Starting a business requires a lot of investment, and transforming it into one with a digital presence requires additional funds. With so many expenses to handle simultaneously, new business owners or entrepreneurs tend to leave out or delay their entry into eCommerce. Such delaying can cause their potential growth prospects and productivity to suffer greatly.
To avoid such occurrences, the government of Singapore introduced the Productivity Solutions Grant (PSG Grant), which offers grants to cover up to 70%-80% of the tech and digital advancements costs incurred by new SMEs and eCommerce businesses. This government grant for online web stores extends its benefits to various industries and has been dubbed the best government grant in Singapore right now.
3 Reasons why the eCommerce website development PSG Grant is the best
The Ecommerce Website Development PSG Grant is another progressive step taken by the Singaporean government to boost its economy by encouraging businesses to transform from a strictly physical functioning business to one where specific tasks are handled by technology. While there are a lot of reasons why the PSG Ecommerce design grant is the best, here are the top three reasons:
Cost-Efficiency: Ecommerce places a high level of responsibility on the business website, making website design and development a crucial step. This directly translates to high investment rates in website design. The Ecommerce website development PSG Grant covers a significant chunk of this investment which can be used for multiple purposes related to website design, including website creation, website development, website maintenance, and website revamping, among others. The percentage of grants to be allowed is capped at 70% for most covered industries, including construction, logistics, and precision engineering, whereas retail and food SMEs can enjoy up to 80% subsidies. The maximum monetary value to be provided to any company is capped at S$350,000.
Get a Head Start: By acquiring the PSG Ecommerce design grant early on in the establishment of the business, new companies can get a head start in boosting their growth. With the presence of enough funds, companies can employ high-quality solutions that contribute significantly toward effective website design and development. By starting off with a well-developed website, SMEs get the tools they require for establishing a smooth operation line where they can efficiently reach out to their target audience and quickly develop a solid customer base. This becomes very important because new businesses would always have competing companies that have already figured these things out and have a solid online presence.
Covering various industries: The Ecommerce website development PSG Grant covers a wide range of industries and takes care of almost all kinds of businesses. To be specific, the grant covers expenses incurred by businesses involved in the food and beverages industry, logistics industry, construction industry, landscaping industry, retail industry, precision industry, and e-commerce industry. The PSG e-commerce design grant provides grants to all of these industries. Singapore-based businesses can benefit from the funding received for the technological development of the business in the form of website development and design.