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In a knowledge-based economy, the biggest hurdle for small and medium enterprises in Singapore is no longer about obtaining financing, but generating the next big thing that will have investors and customers alike pounding on your door.
According to the latest 2007 SME development survey by DP Info, financing is no longer listed as a top concern for SMEs in Singapore. This is in no small part due to the availability of financial products customised to meet the needs of SMEs.
Working with financial institutions, SPRING Singapore the enterprise development agency provided 3,600 loans totalling $716 million to SMEs via the Local Enterprise Finance Scheme (LEFS) and the Loan Insurance Scheme (LIS). The LIS is expected to catalyse a projected total of $3 billion worth of private sector loans over the next four years.


Innovation for all SMEs
R&D is not just the domain of the high-tech sector. SMEs outside of the high-tech sector, such as those in F&B, can also benefit from investing in R&D as well. This is evidenced by the success story of the popular Waraku chain of Japanese restaurants owned by More World Systems Pte Ltd.
More World Systems was the first in Asia to leverage on R&D to develop 'faster pasta' - or pasta that cooks in a mere 15 seconds, compared to the usual 10 minutes. This has cut down waiting time for customers significantly and propelled its popularity and growth.