In Singapore, the Productivity Solutions Grant (PSG) is a crucial tool for businesses to expand in the online space, subsidizing up to 50% of the costs associated with this process. When you’re applying for the PSG grant, there are common mistakes in the application process which you can avoid to ensure a smoother and faster experience. Let’s look at the five most common mistakes businesses make when applying for the PSG grant and how to avoid them.

1. Not Enough Research into Approved Vendors 

One of the most common mistakes when applying for the PSG website grant is not conducting thorough research on approved vendors. The PSG grant is only applicable to projects that involve pre-approved vendors who offer solutions within specific parameters set by the government. If a business attempts to engage a vendor that isn’t on the approved list, their application will be rejected.

Always check the list of approved PSG vendors. Make sure the vendor you choose specializes in the specific website solutions you need. This ensures that your application will meet the PSG eCommerce grant requirements, saving you time and reducing the chances of rejection.

 2. Misunderstanding Eligibility Criteria 

Another pitfall that businesses face is misunderstanding the eligibility criteria for the PSG grant. The grant is aimed at SMEs that meet certain conditions, such as being registered and operating in Singapore, having at least 30% local shareholding, and using the solution in Singapore. Misinterpreting these criteria or neglecting to ensure that your business fits them can lead to your application being denied.

Carefully review the eligibility requirements for the PSG grant and ensure that your business qualifies before applying. Understanding these details will help avoid unnecessary delays in your application process. You may also be able to contact an approved vendor to help you assess if your business is eligible for the PSG grant before applying.

3. Incomplete or Incorrect Documentation 

One of the most significant stumbling blocks in the PSG grant application process is submitting incomplete or incorrect documentation. Missing details such as business registration papers, vendor quotations, or project scope descriptions can halt your application in its tracks. Even small errors, like misfiling documents or incorrect information, can delay approval for weeks, or worse, lead to a rejection.

If you plan to apply for the PSG grant, it’s best to keep a checklist of required documents for the PSG website grant application. These typically include your company’s ACRA registration, quotations from approved vendors, project scope, and details of your existing website, if applicable. Double-check all documents for accuracy and completeness before submitting them.

 4. Ignoring the Grant’s Capabilities and Limits 

Many businesses fail to fully understand what the PSG website grant covers, leading to unrealistic expectations. The PSG grant provides funding support for pre-approved digital solutions, but there are limits to the coverage, including cost caps on different types of services. For instance, the PSG Website Grant may not fully cover advanced customisations or additional features outside the scope of the approved solutions.

Before applying, have a clear understanding of what the PSG website grant covers and the associated funding limits. Engage with your vendor to get a breakdown of the services that are eligible for PSG funding. For businesses aiming to enhance their ecommerce platforms, the PSG eCommerce grant might offer more tailored funding for additional functionalities, but the same rules about scope and coverage limits apply.

 5. Applying Too Late

Many businesses make the mistake of starting their website project before receiving approval for the PSG website grant, thinking they can retroactively apply. Unfortunately, the PSG grant does not work this way. Businesses must get their application approved before engaging the vendor and starting the project, or they risk being ineligible for funding.

Apply for the PSG website grant early in the planning stages of your website development or redesign project, and ensure that your application is approved before you commit to any vendor or begin the project.

 Ensure a Smooth Application Process for the PSG Grant 

Successfully applying for the PSG Website Grant requires a combination of diligent research, proper planning, and attention to detail. Avoiding the five common mistakes mentioned above will significantly improve your chances of receiving approval without delays.

You could also make things a lot easier by working with an approved vendor that understands the process, as they will be able to guide you through a successful application. Partnering with a firm such as W360 Asia, with a proven track record of helping clients avail the PSG grant, will ensure that you are able to maximize your online presence at a subsidized cost.