Upgrading schemes launched to boosts SME productivity

Enhanced measures to help more SMEs exceed S$100M in annual revenue.

Small and medium enterprises across 12 different sectors can expect to benefit from more upgrading as SPRING Singapore launches more productivity programmes in 2011.

Some of the sectors identified include retail, food services, food manufacturing and general manufacturing
SPRING estimates the upgrading programmes will add S$4.8 billion to Singapore's economy in the next two years and create some 16,000 new jobs.

The aim is to help about 1,000 SMEs exceed annual revenues of more than S$100 million by 2020.

Meanwhile, SPRING revealed that it gave out S$2.7 billion in loans to SMEs last year - far less than the S$6.1 billion in 2009 - as commercial lending from banks returned to pre-financial crisis levels.

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