Financial Help For New Businesses – In the face of COVID-19 as a precaution We will stop all physical meetings involving our team members. Ensure project continuity as I Concept is business as usual. Take care and stay safe everyone!
Due to significant financial uncertainty and tectonic shifts in the SME operating environment due to the COVID-19 pandemic, Singapore’s 2020 budget this year highlights concerns about current business and jobs. Mainly
Financial Help For New Businesses
Thus, a collection of initiatives have been announced to help Singapore business owners overcome the challenges that lie ahead. as well as helping to build business potential for the future
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From getting more help to enter new markets to innovation and adoption of digital solutions through financial support packages. Here are the main points we gathered from the speech.
The Enterprise Funding Scheme (EFS), managed by Enterprise Singapore, provides targeted funding to better support Singapore’s SMEs through different stages of growth, backed by a number of participating financial institutions (PFIs). Available sections include:
To help new and established SMEs identify business needs Adopt pre-approved digital technology And taking the first step to enter new markets, the Enterprise Grow package has been introduced.
The SMEs Go Digital program will be expanded and will help enterprises Access to pre-approved digital solutions across 23 vibrant industries. A new platform, GoBusiness, has also been created for simplified access to license applications and easier government transactions.
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Enterprise Leadership for Transformation (ELT), a one-year program. It was created to support promising SME business leaders in developing their business growth capabilities. Eligible organizations can qualify for funding up to 90% of the program fee.
Together, the Enterprise Development Grant provides integrated support for organizations. in creating new things It will expand its reach as well. Grants to support qualified project expenses, such as third-party consulting fees. software and equipment as well as internal staff expenses And the maximum support level will increase to 80% from April 1, 2020 to December 31, 2020, depending on the scope of The impact of COVID-19 on the business, the level of support can be increased by up to 90% (cases will be reviewed individually).
All Singaporean employees and self-employed who received Work Income Supplement (WIS) in the 2019 working year will receive Work Special Payment (WSP) in 2020 under Singapore Budget 2020. Sponsorship has been updated to a cash payment of S$3,000 (two equal payments of S$1,500 each). in July and October 2020), which is higher than the previously announced Quantum. The enhanced WSP will provide additional support for low-wage workers 35 and older in 2019.
The employment support program was updated to cover 75% of local workers’ total wages in April. Up to a salary cap of S$4,600. This is part of supplementary budget measures to help Singapore’s companies and jobs amid the COVID-19 pandemic. Wage support is also adjusted to 25% over the next 8 months. The subsidy is 50% higher for food services and 75% for those in the tourism and aviation industry.
Singapore Provides Small Businesses With Financial Aid
PSG supports sector specific solutions. They cover industries such as landscaping, construction, precision engineering, logistics, food and retail. There are technology solutions that cover these industries, such as inventory tracking. financial management data analysis Digital Customer Relationship Management and ‘Human Resource Management’
From April 1, 2020 to December 31, 2020, the maximum support level for PSG will increase to 80% and businesses. Additional co-financing will be provided for digitization. The extended suite of solutions supported by PSG covers:
For more details on Singapore’s 2020 budget announcement, you can visit the Singapore Ministry of Finance’s official budget website here.
As your business tackles new challenges and complexities due to COVID-19 How do you stay agile and open to change to take advantage of emerging growth opportunities?
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That’s where we come in! If you are looking for a digital solution to increase the operational efficiency and productivity of your Singapore business. You will be pleased to know that we are an IMDA certified digital creative agency and we are confident in supporting your business needs in the best possible way at subsidy rate Just send us a message. We can talk!
E-commerce development, digital marketing, creative agency in singapore, digital solutions, brand identity, social media management, I Concept
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Singapore Budget 2020: Key Points To Help Smes Survive And Sustain
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Other uncategorized cookies These are cookies that are being analyzed and have not been categorized. The reasons for starting a business vary. The truth is that many people still fail. in fact Nearly one in four fails in the first year. and about half will fail in the first five years. One common reason is that there is no market demand for a product or service. But there are other risks. that business owners do not know Here are some overlooked risks that you should be aware of when starting your business.
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You must have a great plan. A detailed business plan that includes information about your services or products. The marketplace for such plans and mission statements should include background on your employees, locations and management team. Include information about your growth plans and financial position if you need to raise funds. Having a marketing plan can help ensure that you get your product or service in front of the customers who want it.
Another consideration? Your new business may have little or no credit history. This can make it difficult to establish relationships with financial institutions to process credit cards. In this case, high-risk credit card processing services can help. attached resources
Home to the latest articles and tutorials on business, finance, management, technology, social media, startups, e-commerce and more, influencing people around the world. It is undeniable that COVID-19 affects all people and businesses. worldwide since its launch in December 2019.
In Singapore, business is slowing down. big shopping mall tourist attraction And the food chain has experienced a significant decline in patronage.
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If you are an SME business owner whose business has been affected by the virus outbreak. You may be looking for a business loan to solve your cash flow shambles. However, don’t be in a hurry to borrow. First, take some time to check if you really need a loan.
When considering whether to borrow money or not First of all, you should know the fixed and variable costs that you will incur.
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