Committee of Supply 2024 debate, Day 3: Foo Mee Har on supporting growth of SMEs
Small- and medium-sized enterprises (SMEs), which form a majority of Singapore’s business landscape, are currently navigating a myriad of challenges that threaten their growth and sustainability, said MP Foo Mee Har in Parliament on Friday (Mar 1). She cited rising manpower costs as well as the heightened interest rate environment as among the major concerns of SMEs, along with a manpower shortage which has left many SMEs in dire situations. She also highlighted that many SMEs lack the knowledge and resources to transform towards greener practices, hindering their ability to compete effectively and sustainably. She asked how the Government can support SMEs to secure more favourable interest rates, more flexible security requirements as well as more favourable payment terms for those on Enterprise Financing Scheme loans versus those on standard bank loans.
Small- and medium-sized enterprises (SMEs), which form a majority of Singapore’s business landscape, are currently navigating a myriad of challenges that threaten their growth and sustainability, said MP Foo Mee Har in Parliament on Friday (Mar 1). She cited rising manpower costs as well as the heightened interest rate environment as among the major concerns of SMEs, along with a manpower shortage which has left many SMEs in dire situations. She also highlighted that many SMEs lack the knowledge and resources to transform towards greener practices, hindering their ability to compete effectively and sustainably. She asked how the Government can support SMEs to secure more favourable interest rates, more flexible security requirements as well as more favourable payment terms for those on Enterprise Financing Scheme loans versus those on standard bank loans.
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