Govt to look into simplifying grant applications for SMEs: Heng Swee Keat

Speaking at a business forum, the Finance Minister also said a Working Committee is exploring how to better support SMEs under the industry transformation plan.

Finance Minister Heng Swee Keat addresses the audience at the Lianhe Zaobao Singapore Budget 2016 Business Forum.

SINGAPORE: The government will look into simplifying the various policies and processes for grant applications to help Small and Medium Enterprises, said Finance Minister Heng Swee Keat on Tuesday (Apr 26).

Speaking at the Lianhe Zaobao Singapore Budget 2016 Business Forum, Mr Heng also highlighted existing avenues such as the business grant portal which help ease the application process for SMEs.

Mr Heng was addressing a suggestion from President of the Association of Small and Medium Enterprises Kurt Wee, to set up an independent committee to help SMEs with issues when applying for grants.

The finance minister also said that a working committee, headed by Senior Minister of State Sim Ann and Singapore Chinese Chamber of Commerce and Industry President Thomas Chua under the Committee on the Future Economy, is exploring how to better support SMEs under the context of the industry transformation plan.
The Committee is also looking at the needs of different sectors, which Mr Heng said are varied across SMEs.
"We need to be able to look at these needs in greater detail, and find better ways of helping our SMEs. And we cannot do it alone as government, we need to do it together with businesses and with the chambers and business associations," the finance minister said.
Mr Heng said, as the economy restructures, businesses must continue to innovate and internationalise given Singapore's small size.
"We need to help our SMEs internationalise; the ones that can go on the international market, and the ones that are domestic-oriented, they too need to improve in productivity, and find new ways of serving customers in Singapore better,” said Mr Heng.
He added that while the government has put in place policies and grants to help businesses innovate and restructure, it will not be able to pay for everything given the limited resources.
The finance minister also said that while businesses face challenges, working together can help them increase their competitiveness and overcome these challenges.
He cited examples of the finance and tech industries, as well as digital health, where an intersection of industries have seen the creation of new and innovative products.

- CNA/mn