Recently, Assembly Works has been awarded the Productivity Solutions Grant (PSG) by the Infocomm Media Development Authority (IMDA). This is a huge honour and we are now a proud PSG/IMDA vendor. So, what is PSG exactly? If you are keen on finding out more about it, this article might help.
The PSG was first introduced in April of 2018 by the Singapore Government via their IMDA and Enterprise Singapore. It is part of their SMEs Go Digital Programme. The main goal of this grant is to support small to medium-sized enterprises (SMEs) who want to adopt more IT solutions and equipment to enhance their productivity and business.
Companies who are under PSG will receive an 80% funding support from the government. This amount was raised from 70% to 80% from 1 April 2020 to 31 March 2022. This is to motivate businesses to continue growing digitally.
The PSG covers sector-specific solutions such as food, logistics, retail, manufacturing, construction, landscaping and many more. It also supports broad-based solutions such as data analytics, financial management, customer relationship management, online collaboration tools etc.
Businesses and companies are eligible to apply for PSG if they meet the following criteria:
- Business needs to be registered and operating in Singapore
- The subscribed IT solutions/equipments/consultancy service must be used in Singapore
- Business must have a minimum of 30% local shareholding (for selected solutions only)
The application processing period can take a while. It is usually processed within 4 to 6 weeks from the submission of all required documents. So, what should you do immediately after obtaining a pre-approved quote from your vendor? Take a look at the steps below.
- Submit your application immediately on the Business Grants Portal (BGP)
- Prepare lates financial statements or any documents to prove that you have a strong financial standing as a company
- If you are qualified, a grant approval email will be sent to you of your approved reimbursable grant amount.
Assembly Works now offers various Xero packages under the PSG Grant. If you sign up for any one of them, you will obtain an 80% subsidy. Call us today at +65 9088 3183 or visit our website at https://assemblywork.co/ to find out more!