SME policy Singapore – Rising Opportunities for Development
Singapore boasts of small and medium scale industries actively contributing to the nation’s economic output. Small and medium enterprises (SMEs) make up 90% of businesses in the island, largely contribute to the gross domestic product (GDP), and create majority employment opportunities. To support the SME sector, the government provides assistance programmes and schemes as announced in the Budget 2013.
One such grants launched by the government is the Market Readiness Assistance (MRA) Grant which extends help to SMEs in a form of consultation with market experts who can guide them in various areas including market assessment, market entry and business restructuring through industrialisation. The MRA also seeks to help local businesses to expand their operations overseas.
Another platform that allow SMEs to access more opportunities and growth includes support for in-market business development. International Enterprise Singapore (IE) along with Trade Associations and Chambers (TACs) aim to help the SME by hiring in-market business development mediators so that the SME can work to get safer and secure business links abroad.
To support the manufacturing sector and inspire them to collaborate large organisations, the government initiated Partnerships for Capability Transformation (PACT). The scheme puts focus on areas of technological advancement, technology test-bedding, co-innovation, and sharing of ethical and worthy practices in the business. The qualified SMEs can get assistance in upgrading areas of capability development, business productivity, and opportunities in forming innovative solutions or products. The projects that are approved by SPRING Singapore will be provided with funding support of up to seventy percent (70%) of qualified development expenses.
Funding is one of the most important areas in starting and operating a business. To address this concern, the Trade Finance Programme is launched through the collaboration of IE Singapore and ADB (Asian Development Bank). The programme seeks to make financing solutions more accessible to entrepreneurs.
One of the highlights of the Budget from 2013-2015 is the credit bonus for companies that invest its time and money in research projects. This has not only given way to companies who want to make big in the market but also those who can put their market research into practice and yield better produce and results.
These are just some of the many measures implemented are geared towards helping the SME sector move forward and grow both locally and internationally. Furthermore, established businesses, new industry entrants and even employees can both benefit from the projects launched for Budget 2013.
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