Commentary: Time to review Government assistance to SMEs

Generally speaking, SMEs in Singapore provide employment for some 70 per cent of the local work force. Understanding how the Government can better support a thriving local private sector, as well as prepare it for disruptions brought about by technological advances could benefit SMEs tremendously.

Of the four points stated in the article, the balance between preventing the abuse of grants/schemes and the ease of application for said grants/schemes for SMEs, stood out. At present, SMEs are still required to go through rather lengthy forms to submit an application and can be tedious for micro SMEs. This is due to multiple reports of abuse of the Productivity and Innovation Credit (PIC) Scheme.

Following that, the Government will monitor schemes with take-up rates as the primary metric. Particularly, where financing and managing one’s company’s cash flows are key issues for SMEs, the Government aims to streamline the process of application. One can expect loans to be more accessible for SMEs, where loan sums involved are possibly too small for SMEs to qualify or even apply for.

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Newly formed Enterprise Singapore timely in face of global economic changes

Last September, the Government announced the merger of International Enterprise (IE) Singapore and Spring Singapore where Enterprise Singapore was formed.

Spring focuses on supporting small and medium enterprises (SMEs) in various aspects such as financing, capability development and innovation, while IE Singapore helps local SMEs expand overseas. SMEs will have to align to the government’s proposed changes and in turn, Enterprise Singapore will respond by directing greater effort in taking said firms global.

See how Spring Singapore can help SMEs.

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