WHAT IS ICV VOUCHER?
ICV refers to Innovation & Capability Voucher administrated by Spring Singapore. ICV is a simple to apply, easy-to-use voucher valued at $5,000, to encourage SMEs to take their first step towards capability development. SMEs can use the voucher to upgrade and strengthen their core business operations through consultancy in the areas of innovation, productivity, human resources and financial management.
Apart from consultancy, ICV also supports SMEs in the adoption and implementation of simple solutions to improve business efficiency and productivity.
All local SMEs can apply for ICV if they meet the following criteria :
- Registered and operating in Singapore
- Have a minimum of 30% local shareholding
- Have group annual turnover of not more than $100 million OR group employment size of not more than 200 employees
For consultancy projects, each voucher worth $5,000 may be redeemed for services from the participating service providers. An SME may apply for a maximum of two vouchers per capability area for supported services. SMEs which wish to further upgrade their capabilities in any of the areas may tap on the Capability Development Grant.
For implementation of simple productivity solutions, each SME can apply up to a maximum of two vouchers to implement solutions out of the available eight vouchers for each SME. For this, 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.
The supportable cost categories include :
- Equipment & hardware
- Technical solutions & training
- Design & renovation