Oops! Something went wrong while submitting the form.
If you’re running a small to medium enterprise (SME) in Singapore and are unfamiliar with PSG, this blog might just make your day. Singapore has some of the most fertile ground for starting and running your own business and support, like the Productivity Solutions Grant or PSG, which offers ample incentive to grow your business in this small but powerful tech hub.
Discover how you can benefit from PSG and Cartrack as an approved vendor.
In this article, you will:
Find out more about PSG eligibility
Discover the motivation behind offering the PSG grant
Learn how your business can benefit from this grant
Meet two local businesses who greatly benefited from PSG
Find out how to apply and why you should choose Cartrack as your solution
Let’s discuss PSG grant Singapore eligibility: Who can apply?
Dynamite comes in small packages, and Singapore's benefits for self-starters who want to build their own businesses are a great example. The Productivity Solutions Grant, or PSG, is an initiative by the government agency Enterprise Singapore that champions the country’s industry development.
The purpose of the PSG grant is to provide funding support for small to medium-sized businesses looking to adopt more technologically advanced solutions and equipment to ultimately support their digital transformation and enhance productivity and efficiency. Naturally, the first and most important question on everyone’s lips is, who can apply for this appealing grant, and what are the criteria?
If you want to benefit from this grant, your company needs to be registered and physically domiciled in Singapore, meaning that its headquarters' physical address needs to be within the city-state's borders.
Your company should have a minimum of 30% Local Equity held directly or indirectly by permanent residents or Singapore citizens. Local equity ownership is based on the ultimate beneficial ownership concept.
If your SME belongs to a corporate group, there’s a cap on the combined annual sales turnover and its related entities of less than S$100 million. Alternatively, the total employment size of your SME and associated entities must be fewer than 200 employees.
Businesses must use PSG-approved vendors for their IT-related solutions.
Who is not eligible?
This is a critical question, and we hope to make it as simple and straightforward as possible. First, if your business has already made payments or signed contracts for an IT solution or equipment before applying for the PSG grant, you won’t be eligible for the grant’s benefits for this specific solution.
There are also companies in sectors that have already received significant government grants but are not eligible for PSG. Take a look at the following list:
Institutions of Public Characters (IPCs)
Voluntary Welfare Organizations (VWOs)
Charities
Government agencies and subsidiaries
Religious Entities
Societies
These entities are not eligible for the PSG grant because their purpose or existence is not in line with the focus of the PSG grant or its intended target beneficiaries.
Here are some important additional considerations
So, let’s say you qualify for PSG; what should your expectations be for this grant? Here’s some food for thought regarding the limits and boundaries you may want to know about:
The PSG does not offer your SME unlimited funding, and we highly doubt you’ll find any grant on planet Earth that does. However, there is a generous maximum co-funding amount of 50% capped at S$30,000 per company per year.
It’s also important to know that the PSG supports a decent range of pre-approved IT solutions, equipment, and consultancy services, which means that if you apply for a grant, you’ll need to use a pre-approved vendor.
In all honesty, though, considering the benefits your business can get from applying for and using a PSG-approved vendor, these are minuscule components. So, let’s move swiftly on and focus on the juicy part: why the Singapore government offers this grant and how much your business can benefit from a successful application.
Why does the Singapore government offer the PSG grant?
There’s no doubt that Singapore is a forward-thinking, tech-driven country, making it no surprise that the government would offer these types of intelligent, win-win solutions to help their economy grow by empowering small to medium business owners to embrace the latest tech-driven tools. Here are some key reasons why the S’pore government provides this opportunity:
Staying ahead in the game To ensure Singapore remains relevant in the global economy, it starts by fostering economic growth and fertile ground for businesses on a local level. So, offering opportunities like the PSG aligns with the government’s goal of driving economic growth through improved business competitiveness and transformation.
Tackling labour shortages Singapore is experiencing a labour crunch, and if not already, companies need to be more aware of moving towards increased technology reliance to reduce their dependence on manpower. If labour shortages aren’t addressed, the economy will ultimately feel the heat. Hence, helping businesses beef up their tech-based support is a smart approach to addressing workforce challenges that can negatively affect economic development.
Skyrocketing productivity This is a more obvious one, but it is still worth mentioning due to its importance. When SMEs start adopting quality technological solutions designed to help optimise their operations, their productivity is much more likely to start shooting through the roof with services improving and growth happening, as well as the overall benefits for the economy.
How your business can benefit from the PSG grant
But what’s in it for your business? Here, you’ll see the most significant benefits, which is what makes the PSG such a remarkable option for Singapore-based SMEs.
Funding support: The PSG grant offers financial support to eligible enterprises by co-funding up to 50% of qualifying costs, capped at S$30,000. This significant boost helps small and medium-sized companies overcome typical budgetary constraints, allowing them to experience the positive effects of productivity-enhancing technology like intelligent fleet management solutions sooner.
Improved productivity: Whether for the government or your business, a productivity boost is virtually always considered a pro. PSG encourages enterprises to adopt technology solutions that streamline essential processes, automate time-consuming tasks, and optimise their day-to-day operations. By simply ticking these three boxes, the PSG grant helps these enterprises to reduce operational costs, boost their profits, and become productive, competitive entities in the local business landscape with the potential to achieve much more.
A competitive edge: One of the key role players in gaining that competitive edge is leading technological solutions, and with PSG, your business has access to some of the most advanced options to give your growing business a boost where you need it most and set it up for sustainable growth, no matter how competitive the industry.
