SalesForce – Massive corporations step as much as assist SMEs with aid and coaching, Economic system Information & High Tales
SINGAPORE – A number of giant corporations are serving to small and medium-sized enterprises (SMEs) keep afloat because the coronavirus outbreak continues to take a toll on their funds and operations.
The initiatives contain offering much-needed aid and coaching to corporations at a time when some authorities help tapers off because the economic system regularly reopens.
American software program firm Salesforce has partnered the Singapore Enterprise Federation (SBF) at hand out $960,000 in cash grants to eligible SMEs. The programme is predicted to learn 120 corporations, which can every obtain a grant of $8,000.
They’ll use the funds for his or her instant cash-flow wants, resembling lease and working prices, to pay employees wages and to improve their abilities or to digitalise.
Singapore-registered SMEs with a minimum of 30 per cent native shareholding, an annual income of $150,000 to $2 million, and who make use of between 5 and 50 staff, are eligible to use.
Purposes opened final Monday and shut on Dec 23. Companies can go to this web site to search out out extra.
Salesforce Singapore vice-president and normal supervisor Cecily Ng mentioned it’s the proper time for Singapore companies to faucet the grant cash to gas development, given the economic system is starting to get better.
“This additionally presents a important alternative for bigger and extra established companies to step in and provides SMEs the assist and assets they should overcome challenges posed by Covid-19 and velocity enterprise transformation,” she mentioned.
In the meantime, monetary companies agency American Express helps to drive foot site visitors again to shops by bringing its international Store Small marketing campaign to Singapore.
Card members can get $5 cashback after they spend a minimum of $10 at taking part companies from tomorrow, for as much as 3 times.
Round 2,000 companies – at 11 CapitaLand malls and in areas resembling Kampong Glam and Telok Ayer – are taking part.
American Express, which has dedicated US$200 million (S$268 million) worldwide for its Store Small campaigns, didn’t disclose how a lot it has put aside for the initiative right here.
Mr Elroy Lim, vice-president and normal supervisor for service provider companies at American Express in Singapore, mentioned: “Whereas Store Small encourages individuals to spend, we wish them to contemplate the place they spend, not how a lot they spend, and to put extra emphasis on spending on native companies.”
Home-grown pastry store Tong Heng is among the many outlets featured within the marketing campaign.
General supervisor Ana Fong mentioned Tong Heng’s major problem as a conventional small enterprise has been to evolve to remain related.
The store needed to stop operations for 3 weeks in the course of the circuit breaker and was fortunate that it had adopted a digital technique lately that allowed it to replace clients, added Ms Fong.
SMEs – typically outlined as corporations with an annual turnover of lower than $100 million or fewer than 200 employees – type a major a part of Singapore’s economic system, accounting for about 99.5 per cent of the nation’s enterprises and 70 per cent of the workforce.
Apart from monetary help and incentives for consumers, some corporations are serving to SMEs reinvent themselves by means of know-how.
GrabFood Singapore senior director Dilip Roussenaly mentioned: “Even because the economic system regularly reopens, we consider that the present challenges confronted by SMEs resembling useful resource limitations and the lack of expertise within the digital area will persist.”
Seize’s current initiatives to handle this digital hole embrace its Seize Service provider Academy, a web-based coaching programme launched in September with modules for companies in areas resembling on-line retailer administration, menu optimisation and on-line advertising.
Companies can entry these modules by means of the GrabMerchant app.
Efforts by bigger corporations to supply a lifeline to SMEs come as some authorities help for these corporations tapers off within the coming months.
Assist measures have been earlier prolonged to permit companies in sectors most affected by the Covid-19 outbreak to defer 80 per cent of principal funds on secured loans granted to them by banks or finance corporations, till June 30 subsequent yr.
Companies in different sectors can apply to defer 80 per cent of such funds till March 31 subsequent yr.
Loans granted underneath Enterprise Singapore’s enhanced working capital loan scheme and momentary bridging loan programme are additionally eligible for deferment.