A lease of life ... SME assistance schemes

• Main Authors: Ang, Kui Beng, Chen, Mei Yao, Tan, Dickson Yee Tiong
• Other Authors: Nanyang Business School
• Format: Final Year Project
• Language: English
• Published: 2013
• Subjects: DRNTU::Business
• Online Access: http://hdl.handle.net/10356/51473
• Institution: Nanyang Technological University

The governments of many developing nations consider the rendering of financial assistance to businesses as part of their constitutional duty to promote industry and commerce within the country. The Singapore government is no exception. Led by the People's Action Party, it has introduced several assistance schemes to aid businesses including the Small and Medium Size Enterprises over the past 20 years. These schemes, administered by different government bodies, were initiated at different points of time. They were set up in support of a variety of governmental objectives and goals. A survey was conducted among a sample population of member firms of the Association of Small and Medium Enterprises (ASME), especially those in the manufacturing sectors. The purpose of such a survey is to determine the level of awareness of the available Government Assistance Schemes, the rate of utilization of these Schemes, and the SMEs' attitudes toward the Schemes. During the entire process, some constructive comments and suggestions were gathered and compiled. Survey results revealed the positive association between the level of knowledge of the Schemes and their level of utilization. They also showed the close correlation between sales growth and obtaining startup capital from government grants and Schemes. In addition, since 1986, more SMEs are applying for government assistance, reflecting the growing popularity of such Schemes. This occurrence is in tune with Singapore's aim to become a major node in global business, and a total business centre, right in the heart of Southeast Asia.