Why fewer grants can be a good thing for small businesses
Government grants may be drying up, but small businesses can still innovate and disrupt the market.
SMALL and medium-sized enterprises (SMEs) play a significant role in the Singapore economy. They make up 99 per cent of the country's enterprises, employ two-thirds of the workforce, and contribute about of half of the country's gross domestic product.
But the SME sector is facing a unique set of challenges, which could impact its growth and in turn affect the broader economy.
Chief among these challenges is a significant grant reduction from 20,000 in 2015 to 16,300 in 2016 - but the reduced scope is not necessarily a bad thing. In fact, I would hazard a guess and say that it is exactly what the industry needs.
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