SPRING Singapore Increases Funding Support for SME Capability Development Programmes
1. SPRING Singapore will be increasing its funding support for the capability development programmes for small and medium-sized enterprises (SMEs)1
, with effect from 1 April 2012. SMEs can look forward to more funding support, up from
the current 50% to 70% of qualifying costs2
under the various capability development programmes. This was announced by Deputy Prime Minister Tharman Shanmugaratnam, during his budget speech this year.
2. SPRING will provide enhanced support of all enterprise-level programmes for the next three years (until 31 March 2015) to allow SMEs to build up their capabilities and restructure their businesses for sustained growth and competitiveness. An
additional $200 million has been topped up to the existing budget to boost the funding support. This top-up will see an additional 1,800 SME projects supported.
3. The capability development programmes cover areas such as human capital development, technology adoption, innovation, service quality, branding and productivity, amongst others. Through the increased funding support, SMEs will be
able to leverage the programmes to strengthen their value-add.
4. SPRING Singapore’s Chief Executive, Mr Png Cheong Boon said, “We are aware of the current challenges faced by SMEs, such as rising business costs and the tight domestic labour situation. It is thus even more important now for SMEs to restructure their businesses for growth, realign their operations and raise productivity. SPRING will focus our efforts on reaching out to more SMEs and micro-enterprises to ensure that they receive the assistance needed to sustain their
5. Information on capability development programmes offered for SMEs can be found on the SPRING Singapore website at www.spring.gov.sg
. For queries, SMEs can call EnterpriseOne at 68981800
or email at firstname.lastname@example.org
1 SMEs refer to enterprises with annual sales turnover of not more than $100 million or employing no more than 200 staff.
2 Qualifying costs include manpower-related and training expenses, equipment (hardware and/or software, material and consumables), consultancy and professional services, intellectual property rights and other project-related costs such as certification.