Application of Grameen principles to enhance growth potential of SMEs.

• Main Authors: Hoon, Lauren Wan Chin., Mohanasundaram Vengaselvathi., Tong, Jun Ru.
• Other Authors: Nanyang Business School
• Format: Final Year Project
• Language: English
• Published: 2013
• Subjects: DRNTU::Business
• Online Access: http://hdl.handle.net/10356/51275
• Institution: Nanyang Technological University

This paper examines the key challenges faced by SMEs in Singapore. The microcredit model of Grameen was analysed and process factors that constitute its effectiveness were established. Consequently, learning value is derived from identified factors and applied to suggested recommendations aimed at enhancing the growth potential of Singapore SMEs. A qualitative approach is adopted in this descriptive study that involves the critical analysis of a wide range of secondary sources. This has expedited our understanding of SMEs operating in the business environment of Singapore. Subsequently, salient lessons from the Grameen model have provided a lens with which to address the typical challenges faced by Singapore SMEs. Overall, this study has presented supplementary insights to existing literature from the development of actionable recommendations that support the meaningful growth of Singapore SMEs. Limitations pertaining to this study include the inability to recreate every aspect of the Grameen model in totality. While suggested recommendations based on the broad principles of Grameen are applicable in addressing some of the issues faced by Singapore SMEs, they are incapable of addressing each and every challenge. Future research could review other microcredit models to expand learning horizons, adopt a sector-based study to address industry-specific challenges of SMEs at a deeper level, or conduct a comparative study after applied recommendations to ascertain the learning value of the Grameen model.