According to the Singapore Department of Statistics’s official report in 2023, more than 288,000 SMEs are functioning in Singapore. Another fact they emphasise is these SMEs make up 99% of all enterprises in the country. That is why the Singaporean government pays a lot of attention to these businesses. The major challenge that SMEs are facing in Singaporean trade is the lack of financial support to walk towards success through a digitalized path. Keeping this necessity in mind, the PSG grant portal has been introduced to the SMEs for their stability.
What exactly is this PSG grant portal? What is the purpose behind establishing this in the first place? How to apply for a grant successfully? You will learn everything in this article.
What is PSG Grant Portal Singapore?
Being introduced in 2018, The Productivity Solutions Grant OR PSG portal in Singapore is an initiative by the government aimed at helping businesses improve their productivity and competitiveness. Through the PSG portal, eligible companies can apply for funding to implement pre-approved technology solutions and equipment in various sectors. This grant program supports businesses in their digital transformation efforts, encouraging the adoption of innovative technologies and processes. PSG plays a vital role in enhancing the overall productivity and sustainability of businesses across Singapore’s economy.
The PSG Singapore is an excellent way for small and medium-sized technology companies to embark on a digitalized mission. It enriches the variety of aspects of the businesses ranging from financial management, customer management, data analysis, etc.
When a company is registered with the PGS portal which is known as Business Grant Portal or BGP, it makes the business eligible to receive grants. Over the past years, this portal has been empowering small and medium enterprises in Singapore to achieve success through innovation and research.
The Key Purposes of BGP Singapore
Back up SMEs
One of the primary objectives of the Business Grant Portal in Singapore is to provide crucial support for small and medium-scale enterprises which are known as SMEs. What makes it so distinguishable among the businesses in Singapore? The portal aims to support the growth and stability of SMEs by recognizing the crucial role they play in the economic landscape of the country. These SMEs can obtain financial aid to improve their operations in the first place.
Plus, it extends the helping hand for them to embrace contemporary technology, and increase their competitiveness through a variety of grant programs and financing options available.
Facilitate Access to Funding
Funding plays a major role in the country’s start-up business endurance as it gives a hand to the up-and-coming companies to stay relevant. The goal of the platform is to expedite and simplify the frequently challenging process of getting business aid from the government. The capacity it has to gather all available funding options into one easily accessible platform is one of its primary advantages.
If you own a small enterprise and are stuck with its development due to financial barriers, the BGP will take care of it if you follow the necessary protocols accurately. With an in-depth understanding of their financial options, this consolidation makes it easier for businesses to find and apply for grants, loans, and subsidies.
Promote Innovation and Research
Do you know that Singapore is leading the way when it comes to the list of countries that are technology-enthusiastic? That is one of the main objectives behind this portal too. This systematic initiative is designed to foster an innovative culture and progress research projects inside the Singaporean business world. The portal promotes businesses to engage in cutting-edge technology, product development, and research initiatives through a variety of tailored funding programs.
BGP’s main purpose is to give the wings to businesses to win despite all the financial barriers. The site develops innovative ideas coming from roots, promotes technical development, and boosts economic growth by giving financial assistance for these tiny efforts. That is why Singapore is engaging in a supportive mission to bring a tiny idea a long way.
Enhance Digital Transformation
Not limited to a specific industry, the whole business context has started a journey towards ‘digitalization’. This highlights the portal’s dedication to helping businesses shift to the digital era. The portal promotes the adoption of cutting-edge technology and digital solutions through a range of funding programs and financial incentives. It aids companies in their attempts to modernise operations, from building e-commerce platforms to modernising IT infrastructure to adopting digital marketing techniques.
Singapore is not only assisting small and medium-scale businesses to reach the depth of business success, but also they are helping out the Singaporean economy as well. Due to the technological and business enthusiasm Singapore is encouraging, it is making its way to stabilise itself in the global economy.
To Successfully Apply for Grants through BGP
Spot the Suitable Grant
This is a crucial aspect of successfully navigating the BGP Singapore. Businesses can access a wide range of grants via the portal that covers various industries and objectives. You can discover a wide variety of grants that are catered to various company needs as you surf the portal. It analyses the information you provide on the application form to determine and suggest the most appropriate grant options.
This tailored approach makes sure that businesses can locate the ideal grant for their particular needs, whether they are for research, sustainability projects, technology adoption, or other development activities. As you can see, the Grant Portal streamlines the grant application process, increasing its efficiency and ability to be customised to specific corporate objectives. It also centralises grant access.
Register an Account with CorpPass
This is the next crucial step in the process of successfully applying for grants through BGP Singapore. CorpPass serves as a corporate digital identity, essential for businesses and entities to access the BGP platform. To begin, companies need to navigate the CorpPass registration process in the first place. It involves setting up their digital identity and linking it to their business. Once registered, businesses can use CorpPass to securely log into the BGP.
Also, other companies can determine their appropriate BGP role by consulting their designated CorpPass admin. This step ensures that access to the portal is granted to authorised individuals within the organisation. It not only streamlines the application process but maintains security too. CorpPass integration makes the BGP more secure and accountable, making it an absolute must for Singapore grant applications to be approved.
Fill in Company Profile
This is what you need to do when applying for a grant through the BGP Singapore. When you enter your Unique Entity Number (UEN) into the portal, your profile is automatically populated with relevant information from the Accounting and Corporate Regulatory Authority (ACRA) database. This streamlines the application process, ensuring accuracy and consistency in your company’s details.
It’s a crucial step as an up-to-date and comprehensive profile is essential for eligibility assessment and grant approval. Also, this simplifies the application procedure and increases your chances of securing funding.
Fill in the Application
Before proceeding, ensure you have the necessary documents at hand, such as,
- An itemised Job Redesign (JR) consultancy quotation from a pre approved consultant
- A consultancy project proposal (template accessible via BGP)
- The latest CPF Form 90 for the past three months, verifying at least three local employees in line with eligibility criteria.
Additional relevant supporting documents may be required to bolster project evaluation. Once your application is meticulously prepared, submit it through the portal. Submissions are then forwarded to the relevant agency for processing. You can find the agency’s contact details on the “Grant Actions” page, allowing for efficient communication and follow-up as needed. This comprehensive process ensures that your grant application is thorough and well-prepared for evaluation and approval.
Monitor the Application
Now you have come to the last stages of the application process. You need to navigate to the “My Grants” page within the portal. This feature allows you to track the progress of your application and stay informed about any updates. If the reviewing teams require additional information or clarification, they will reach out to you via email. At this point, it’s crucial to keep a check on your inbox to quickly answer any inquiries as it helps a quick and effective review process.
You will get an email notification when your grant application is accepted. The only thing left to do is sign into the BGP and accept your letter of offer at this point. This last step certifies your successful application process, allowing you to access the funds you were awarded and start working on your company expansion plans as you proposed.
Receive Help Today and Be Successful Tomorrow
Do you know that there are many grants floating around you that are created to serve the purpose of encouraging SMEs as they are the future of Singapore? However, most of the companies have no exact idea of the utilisation of these grants and the application process. With a little help, your small business can go a long way for sure. So why not receive the help you are given? But one thing you need to keep in mind is providing accurate information to receive the grants and acting fast when you see a suitable grant for your business.
