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Positive Business Transactions With The New Policies For SME

Small and medium enterprises (SMEs) are the building blocks of the Singapore economy. SMEs are a primary source of employment opportunities. They contribute greatly to the gross domestic product and overall economic output. Like any other venture, SMEs face many issues and problems. To help alleviate and address these burdens, the government launched initiatives and policies announced by the Finance Minister Tharman Shanmugaratnam at the Budget 2013.

The Budget 2013 to 2015 have provided local entrepreneurs with a platform to enter the trade industry as well as allow existing enterprises to move forward and explore areas for growth. The Collaborative Industry Projects, as the programme name suggest, encourages collaboration between small enterprises and key players in the industry to come up with solutions to business productivity challenges. SMEs can take advantage of the opportunity and find gainful partnerships.

The government and the Trade Association and Chambers (TACs) work together in order to provide a platform for enterprises to improve productivity and encourage more individuals to incorporate a company in Singapore. TACs has a group of members with extensive industry experience. To ensure that SMEs get support from in-market businesses and further development, the government launched the programme called LEAD. The programme’s goal is to identify, check, harness business and economic activities in the small scale sector.  Along with the support of the association and controlled funding in various sectors of the small scale industry, the government has taken some right measures to empower the existing SMEs.

Another programme is the Partnerships for Capability Transformation (PACT) Programme seeks to encourage and forge partnerships initiated by large organisations and SMEs. This initiative allows qualified
SMEs to improve areas of capability development, overall productivity, and opportunities in forming innovative solutions or products.The approve projects entitles the SMEs with up to 70% fund support.

Such policies are instrumental with strategic planning along with financial support promise to contribute to the rise of small scale industry in Singapore in the future.

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