If you’ve been thinking of digitalising your business operations, the Productivity Solutions Grants (PSG) in Singapore is a source of financial support you might have considered. SMEs can benefit greatly from this grant and should use it to improve their productivity and competitiveness.
From 1 April 2022 to 31 March 2023, PSG increased from 70% to 80% during the pandemic to support businesses. For businesses in the Food Services and Retail sectors, the enhanced support level was up to 80%.
But as Singapore returns to normality, the recent budget announcements have declared that the government will reduce the subsidy amount to 50%. What does the lowered support mean for you? Let’s take a look to asses how this will affect your business.
What is the PSG?
The Productivity Solutions Grant (PSG) is a government initiative in Singapore that aims to help local SMEs boost productivity and streamline business processes. Eligible businesses can receive funding to implement IT solutions, equipment, and consultancy services.
The grant was launched in 2018 and helped many SMEs improve their operations and increase efficiency. Businesses must be registered and operating in Singapore, with at least 30% local shareholding, to be eligible for the PSG. They must also have a minimum of three local employees and an annual turnover of less than S$100 million or less than 200 employees.
Don’t wait, act now!
From 1 April 2023 onwards, the government will reduce the maximum support level for SMEs under the PSG to 50% for all sectors. This will leave eligible businesses with a smaller subsidy. So if you’re a business owner looking to save on upfront costs, now is the time to act. Taking advantage of the current 80% subsidy is essential before it’s too late. In addition, apply for a PSG grant to adopt Qashier’s smart point of sale(POS) solutions before April, and you can enjoy significant savings on a full-function smart POS and payment solution like the sleek and portable QashierX1.
The 80% PSG (Productivity Solutions Grant) package is a fantastic opportunity for businesses to leverage cost-effective methods to start up or reduce front-loaded costs. By taking advantage of this grant, companies can access various technological solutions that can help them streamline their operations and enhance productivity. One such solution is the Qashier smart POS terminals, which offer a range of features such as inventory management, sales analytics, and customer relationship management. By implementing a smart POS solution like Qashier, businesses can reduce the cost of hiring additional staff for manual tasks. In addition, this will increase efficiency and accuracy in their operations. Thus, companies should leverage the PSG package before 1st April 2023 to adopt innovative technology solutions like Qashier to gain a competitive edge in the market.
Here’s a quick example of the cost savings businesses can enjoy when they apply with Qashier:
Highest Qashier PSG pre-approved package
Original cost for QashierXL Starter Kit
With 80% subsidy (until 31 Mar ‘23)
You save $3,237.84
With 50% subsidy (from 1 Apr ‘23)
You save only $1,888.74
That’s an additional 1300K in savings before 1st April!
Time is running out!
If you’re an SME, what are you waiting for? Get approved before the 1st of April to experience more savings! The average processing time may be weeks, but as a pre-approved solution provider, an application through Qashier is a quicker process. More than 95% of merchants have successfully received their reimbursement when applying through Qashier.
The 80% subsidy ends on March 31st, 2023, so time is running out to tap into this valuable resource for your business. So take advantage of this opportunity to save more and scale faster. Sign up for PSG with Qashier today and watch your business soar.
Qashier’s smart POS presents an integrated solution to meet all kinds of business needs with multiple digital solutions, including offline-to-online payment acceptance, QR code payments, employee management, customer relationship management (loyalty programs), inventory management, and data analytics, in an all-in-one solution.
Qashier promises a seamless setup within 10 minutes without needing technical expertise. It boasts a user-friendly interface that is simple for anyone to learn and use. In addition, you’ll find 7 days-a-week responsive technical support if you require assistance from our friendly Qashier team.