More SMEs To Benefit From Innovation And Capability Voucher Scheme

31 May

SINGAPORE : SPRING Singapore on Thursday said more small and medium-sized enterprises (SMEs) will benefit from the Innovation and Capability Voucher (ICV) scheme from 1 June 2012.

In a statement, SPRING said the ICV, formerly known as the Innovation Voucher Scheme (IVS), will be expanded to cover three more areas – productivity, human resources and financial management

It added that the expanded scope will allow more SMEs to take the first step to upgrade their capabilities.

And it will help firms to better manage costs, be more productive and strengthen their business operations to achieve sustainable growth.

SPRING said companies can apply for vouchers valued at S$5,000 each, to be used for diagnostics, feasibility studies, process upgrading, customised training, product or services development, and adoption of quality and standards.

The voucher can be redeemed at more than 120 participating service providers.

SPRING has set aside S$32 million to assist some 1,600 SMEs a year, or 6,400 SMEs over four years.

The IVS was introduced in March 2009 to encourage SMEs tap on technology to try out innovative ideas.

SPRING said close to 700 SMEs have benefited from the technology services provided by 22 knowledge institutions, including polytechnics and research institutes.

– CNA/ms

Channel News Asia

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