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An Upgraded Grant to Upgrade your Business Small and medium enterprises (SMEs) looking to improve their capabilities in key business processes can utilise an upgraded grant scheme offered by SPRING Singapore. Since 1 June 2012, the Innovation Voucher Scheme (IVS) launched in 2009 was revamped and renamed the Innovation and Capability Voucher (ICV), with its scope expanded to cover the capability areas of productivity, human resources development and financial management in addition to its namesake of innovation. As background, the IVS encouraged SMEs to utilize technology to drive innovation, and close to 700 SMEs have received technological service assistance provided by 22 knowledge institutions which include polytechnics and research institutes. In the ICV, the widened range of business processes will allow SMEs to focus on managing their costs better, raising workplace productivity and efficiency as well as strengthening operations to reach sustainable growth. On the newly improved scheme, Minister of State for Trade and Industry Mr Teo Ser Luck said, “While many of our SMEs understand the benefits of upgrading, they sometimes find the process of applying for assistance quite challenging. Like the IVS, the ICV scheme is simple to apply for and easy to use. We hope SMEs will take this first step towards building their capabilities in the core business areas of productivity, human resources development, and financial management. This will help them lay the foundation for sustainable growth in the long term.” Each SME can be awarded two ICVs per capability area (innovation, productivity, human resource development, financial management). The vouchers are valued at $5,000 each, and can be redeemed at more than 120 service providers for processes such as diagnostics, feasibility studies, process upgrading, mA r k E t in t E l l i gE n C E A newly-revised government assistance scheme will give business the push they need to improve current processes customised training, product or services development, and adoption of quality and standards. To fund this scheme, SPRING Singapore has allocated $32 million to aid up to 1,600 SMEs a year. All local SMEs are eligible for the ICV if they meet the following requirements: • Registered with a physical presence in Singapore • Possess at least 30% local shareholding • Have group annual sales of not more than $100 million OR group employment size not exceeding 200 workers To find out more about the ICV, visit SPRING Singapore’s website www.spring.gov.sg/icv. Alternatively, you can meet up with a Business Advisor from <strong>ED</strong>C@ASME to know more about the voucher. Ju l | Au g 2012 En t r E p r E n E u r s’ Di g E s t 47
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