5 Singapore digital grants to help your business
COVID-19 has accelerated digital transformation in Singapore, hastens Smart Nation drive. Why?
During COVID-19 and Circuit Breaker, all businesses are affected, especially the Food and Beverage (F&B) and retail sector. They are unable to open their physical shops or offices. Most of us need to telecommute and work from home. The government has rolled out various digitalisation grants to help businesses during this tough times.
As announced at the Fortitude budget, companies in the Food and Beverage (F&B) and retail sector could receive up to $10,000 each in payouts under Digital Resilience Bonus to accelerate digital transformation.
Here are some of the digitalization grants to help SMEs in time of COVID-19:
1) Productivity Solutions Grant (PSG)
Productivity Solutions Grant (PSG) supports companies who take on pre-scoped IT solutions and equipment that enhances productivity. PSG solutions are generally off-the-shelf but customizable for SMEs. The solutions usually range from $5,000 to $20,000.
As announced at Supplementary Budget 2020, PSG is raised from 70% to 80% support from 1 April 2020 to 31 December 2020. The scope of generic solutions will also be expanded to help companies carry out COVID-19 business continuity measures:
- Online collaboration tools
- Virtual meeting and telephony tools
- Queue management systems
- Temperature screening solutions
PSG also cover the Laptop-Bundled Remote Working Solutions from 17 April until 31 December 2020.
BONUS: SkillsFuture Enterprise Credit (SFEC)
SMEs can now enjoy a total up to 98% funding support under the SkillsFuture Enterprise Credit. Eligible SMEs will receive a one-off $10,000 credit to cover up to 90% of out-of-pocket expenses on qualifying costs.
Below is an illustration of a project that cost $10,000:
Cost of service: $10,000
PSG grant (80%): ($8,000)
Out-of-pocket expense: $2,000
SFEC Disbursement (90% of out-of-pocket expense): ($1,800)
Final amount pay by SME: $200
Eligibility for SFEC
There are 4 qualifying periods:
1 April 2019 – 31 March 2020
1 July 2019 – 30 June 2020
1 October 2019 – 30 September 2020
1 January 2020 – 31 December 2020
Within any one of the above period, SMEs must:
- Have contributed at least S$750 Skills Development Levy over the period
- Have employed at least three Singapore Citizens (SCs) or Permanent
- Residents (PRs) every month over the same period
- Have not been qualified for SFEC at any of the earlier periods
Application is not required. Eligible employers will be notified by Enterprise Singapore directly in writing.
With the uncertainty of COVID-19 situation, the launch of E-Commerce Booster package target to help the brick-and-mortar retailers and heartland businesses to take their business online. This allows them to reach out to their customers during circuit breaker.
Businesses can choose from one of the preferred e-commerce partners to take their business to the online marketplace.
Retail business participating in this programme can also apply for an additional manpower support – a one-time support to defray 90% of the qualifying manpower costs for 3 months.
Companies who would like to automate their business processes to gain significant growth can tap onto ESG grant under Automation. The grant covers the development of sophisticated hardware and/or software solutions. It also include the development of solutions that involve purchase of machinery and integration of systems. Moreover, it also covers the training of staff to deploy the solutions.
The funding covers up to 80% of the qualifying costs from 1 April 2020 to 31 December 2020.
Start Digital Pack is an initiative by IMDA since January 2019. It is a partnership with the Singtel Telcos and the banks. The participating partners are Singtel, Starhub, M1, DBS, Maybank, OCBC, and UOB.
They offer digital solutions in five categories, mainly the accounting, HR management system & payroll, digital marketing, digital transactions, and cybersecurity.
SMEs may choose any two solutions from the categories above for free for a minimum of six months, with a contract period of at least 18 months.
- Newly-incorporated SMEs
- SMEs that are new to using digital technology
- Each eligible SME is entitled to one Start Digital Pack (2 solutions) only
To apply, choose the solutions you want from this list. Then, contact the respective Start Digital Partner to sign up for the solution.
The Digital Resilience Bonus gives additional support to the Food Services and Retail sectors looking to upgrade their digital capabilities.
Eligible businesses can receive payout of up to $10,000 on top of the enhanced digitalisation assistance under the SMEs Go Digital Programme.
- Business has been incorporated on or before 26 May 2020
- Adopted PayNow Corporate and PEPPOL e-invoicing
- Have used any of the qualified solutions at least once a month by 30 June 2021 (payout amount is capped at their respective category)
No application is required. If you are eligible for the bonus, your digital solutions provider will apply on your behalf. The DRB payout will be credited into your PayNow Corporate account starting from August 2020.
Don’t miss out these opportunities to embark in your digital journey.
To help businesses during COVID-19, we are offering FREE consultation. Email us at email@example.com with your company name.