SMEs in Singapore now can apply for ICV grant from Spring Singapore for implementation of simple productivity solutions. Each SME can apply up to a maximum of two vouchers valued at $5,000 each.
Furthermore, there are no requirement for 3 CPF contributions unlike the IRAS’ PIC Cash Payout scheme. To make it even sweeter, the grant is not taxable!
SMEs may apply directly with SPRING to support the productivity solutions, on a reimbursement basis. The reimbursement will be made directly to the SME. All purchases MUST be made only after the indicated solutions/ items have been approved in the application.
One important thing that need to take note of now is that due to overwhelming response, the processing time can be up to 3 weeks upon submission of all documentations. So, SMEs are well advised to plan early if they want to utilise this grant.
The supportable cost categories include :
1) Equipment & hardware
2) Technical solutions & training
3) Design & renovation