9,000 fully-implemented SMEs to create 22,000 jobs: SPRING Singapore

They will also generate $8b for the economy.

Amidst the challenging economic environment, micro and small enterprises are seeing growth in their businesses.

According to a media release by SPRING Singapore, 9,000 SMEs have been supported through some 12,000 upgrading projects to boost productivity and enhance competitiveness, as well as to capture growth opportunities through innovation, internationalisation or partnerships.

SPRING Singapore says that close to 90 per cent of the companies which benefited were micro and small enterprises with $10 million or less in annual revenue. When fully implemented, these projects will create $8 billion value-add to the economy and 22,000 jobs.

SPRING has also intensified its outreach efforts and simplified its programmes to make it easier for SMEs to get assistance through an expanded network of 12 SME Centres. Together with its partners, SPRING reached out to some 160,000 SMEs in 2014.

Mr Tan Kai Hoe, SPRING’s chief executive, says, “2014 has not been easy for SMEs, but many have risen to the challenge. These SMEs have taken the initiative to develop new capabilities, improve productivity, and found new avenues of growth. This restructuring journey will continue in 2015 and SPRING is committed to supporting SMEs on this path. The global economic outlook for 2015 is still uncertain, which makes it even more important for SMEs to look for ways to innovate and hone their competitive edge, to be in a stronger position to capture future growth opportunities.”