How the Singapore Government has helped small business owners
ComfortDelgro Engineering is a subsidiary of ComfortDelgro Corporation and provides engineering solutions tailored for the transportation industry. The PSG grant helped them purchase and implement a new ERP or Enterprise Resource Planning system. It instantly made a difference with process streamlining, improved inventory management, and an impressive 15% reduction in admin costs. Their PSG-approved vendor also offered accounting software, which helped them improve customer satisfaction and productivity through improved project tracking and management.
Achieva Technology is another business that benefited from the PSG grant. It is a small manufacturing company specialising in precision parts. PSG helped them purchase a quality automated machine tending system that dramatically improved their productivity, profitability, and overall efficiency. The PSG-approved vendor allowed Achieva Technology to boost their production output by 25% and reduce labour costs by an impressive 30%.
PSG-approved vendors are known for their ability to give businesses the results they’re looking for. With an all-in-one system that supports risk management, safety, compliance, and proactive maintenance, Cartrack’s fleet management solution is a proud PSG-approved vendor.
Interested? A step-by-step guide on how to apply:
Now that you know how your business can benefit from a PSG grant and using a quality PSG vendor, here’s a simple, step-by-step process you can follow to apply:
1. Check your eligibility: Make sure your business meets the PSG criteria mentioned earlier in the blog. This includes being a small to medium-sized enterprise registered and domiciled in Singapore.
2. Identify a suitable solution: Find a pre-approved solution that meets your business’s needsand get quotes from vendors offering the solutions you want.
3. Submit your application: Once you have quotes from the vendors you’re interested in, submit your application online via the GoBusiness Singapore platform. You can expect the results of your application in about six weeks.
Benefit from Cartrack’s advanced PSG-approved solution
Cartrack is a PSG-approved vendor, and with all the fleet management benefits it brings companies from a range of industries, it’s a top option that will help your business benefit from the grant itself and from using a top-class approved product.
Workforce management
Our multifunctional solution supports enhanced task efficiency, boosted operational costs, optimised task assignment, and even protects your business against theft and unauthorised activity with tools like:
Route optimisation: Streamline task prioritisation to cut costs and unnecessary fuel expenditures while boosting your business’s productivity.
Efficient job dispatching: Our platform lets you stay on track with each driver’s location, tasks, and job status, so you can streamline every shift by assigning jobs to drivers closest to the following pickup location.
Real-time job updates: Assign tasks instantly and allow drivers to accept jobs based on their availability while getting automated updates on their progress. You can also keep your drivers updated with the latest customer information and job instructions for a no-fuss delivery process.
Detailed productivity reporting: Receive employee productivity reports highlighting areas where your employees may need more training.
Smart maintenance
With our smart maintenance features, you can increase your fleet’s lifespan, provide updated maintenance logs, reduce unnecessary downtime to a bare minimum, and automate your maintenance scheduling. Take a look:
Real-time engine diagnostics allow you to proactively manage any mechanical problems by getting real-time, CANBus-powered remote alerts for engine faults and other mechanical issues.
Always-updated maintenance logs let you manage servicing and productivity by knowing your vehicle's availability and even allowing you to look at projected future maintenance dates for accurate planning.
Preventative maintenance scheduling alerts are based on last service dates and real-time odometer readings, allowing you to address issues like worn tyres and brake pads before they become a concern and ensuring lowered emissions with cleaner and healthier vehicles.
AI camera technology
With our infrared internal and weatherproof external cameras, you can live stream video and audio, detect high-risk behaviour, remotely request footage, and conduct direct, in-cab calls, as well as:
Prevent accidents in real time by detecting high-risk and distracted driving behaviour and audibly alerting drivers so they can immediately correct their behaviour.
Counter high-risk driving behaviour with footage-based coaching by knowing the frequency of each driver’s high-risk behaviour and coaching history with automated coaching insights, helping you identify progress and ensure drivers are coached according to your business’s policy.
Live stream in-cabin and external events from the Cartrack App or the fleet management platform.
Specialised sensors
Enhance operational efficiency, take your fuel monitoring to the next level, and prevent asset loss with a range of specialised sensors designed to make our smart solution work even harder. Here’s how:
Temperature sensors: With up to four temperature sensors that remotely monitors your cargo, you’ll receive real-time alerts on temperature fluctuations and have access to full reports as proof of compliance.
Emergency light sensors: Receive notifications when one of your fleet vehicle’s lights or sirens are activated, and pull reports that show the location and duration of sensor activation.
PTO sensors: Know exactly how and when equipment is used apart from switching on the ignition and idling to improve productivity and reduce time-wasting.
Cargo door sensors: Receive notifications the moment your cargo doors open and close with access to reports with the sensor activity’s location and duration.
Choose Cartrack as your PSG vendor
With solutions designed to meet every fleet management need and address every issue that may cause profit drainage and productivity loss, contact Cartrack today for a free quote.
We’ve got your back with answers to the most popular FAQs
How do I check my PSG grant status?
You can start by loging into the Business Grants Portal and navigating to ‘My Grants’. You can view the status of all your grant applications on this page. As the application progresses, you’ll also receive notification emails if you’re the main contact person.
How long does it take to get approved for PSG?
It can take between four to 10 weeks for a grant application to be processed.
How many times can I claim PSG?
A company can claim once per approved application.
What percentage is the PSG grant?
The PSG Grant offers up to 50% funding for costs towards eligible tech solutions.
Get in touch with the best PSG-approved vendor
When it comes to elevating your business, there should be no hesitation! Contact Cartrack today.
Find out how to optimise your operations and enjoy the perks of the best cutting-edge IT solutions using Singapore’s popular PSG grants for SMEs.
