COVID-19 has affected almost all industries across the board in many ways like manpower or manufacturing. To help stimulate the economy, more SMEs have been tapping on government grants, initiatives. While things have been looking up in terms of Singapore’s economy under COVID-19, a modest recovery is likely as many organisations are still finding it hard to keep up. With that. COVID-19 business support grants have also been introduced to help organisations evolve, develop digital solutions and better respond to the economic downturn through the use of eCommerce in Singapore. The grants introduced or revised include the Enhanced SMEs Go Digital programme, increased support for the Enterprise Development Grant (EDG) and the enhanced Productivity Solutions Grant (PSG).
As an IMDA pre-approved PSG vendor and a pre-approved@SMEs GoDigital Vendor, I Concept provides expert consultancy services to enhance your business capabilities eCommerce capabilities, and eCommerce solutions to deliver positive customer experiences.
What is the Enterprise Development Grant?
Part of the Supplementary Budget 2020 saw the introduction of the enhanced EDG where maximum funding level was raised from 70% to 80% until 31 December 2020.
The EDG supports projects that focus on upgrading core capabilities, innovation or venturing overseas. When working with SMEs, some of the most commonly requested projects are building online automated platforms, eCommerce marketing automation platforms and branding and marketing development. Without going into a long spiel about braiding and marketing development, it is helping you develop a brand and establish what sets it apart from your competitors or market. For more information, you can read our Frequently Asked Questions about EDG: Branding and Frequently Asked Questions about EDG: Automation.
What is the Productivity Solutions Grant?
In addition to the enhanced EDG, there was also the enhanced PSG in support of pre-approved productivity solutions and equipment. Support and funding were raised up to 80% or up to SGD$30,000. How then are SMEs benefitting from the PSG?
As the PSG supports eCommerce and full website design, our pre-approved eCommerce solutions under Retail (E-Commerce – Online Shop and Marketplace) have been the benchmark for many eCommerce sites. Here are 3 reasons why you choose the PSG for your eCommerce website.
Under the new budget, the expanded scope of solutions to help SMEs cope with COVID-19 business continuity measures include:
- Online collaboration tools
- Virtual meeting and telephony tools
- Queue management systems
- Temperature screening solutions
For more information, you can read our Frequently Asked Questions (FAQ) about the Productivity Solutions Grant.
Leveraging on each opportunity
Regardless of which grant you apply for, tapping on these government grants for SMEs can help provide the edge to come out better positioned after the worst of COVID-19.
At I Concept, we’d recommend applying for the PSG if you have an eCommerce platform in mind or you want to redesign your website. Our customisable pre-approved solutions will suit your every need.
However, if you’re in the market for an automation programme or want to strategically develop your brand and marketing capabilities, I Concept is the place to help breath life into your plans.
As the saying goes, “time and tide wait for no man” so drop us a message to start the ball rolling.