Impossible Marketing Is Now A PSG Pre-Approved Vendor!
Updated on: 3 November 2021
Singapore has often been touted as one of the premium business hubs in Asia for entrepreneurs. One of the main contributors to the country’s reputation as a business-friendly nation is the amount of support the government has provided to entrepreneurs.
Furthermore, with the COVID-19 pandemic showing no signs of abating anytime soon, the government’s aid is now more crucial than ever. As more small and medium enterprises (SMEs) struggle to recuperate their losses, entrepreneurs are unlikely to have sufficient funds to invest in growing their businesses, which, in turn, has repercussions for Singapore’s economy.
Recognising their struggles, the Singapore government has extended various grants and subsidies to help entrepreneurs tide through this challenging period. One such grant available to SMEs is the Productivity Solutions Grant (PSG), which aims to encourage businesses to adopt technological solutions to enhance their operations.
These solutions are pre-scoped by Enterprise Singapore (ESG), and the service providers are considered PSG pre-approved vendors by the agency. We are delighted to announce that Impossible Marketing is a PSG pre-approved vendor, and our digital marketing services are covered under this grant. Let us share more about what you can expect from this news.
What is the Productivity Solutions Grant?
This grant is an initiative proposed by the Infocomm Media Development Authority (IMDA) to support companies looking to adopt technological solutions to enhance their business operations. If a company’s grant is successful, it stands to receive up to 80% funding aid for the pre-scoped solutions. With the cost heavily subsidised, business owners face fewer risks.
Additionally, from October 2021, the grant will be expanded to include digital marketing solutions, enabling companies to establish an online presence, thereby driving more traffic to their businesses. The PSG Digital Marketing Grant covers a comprehensive list of digital marketing solutions, allowing entrepreneurs to select solutions that are tailored to their needs.
What can our clients expect?
So what can you expect now that Impossible Marketing is a PSG pre-approved vendor? Well, we have good news! Clients who are eligible for the PSG Digital Marketing Grant can defray up to 80% of the cost of our digital marketing solutions.
Furthermore, this grant is not the only resource you can tap on. If your company is also eligible for the SkillsFuture Enterprise Credit (SFEC) grant, you can access a one-time SGD$10,000 fund to cover up to 90% of your out-of-pocket expense for selected solutions. Fortunately, this includes the digital marketing solutions provided by us.
The disbursement from the SFEC grant is calculated based on the claim submission for the digital marketing solutions you intend to purchase. Therefore, you will require a quotation from us before you can apply for the grant. Let us share provide a brief breakdown of how the disbursement works:
|Cost of the digital marketing solutions||SGD$15,000|
|Funding provided by the PSG Digital Marketing Grant (up to 80%)||SGD$12,000|
|SFEC claim amount (90% of out-of-pocket expense)||SGD$2,700|
How our clients can apply for the grant?
Now that you understand how the grant works, you are undoubtedly excited to get started on your application. However, it is imperative for you to check the eligibility criteria beforehand.
SMEs are eligible for the PSG Digital Marketing Grant if they meet the following criteria:
- The business is registered and operating in Singapore;
- Any lease/purchase/subscription of the pre-scoped digital marketing solution must be used in Singapore;
- The company must have a minimum of 30% local shareholding, with Company’s Group annual sales turnover of less than SGD$100 million, or less than 200 employees (for selected solutions only).
If your company meets the requirements, then that is great news! You can check out our step-by-step guide to applying for the PSG Digital Marketing Grant on the Business Grant Portal (BGP). Once your grant is approved, you will receive a Letter of Offer (LOF) under the ‘My Grants’ tab on your BGP account. All you have to do is accept the LOF, and you are ready to take your business to the next level with our digital marketing solutions.