Many small and mid-sized enterprises (SMEs) know how important it is to invest in a good system and hire a reputable implementer. However, the reality of a tight IT budget puts the dent into even the best and well-intentioned plans for many companies.
For SMEs with limited budgets, a government grant goes a long way in helping them to improve productivity and competitiveness. One excellent example is the S$25 million iSPRINT scheme by iDA. Launched in collaboration with SPRING Singapore and IRAS in March 2010, iSPRINT aims to encourage more local SMEs to use technology for improving or developing new products, processes and business models.
Under iSPRINT, a qualifying SME can receive subsidies of up to 50%* of a project’s qualifying costs. These include projects with ERP and CRM implementations.
But before you proceed, do you know that:
- On average, it takes between 2 to 6 months to obtain grant approval from iDA, depending on the complexity of the project.
- If your business has sufficient IT funds, and need a new system implemented and stabilised as soon as possible, then you might want to consider skipping the grant altogether.
- Apart from submitting a request form to iDA, you will also need to submit a business proposal, your latest ACRA business profile, and audited financial statements for the last 2 years.
- Check to see how much information is your company willing to divulge, and whether you have the time to prepare the necessary documentation.
- To apply for a grant, you will need to liaise directly with iDA for your grant application. These include attending the preliminary consultation and any subsequent approval sessions.
- Implementing a new system requires preparation. Your company needs to be prepared for changes, including taking steps to ensure your existing data is prepared for migration.
At AFON, we have helped clients obtain grants to reduce their overall investment costs. We also have clients who, after considering the time required, opted not to apply for the grant. Do give us a call for further discussion.
For more details on iSPRINT, please visit the iDA website.
*subject to iSPRINT terms and conditions