How Business Improvement Districts can help SMEs succeed
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SMALL and medium-sized enterprises (SMEs) do not have to face challenges alone – particularly if they are part of a precinct where development efforts are led by a local body.
Since 2017, the Urban Redevelopment Authority’s (URA) Business Improvement District (BID) programme has been piloted in areas such as the Singapore River, Marina Bay and Tanjong Pagar.
In five selected districts, local “place managers” help to develop the area, which includes supporting their SME members in everything from navigating the competitive business landscape to tackling operation costs and manpower constraints.
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