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Govt expands voucher scheme to support SMEs

The government is expanding the scope of the Innovation and Capability Voucher scheme to support small and medium enterprises (SMEs).

SINGAPORE: The government is expanding the scope of the Innovation and Capability Voucher scheme to support small and medium enterprises (SMEs).

From March 1, SMEs can apply for grants to implement and procure solutions in innovation, productivity, human resources development and financial management.

This is in addition to grants provided for consultancy services under the existing scheme.

The improved scheme was announced on Monday by the Minister of State for Trade and Industry Teo Ser Luck after a walkabout session at the Alexandra Village.

The initiative is part of the outreach efforts under the SME Workgroup.

Mr Teo said expanding the scope of the scheme is a response to small businesses' feedback and will help them, especially heartland SMEs, further improve productivity.

He hopes more SMEs will be encouraged to upgrade their capabilities to better manage costs and raise productivity.

An additional S$10 million has been set aside to fund the scheme. This will bring the total amount set aside for the scheme to S$42 million.  

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