IN a recent World Bank study, Singapore emerged top among 174 economies for its business-friendly environment. And in the 2006 Milken Institute Capital Access Index, Singapore was ranked second out of 122 countries for ease of access to capital for entrepreneurial activity.
Today, Singapore is home to more than 130,000 small and medium-sized enterprises (SMEs), which employ more than half the total workforce and contribute over 40 per cent of the gross domestic product. And these numbers are growing. To help more Singapore SMEs grow, glow and globalise, Spring Singapore offers assistance in four key areas:
- Money: Spring works closely with the financial community to enhance existing SME financing programmes and introduce new channels of financing for SMEs. Whether you are a start-up or a growing enterprise, you can tap on a range of debt and equity financing options for your growth.
- Markets: To help extend your global reach to overseas markets, Spring works with partners to provide you with the latest industry updates and new business partnership opportunities.
- Management: A key factor of enterprise growth is management talents. Spring's Management Development Programme (MDP) provides support for postgraduate and executive development courses at the leading local universities that are specially customised for SME business owners and top executives.
- Know-how: Spring offers various capability development programmes to meet the needs of enterprises at different stages of growth. From building your company's capabilities in branding and customer service to technology innovation and business management, you can tap on our network of resources to fast-track your growth.
Depending on your company's needs, there is a wide range of programmes and schemes that you can tap on. For more information, you can visit Spring Singapore's website at www.spring.gov.sg or EnterpriseOne at www.business.gov.sg.
Financing options for start-ups and SMEs
Micro Loan Programme: For businesses with fewer than 10 employees, this programme provides loans of up to $50,000 to fund your operations.
Local Enterprise Finance Scheme: Offers fixed interest rate loans to help you upgrade and expand your business.
Business Angels Scheme: For innovative Singapore-based start-ups below five years old. You can get a matching dollar from Spring for every dollar invested by the Business Angel Fund, up to $1 million.
Growth Financing Programme: For innovative Singapore-based start-ups looking for second-stage financing to expand business operations. You can get a dollar from Spring for every two dollars an investor puts in your business, up to $1 million.
Entrepreneurial Talent Development Fund: A partnership with the institutions of higher learning to provide students and fresh graduates with a grant of up to $50,000 to start your business.
Start-up Enterprise Development Scheme: For innovative Singapore-based start-ups below three years old. You can get a matching dollar from Spring for every dollar an investor puts into your business, up to $300,000.
Enterprise Investment Incentive Scheme: Start-ups will be able to attract more investments as investors can deduct up to $3 million of losses against their taxable income.
Loan Insurance Scheme: Get financing for trade facilities by getting them insured against default. Spring supports 50 per cent of the insurance premium.
Dealflow Connection: A platform to match entrepreneurs and funding sources.
Over-the-Counter Capital: You can raise up to $5 million by putting up shares for sale/trade on this trading platform for unlisted companies.
Capability development programmes for SMEs
BrandPact: Get branding training, assessment, incentives and other useful resources to help you differentiate your products and services from the competition.
Business Excellence Programme: Provides you with a framework to develop and strengthen your management systems and processes.
Customer Centric Initiative: Get advice and funding assistance to improve your company's service standards.
GST Assistance Scheme: Get support of up to $5,000 to set up a GST-compliant accounting IT system.
Intellectual Property Management Programme: Manage your intellectual property system more effectively when you develop new products, processes, ideas and business models.
Local Enterprise Technical Assistance Scheme: Get up to 50 per cent funding support to hire external experts to improve your management and operations.
Management Development Programme: Choose from a range of postgraduate and executive development courses customised for SME business owners and top executives. Offered at leading local universities, these courses will equip you with management and leadership skills that can give you an edge in the globalised economy.
SME Management Action for Results Initiative: Get advice from qualified consultants to develop and strengthen your management systems and processes in your journey towards business excellence. You can also get funding support for the implementation.
Technology Innovation Programme: You can approach one-stop centres which offer technology consultancy, practical, downstream technology platforms and other resources. You can also apply for technical experts to be seconded to your company to build up your in-house technology innovation capabilities. Funding is also available for projects involving technology to develop or improve your products, processes or business models.
