Spring Singapore will be expanding the scope of the Innovation Voucher Scheme (IVS) to cover three more areas - productivity, human resources development, and financial management.

The scheme will be renamed the Innovation and Capability Voucher (ICV) to reflect the expanded scope and purpose.

The scheme comes into effect starting June 1, 2012.

The expanded scope will allow more small and medium-sized enterprises (SMEs) to take the first step to upgrade their capabilities in these key areas.

Companies will then be able to better manage costs, raise productivity and efficiency, and strengthen their business operations to achieve sustainable growth.

Companies can apply for vouchers valued at $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 $32 million to assist some 1,600 SMEs a year, or 6,400 SMEs over four years.

hteoh@sph.com.sg