Local companies can tap a range of avenues to access capital that they may need to innovate, transform and scale up their businesses. To catalyse the flow of capital and bridge market gaps, the Government will step up risksharing arrangements with providers of capital and provide grants to support businesses at various stages of growth, Deputy Prime Minister Heng Swee Keat said yesterday.
For high-growth companies including start-ups, the Venture Debt Programme will be extended and enhanced - with an increase in the cap on loan quantum support from $5 million to $8 million. With this, we expect about $45 million of venture debt to be catalysed over the next year, Mr Heng said.
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The Ministry of Finance (MOF) has announced that Budget 2021 will be delivered on 16 February 2021 at 3pm.
Many Singaporeans and Singapore businesses will be eagerly anticipating the announcement. However, Budget 2021 will unlikely deliver such wide sweeping measures and incur such a deficit to bolster the Singapore economy compared to Budget 2020. Remember that in 2020, there were 4 separate budget announcements and 2 Ministerial Statements to supplement it as the coronavirus situation deteriorated.
Budget 2021 will likely provide more targeted help for businesses. Many of the initiatives to help businesses that was announced in Budget 2020 has ended or will be ending at some point in 2021. And, Budget 2021 will provide clarity to what kind of help businesses (and individuals) will get going forward.
The Straits Times
Firms need to innovate their offerings to meet customers changing needs and stay relevant, says minister
Workers in the manufacturing control room at Sanwa Plastic s factory in Woodlands yesterday. On a visit to the factory yesterday, Minister for Trade and Industry Chan Chun Sing described the various government initiatives and schemes available for SMEs, like Sanwa, to build their capacity to innovate and ride the next wave of growth. ST PHOTO: LIM YAOHUI
During a virtual press conference at the factory yesterday, Mr Chan said that government support will now be focused on encouraging local manufacturers to make innovative products, innovate their production processes, access larger offshore markets and develop the local talent base.ST PHOTO: LIM YAOHUI
Source: Media Outreach
Shining the spotlight on the day-to-day realities of small businesses and how they improve productivity using technology
YouTube vlogs of hidden gem Kamome Bakery and ramen chain Tonkotsu Kazan now live
SINGAPORE – Media OutReach – 26 January 2021 – Rigid operating guidelines and manpower shortages are some of the challenges that are looming over local businesses, especially those in the F&B, retail and manufacturing sectors. As part of his exploration of Singapore, Japanese vlogger Ghib Ojisan visits small businesses and shares their stories of innovation and transformation to survive the times. Viewers can catch his YouTube vlog of Kamome Bakery and the new King of Time series, How’s Your Time Here, which are both released yesterday.