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SBF urges for more measures to help SMEs in this year’s Budget

SINGAPORE — With negative productivity growth, and a third of Singapore Business Federation (SBF) members stating that the pace of restructuring is too fast, an SBF-led committee is proposing more holistic and targeted measures in the Budget this year to help SMEs, and ensure they remain central to the Singapore economy.

Singapore Central Business District skyline. TODAY file photo

Singapore Central Business District skyline. TODAY file photo

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SINGAPORE — With negative productivity growth, and a third of Singapore Business Federation (SBF) members stating that the pace of restructuring is too fast, an SBF-led committee is proposing more holistic and targeted measures in the Budget this year to help SMEs, and ensure they remain central to the Singapore economy.

This includes the setting up of a single government authority to facilitate all SME-related issues such as funding, a new restructuring loan scheme to help those without enough resources to restructure, among other measures.

At a press briefing this morning (Jan 7), The SME committee chairman Lawrence Leow laid out three areas of focus — to review current strategies and determine what is no longer relevant, to help SMEs still struggling with restructuring, and to support SMEs to internationalise.

This is given that there were only five to eight globally competitive businesses with revenue above S$100 million per year in the past five years.

The committee also identified certain sectors that need more manpower capability, such as IT and tourism.

This recommendations were sent to the government in a 30-page report last week.

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