The IMDA PSG (Infocomm Media Development Authority Productivity Solutions Grant) is a grant offered by the Singapore government to assist small and medium-sized enterprises (SMEs) in enhancing their business processes and improving productivity through the adoption of IT solutions and equipment. The IMDA PSG grant supports companies in undertaking technology solutions that are pre-scoped by various government agencies, including sector-specific solutions as well as more generic solutions that can apply across industries.

Here's a basic overview of the IMDA PSG:

  • Objective: The main goal of the PSG is to support Singaporean SMEs in their digital transformation journey, helping them to improve processes, enhance productivity, and increase efficiency through technology adoption.

  • Eligibility: The grant is available to SMEs that are registered and operating in Singapore, with a minimum of 30% local shareholding. The purchase/subscription of the IT solutions or equipment must be used in Singapore.

  • Scope: PSG covers sector-specific solutions such as retail, food, logistics, precision engineering, construction, and landscaping industries. In addition to these, it also includes solutions that serve across industries like customer management, data analytics, financial management, and inventory tracking.

  • Funding Support: Eligible companies can receive funding support for the qualifying costs of adopting pre-approved solutions. The level of support can go up to 70% of the cost, encouraging SMEs to take significant steps towards digitalization.

  • Application Process: Companies interested in applying for the PSG must submit an application on the Business Grants Portal (BGP). They need to access the portal with their CorpPass, select the relevant IT solutions/equipment, and provide necessary details and quotations for the application.

  • Claim Process: After the application is approved and the solution is implemented, companies must submit a claim with the necessary documents, such as invoices and proof of implementation, to receive the grant payout.

  • Additional Support: Besides the grant, SMEs can also benefit from other support elements like training and consultancy services to maximize the impact of the adopted solutions.

For businesses looking to embark on their digital transformation journey, the IMDA PSG grant is a valuable resource that reduces the financial burden and risks associated with the adoption of new technologies. It encourages SMEs to innovate and stay competitive in the evolving business landscape.