Cash Grant Granted to Support Recovery and Growth Amid the Pandemic
$8,000 cash grant has been granted to more than 100 small and medium enterprises (SMEs) to help them cope with the recovery and growth amid the pandemic.
The grants were given to help cover the cost of operations, rent and maintain the employee payroll. The grants were also to help these SMEs seek assistance for their business transformation and adopt technology while the Covid-19 pandemic is happening.
The Singapore Business Federation (SBF) partnered with Salesforce, an American software company. Together, they helped these companies. Most of the companies were in the healthcare, manufacturing, and freight forwarding sector.
SMEs in Singapore account for 99% of Singaporean-based companies in 2019. They contribute to 44% of Singapore’s GDP. SMEs are the heart and soul of Singapore. The cash grant is the boost they need to empower them to recover even stronger than ever.
The cash grant was doled out to the first 120 applicants. These applicants were chosen based on their eligibility criteria. More than 700 companies in total have applied for the grant. The SMEs $8,000 cash grant was assessed on a first-come, first-serve basis. It was also based on the SMEs eligibility criteria. The criteria were weighed against their financial standing, level of hardship, and business activity because of the Covid-19.
SBF is encouraging receivers of the grant to optimize it and put it to good use for the growth and recovery of their business post-Covid-19.
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