Grants to Help SME Go Digital
Grants to help SME go digital!
If you are a small business owner who is looking for ways to go digital during covid-19 but isn’t sure how due to a tight budget. Don’t worry, read on to find out more about these government grants that can help your business to grow and go digital!
1. Productivity Solutions Grant (PSG)
Get up to 80% support funding for Moneyworks and other pre-approved solutions.
The Productivity Solutions Grant (PSG) supports companies keen on adopting IT solutions and equipment to enhance business processes. You can kick start your technology journey by taking simple steps to automate existing processes and improve productivity.
For a start, PSG covers sector-specific solutions including the retail, food, logistics, precision engineering, construction and landscaping industries. Other than sector-specific solutions, PSG also supports adoption of solutions that cut across industries, such as in areas of customer management, data analytics, financial management and inventory tracking.
You can get up to 80% support funding for pre-approved solutions like Moneyworks and many more solutions.
Find out more about Moneyworks PSG here.
2. Skillsfuture Enterprise Credits (SFEC)
Cover Up To 90% Of Out-Of-Pocket Expenses
SMEs that are eligible can receive a one-off $10,000 credit to cover up to 90% of out-of-pocket expenses on qualifying costs for the supportable initiative. Read more about it here.
3. Digital Resilience Bonus (DRB)
For retail or F&B business- Get up to $10,000 bonus!
Digitalisation is a key enabler for businesses to improve their competitiveness and productivity, so that they can emerge stronger. It will also help businesses to be more resilient and adapt to new post-COVID norms.
The Digital Resilience Bonus (DRB) aims to uplift the digital capabilities of a broad base of enterprises. For a start, DRB will be targeted at the Food Services and Retail sectors which are more affected by safe distancing requirements in the reopening of the economy.
The DRB is given on top of enhanced digitalisation assistance provided under the SMEs Go Digital programme. Food Services and Retail enterprises that have PayNow Corporate accounts without suffix, e-invoicing, and use pre-defined categories of digital solutions for Business Processes, Digital Presence and Data Mining and Analytics can receive bonus payouts of up to $10,000.
Your UEN has to have an active PayNow Corporate account and has to be using InvoiceNow to be eligible for Category 1,2,3 below
F&B Businesses
Category 1: Business Process Solutions ($2,500 payout)
- Accounting (Moneyworks)
- HR/Payroll (Infotech)
- Digital Ordering (Dine in/Takeaway)
If your enterprise is using all 3 qualified solutions below at least once a month, you are eligible for a $2,500 payout.
Category 2: Digital Presence ($2,500 payout)
If your enterprise is using an Online Food Delivery (via food delivery platforms or own online shopfront) or e-Procurement at least once a month, you are eligible for a $2,500 payout.
Category 3 – Data Mining and Analytics ($5,000 payout)
If your enterprise is using a qualified solution for Data Mining and Analytics to obtain insights on how to improve my operations at least once a month, you are eligible for a $5,000 payout.
Retail Businesses
Category 1: Business Process Solutions ($2,500 payout)
- Accounting (Moneyworks)
- HR/Payroll (Infotech)
- Inventory Management (Moneyworks)
If your enterprise is using all 3 qualified solutions below at least once a month, you are eligible for a $2,500 payout.
Category 2: Digital Presence ($2,500 payout)
If your enterprise is using an e-Commerce at least once a month, you are eligible for a $2,500 payout.
Category 3 – Data Mining and Analytics ($5,000 payout)
If your enterprise is using a qualified solution for Data Mining and Analytics to obtain insights on how to improve my operations at least once a month, you are eligible for a $5,000 payout.
4. InvoiceNow
Moneyworks has an E-invoice capability and SMEs are eligible to apply for InvoiceNow and get a one-time $200. Any SME can do so now by registering at: http://bit.ly/mwlink4 without going through the above grants.
Read more about Moneyworks InvoiceNow ready article.
5. Professional Conversion Program (PCP) & Jobs Growth Incentive (JGI)
The Jobs Growth Incentive scheme (JGI) supports employers to accelerate their hiring of local workforce over the next six months, from September 2020 to February 2021 (inclusive).
The Government support is 25% (or 50% for mature local hires aged 40 and above) of the first $5,000 of gross monthly wages paid to all new local hires.
To be eligible for the JGI, there must be an increase in overall local workforce size AND increase in local workforce size earning ≥$1,400/month, compared to the August 2020 local workforce.
Here are just some of the available grants that can help businesses like yours to go digital during this tough time, do take a look at them and contact us if you have any questions.
