Why SMBs should apply for the Productivity Solutions Grant

31 Jul 2023 | SME, Digitalisation | 5 min read

Since 2018, Singapore-based SMBs across sectors have enjoyed the benefits of the Productivity Solutions Grant in enhancing business productivity and broadening their clientele with technology solutions normally outside of their financial capabilities. 

The grant provides 50% funding support to SMBs so they can acquire pre-scoped IT solutions, equipment, and consultancy services that can improve innovation and productivity in the company. SMBs can thus enjoy streamlined workflows, minimised project expenses, and stay competitive in the country’s evolving business landscape. 

In Singapore's business environment, many SMBs struggle with high-cost barriers and limited resources which prevent them from adopting digital solutions. According to the 2023 DBS' Annual Pulse Check Survey, cashflow remains the top priority of most Singapore SMBs at 62%. In contrast, only 21% of business owners identified pursuing digital transformation and innovating new business models as a priority. 

As funding remains the most common barrier SMBs face on their digitalisation journey, the PSG seeks to address this issue by providing financial support for SMBs to adopt technology solutions.

To apply for the PSG, SMBs can follow a straightforward process, as explained below. To see which criteria you qualify for, visit the PSG website or engage certified solution providers to begin an application. 

1. Identify relevant IT solutions for your business needs.
2. Obtain direct quotations from pre-approved vendors or consultants.
3. Note that the grant covers the actual purchase/hire cost of the solution, excluding administrative fees.
4. Submit the grant application on the Business Grants Portal using your Corppass account.
5. Prepare the necessary documents and information as outlined in the PSG application checklist.
6. Expect an application update about six weeks after submitting all required information.

1. Document management and mobile access: Document management solutions streamline paperless workflows, enabling businesses to store, organise, and access digital documents efficiently. A good example of this is Singtel's Google Workspace as it offers cloud-based document management with mobile accessibility, ensuring seamless collaboration and empowering employees to access critical documents on the go.
2. ERP (Enterprise Resource Planning): ERP integrates key business processes into a centralised system, enhancing efficiency and decision-making. Singtel's ERP solutions provide real-time insights and automation across finance, inventory, and human resources, empowering SMBs with scalable tools to optimise operations and drive growth.
3. Cybersecurity: Cybersecurity solutions protect businesses from threats and ensure data security. Singtel's managed security services, such as Endpoint Protection and Unified Threat Management, provide proactive threat monitoring, network security, and incident response, safeguarding SMBs from cyber risks and ensuring business continuity.

By utilising the PSG and exploring affordable IT solutions, SMBs can make significant strides in productivity, competitiveness, and customer experiences. Singtel can help by offering a range of IT and cybersecurity solutions that support SMBs.