Small and medium-sized businesses all throughout Singapore are going to be given $4.5 billion in an effort to improve automation, scale up to a larger sized organization, and push forward into overseas markets to improve the economy that has been stagnating as of late.
A major new reformation established by the Industry Transformation Program, the National Productivity Fund is designed specifically to help improve research, development, and foster creativity across the board to give small and medium-sized operations access to the E and funding they need to dramatically improve in a rapid amount of time.
Singapore’s government has always been very business friendly
Singapore has long been regarded as one of the best nations around the world to conduct business in, a major reason why so many multinational corporations have either set up a headquarters in Singapore or run a significant amount of their Southeast Asian business through this nation.
The government has been just about as friendly towards businesses as one can be, providing they are entrepreneurs, they are marketers, and their capitalists with friendly tax breaks and an environment in which they can establish businesses designed to not only improve the Singapore economy but also to improve the global economy as well.
The Finance Minister in Singapore recently has put forward a number of different innovations and initiatives to help smaller and medium-sized corporations and businesses become much larger, all in an effort to “export” Singapore businesses and help create a more global connected economy for this country.
For more than a decade now Singapore and India in particular have been working in lockstep with one another to improve their economies, to boost their businesses, and to give their citizens every opportunity to pursue the kind of financial future that most only dream of.
These funds will be distributed through a new government business portal
According to information published by the Singapore government, businesses of all sizes are going to have the opportunity to apply for new grants that take advantage of the $4.5 billion specifically set aside to help businesses by using the new government business grant portal.
Launched in the fourth quarter of 2016, this all in one online solution is going to provide all industries and all organizations with access to the resources they need to quickly and efficiently file for the kind of business grants that can help transform operations almost overnight.
There is some concern that small businesses are going to be squeezed because they are so much smaller than larger corporations from a purely manpower standpoint, but the Finance Minister of Singapore has spent time with his team specifically looking for new ways to make it even easier for these already time strapped entrepreneurs to leverage the online business grant portal the same way that much larger organizations are going to be able to.
In the first year the government expects that close to $400 million will be handed out for automation alone, and another billion dollars or so is earmarked specifically to help innovation and improvements to efficiency.
It’ll definitely be exciting to see how Singapore businesses are able to leverage all of these new resources!