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Spring helped over 20,000 enterprises, 300 startups with restructuring efforts in 2015

Friday, February 26, 2016 - 16:42

SPRING Singapore reported on Friday it had helped over 20,000 enterprises and 300 startups with restructuring efforts in 2015, about twice the number of companies it had supported in 2014.

The more than 20,000 enterprises last year embarked on 22,000 projects which, when fully implemented, would create 19,500 jobs and contribute S$6.9 billion in value-add to the economy, Spring said.

More SMEs and startups have leveraged Spring's assistance. For instance, with the "simplified" Capability Development Grant application process, the number of enterprises that tapped this grant increased by 30 per cent from 1,000 in 2014 to 1,300 in 2015, going by Spring data.

Last year, Spring and its partners also supported more than 300 startups, up from 160 in 2014.

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Said Spring chief executive Poon Hong Yuen: "Innovation and internationalisation are very important for the growth of enterprises. Spring will continue to help our SMEs (small and medium enterprises) in their efforts to restructure and upgrade their capabilities to create good jobs for Singaporeans."

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