The 3 Government Grants design for Singapore Retailer (Latest)
Singapore government grant available to help SME to increase productivity and save cost.
The universal rule applied whether you are a startup SME or multi-national corporation (MNC).
Maximise profit and minimise Cost
Most company focus on maximise profit and overlook on how to save money. First thing that come into your mind about cost saving is probably tighten up spending. If you are a local businesses, the good news is that you can leverage on the government grants available in the market to help you save cost.
The perk as Singapore retailers, you have as many as 10 different types of government grants cater for start up, local companies or partnership programs when you broaden your territory oversea.
Amongst all, we have shortlisted the top 3 important grants that you should pay attention to.
The Top 3 Government Grants for Retail Business
Productivity Solution Grant (PSG)
Enterprise Development Grant (EDG)
Market Readiness Assistance Grant
1. Productivity Solution Grant (PSG)
PSG grant aims to support local companies with adoption of IT solutions and equipment to enhance business processes and increase productivity through automation.
The business entity must be registered in Singapore
Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore
Have a minimum of 30% local shareholding (for selected solutions only)
Up to 70% funding support, for companies making long-term technology investments
PSG is the most accessible grant scheme for retail business as retail industry is one of the key sector that government encourage to embark on digital transformation. Retail sector contributes up to $35 bil annually, from 21,000 establishments. You can get support from PSG when adopting eCommerce solution (eg. Shopify), Omni-channel POS System (eg. Vend), or integrated cloud accounting system (eg. XERO).
See the full list of supported solutions on Tech Depot
The application process for PSG is straight forward where you can find out the details step by step guide here.
Who should apply
Retailer who has yet to upgrade from the cash register system are likely to benefits from electronic POS System (ePOS) using PSG.
Unlike cash register systems, ePOS system such as Vend, is one of the recommended brand for managing multi-outlet retail business. The cloud based point-of-sale system enhance inventory management, customer engagement and giving real-time information which empower business owner to make strategic decision.
One great example is the multi-outlets fashion retailer, OMOSE who benefits from PSG grant to deploy Vend Retail Management System to all his outlets, integrate with Shopify eCommerce, XERO accounting software and enable Omni-channel Loyalty program at one go. The fashion retailer has since experience the cost saving, revenue increase with greater customer retention. Find out more about how Vend POS has help OSMOSE to growth to omnichannel retail model.
How to Apply
We prepare the step by step guide to apply for PSG grant for you.
Singapore retailer can purchase Vend pre-approved package at $5100 and get subsidy up to $2670 to enjoy all the benefits that advanced IT system can benefits them. And they can purchase multiple packages up to $30,000 for retailers who has multiple outlets.
2. Enterprise Development Grant (EDG)
EDG grant is design for company that has already transform with basic digital solution such as POS System or accounting system to strengthen the business foundation and further enhance and optimise the process for further scaling. You can regard