As the pandemic rages on, numerous businesses have incurred heavy losses during this period. And most of these losses can be linked to the crucial breaker measures implemented to curb the spread of the virus. Furthermore, consumers have minimized the time they spend outdoors and instead opted for alternative methods such as online shopping.
To stay competitive in the industry, traditional brick-and-mortar shops have to adapt and adopt a digital storefront to survive. However, with various SMEs already struggling to recoup their losses, it is a mammoth task for them to adopt IT solutions. Recognizing the hardship, the Singapore Government recently launched the productivity solutions grant (PSG). Below are a few things you need to know about this digital marketing grant.
The Grant Defrays Up to 70% of the Cost
When the PSG grant was introduced in 2018, businesses in Singapore were only granted up to 70% funding out of the total cost they incurred. Actually, the funding support was increased to 70% in April 2020 to offer additional relief for eligible companies. But with the launch of the PSG grant Singapore in October 2021, the government has decided to provide SMEs with the same level of support.
It is Available for Local Businesses
Quite similar to its predecessor, SMEs in Singapore have to fulfill a list of criteria if they wish to apply for the PSG digital marketing grant. Your company can apply for the grant if it is registered and operating in Singapore. The company should also have a minimum of 30% local shareholding, with Company’s Group annual sales turnover of less than SGD$100 million, or less than 200 employees. Be sure to read more about the set eligibility criteria before contacting a PSG Digital Marketing vendor in Singapore.
The Bottom Line
Even though you might be in a hurry to check the PSG grant vendor list, it is highly recommended that you find out more about this grant before deciding on anything. After all, you want to be sure it is what your SME in Singapore needs to thrive. The good news is a reputable PSG vendor can also help you clear some of the doubts you might be having regarding this grant. One such vendor worth counting on is the renowned MediaOne Marketing. Get in touch with them today and examine what they have in store for your business, after which you can complete the application process.
