It helps increase competition between local SMEs which will result in industrial growth. No longer is manual work for calculation and keeping marketing records enough. Digital transformation and automation in your business is critical to succeed and grow with the help of PSG.
How do i know if I'm eligible for PSG?
There is a few criteria to take note of before applying for it. SMEs companies that are registered and operating in singapore. IT solutions or equipment that is purchased, leased or subscribed must be used in singapore.You also need to have 30% minimum of local shareholding in which annual sales turnover is less than 100 million singapore dollars or not having more than 200 employers. Also if you are entitled for the SkillsFuture Enterprise Credits (SFEC) scheme, you could get up to 98% funding total for it all when combined together with PSG.
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