Search for the Innovation and Capability Voucher, or ICV, in 2026 and you will still find consultancy websites, old blog posts and the odd LinkedIn advertisement promising to help you apply for it. The trouble is that the ICV, in the standalone form many of these pages describe, has not existed for several years. Singapore SMEs who spend time chasing an “ICV grant” application are, in most cases, chasing a scheme that was folded into a different programme long ago.
This is a genuinely useful thing to clear up, because a business owner who does not know this can waste time on the wrong government portal, misjudge how much support is available, or worse, engage a paid grant consultant on the strength of an outdated scheme name. This guide sets out honestly what the ICV was, what actually happened to it, and, more usefully, what Singapore SMEs should apply for instead if their goal is the same one the ICV was built to serve: help paying for the consultancy and pre-approved solutions that improve how the business runs.
If you already know you want the current scheme and just need the mechanics, our complete Productivity Solutions Grant (PSG) guide for 2026 covers eligibility, application and claims in full. This article is for anyone still trying to work out where the ICV actually went.
What the Innovation and Capability Voucher actually was
The ICV was a SPRING Singapore scheme that offered SMEs vouchers, originally valued at S$5,000, to defray the cost of engaging consultants for advisory work in specific capability areas. It began as a consultancy-only scheme and was enhanced from 1 March 2014 to also support the implementation of solutions across four capability areas: innovation, productivity, human resources development, and financial management, with an additional S$10 million set aside to fund the expanded programme. The eligibility criteria at the time will look familiar to anyone who has applied for a Singapore SME grant since: the applicant had to be a Singapore-registered company with at least 30 percent local shareholding, and group annual sales not exceeding S$100 million or group employment not exceeding 200 employees.
Why the eligibility criteria still matter
Those same thresholds, 30 percent local shareholding and the S$100 million turnover or 200-employee test, are still the backbone of SME eligibility for Singapore’s current suite of enterprise grants. If your company met the old ICV criteria, it is very likely to meet the eligibility bar for the schemes that replaced it.
What happened to the ICV: streamlined into the Productivity Solutions Grant
In 2018, SPRING Singapore and IE Singapore merged to form Enterprise Singapore, and a number of overlapping SME support schemes were consolidated to simplify the funding landscape. The ICV’s consultancy and solutions support was streamlined into the newly formed Productivity Solutions Grant (PSG), administered jointly by Enterprise Singapore and the Infocomm Media Development Authority. In practice, the ICV as a standalone voucher scheme has not been open for new applications since that consolidation. Any provider still marketing an “ICV application service” today is, at best, using an outdated name for PSG support, and business owners should treat such marketing with caution.
ICV versus its modern equivalent, PSG
| Feature | Innovation and Capability Voucher (historical) | Productivity Solutions Grant (current, 2026) |
|---|---|---|
| Status | Retired; superseded by PSG following the 2018 SPRING and IE Singapore merger | Active, administered by Enterprise Singapore and IMDA |
| Support level | Fixed voucher value, originally S$5,000 | Up to 50 percent of eligible costs, up to S$30,000 per company |
| Scope | Consultancy, then expanded to solution implementation in four capability areas | Pre-approved IT solutions and equipment across a wider range of sectors and functions |
| Eligibility | Singapore-registered, at least 30 percent local shareholding, turnover under S$100 million or under 200 employees | Same thresholds carried forward |
| Where to apply | Formerly via SPRING Singapore | Business Grants Portal, via GoBusiness Gov Assist for the solutions list |
What Singapore SMEs should apply for in 2026
If your business need matches what the ICV used to fund, adopting IT solutions or equipment to improve productivity, digitalise a process, or professionalise an area such as HR or finance, the PSG is the direct successor and remains open for applications as at 2026. Eligible companies can receive up to 50 percent of eligible costs, subject to assessment, capped at S$30,000 per company. To apply, a business identifies a pre-approved solution and vendor through GoBusiness Gov Assist, obtains a proper quotation, prepares its financial statements and business impact narrative, and submits through the Business Grants Portal using Corppass.
If your need is broader, such as market expansion, business transformation, or entering a new overseas market, the PSG will not be the right fit on its own. Our comparison of the Enterprise Development Grant, PSG and Market Readiness Assistance walks through which scheme suits which type of project, and our guide on stacking multiple Singapore government grants explains how SMEs legitimately combine support across schemes for a larger project.
A practical example
Take a family-run food and beverage business with 25 employees looking to replace a manual order and inventory process with a point-of-sale and accounting system. A decade ago, this business might have applied for an ICV to fund the consultancy and rollout. Today, the correct path is to check whether the intended solution appears on the GoBusiness Gov Assist pre-approved list, obtain a quotation from the listed vendor, and apply for PSG support before making any payment or deposit, since retrospective applications are not supported. Our guide to SMEs Go Digital pre-approved solutions is a useful starting point for identifying what is currently on that list.
After the grant: claims and compliance still apply
One thing that has not changed since the ICV era is that approval is not the end of the process. Once a PSG-supported solution has been deployed and paid for in full, the applicant must submit a claim with invoices, payment evidence and, in many cases, a usage report before funds are disbursed. Our guide on what happens after your grant is approved sets out the claims and audit obligations SMEs should plan for, since disbursement typically follows only after a completed claim is verified.
Looking ahead: the EDGE grant merger in the second half of 2026
Businesses planning a grant-funded project in the near term should also be aware that Enterprise Singapore has announced that the Enterprise Development Grant, PSG and Market Readiness Assistance will be merged into a single framework, referred to as EDGE, launching in the second half of 2026. Existing grants, including PSG, remain accessible on their current terms until EDGE launches, and approved projects will continue to be honoured under their original conditions. SMEs with a solution already identified should not delay an application on the assumption that today’s PSG terms will carry forward unchanged into the new framework.
Key takeaways
- The Innovation and Capability Voucher is not currently open for application. It was streamlined into the Productivity Solutions Grant following the 2018 merger of SPRING Singapore and IE Singapore into Enterprise Singapore.
- If a consultant or vendor offers to help you apply for an “ICV grant” today, ask them to point you to the specific current scheme on the Business Grants Portal, since there are no compulsory application fees for genuine Enterprise Singapore schemes.
- The practical successor for most SMEs is the PSG, offering up to 50 percent support capped at S$30,000 per company for pre-approved IT solutions and equipment.
- Broader transformation or overseas expansion needs should be assessed against the EDG and MRA schemes as well, particularly with the EDGE merger arriving in the second half of 2026.
- Grant approval is only the midpoint. Budget time and documentation for the claims process before you count on the funds.
Navigating which Singapore government grant actually fits your project, especially with the EDGE consolidation on the horizon, is exactly the kind of question Raffles Corporate Services helps SMEs work through every week. If you are still unsure whether your business qualifies for PSG, EDG or MRA support, our team is happy to take a look.
The Editorial Team, Raffles Corporate Services