Tuesday, September 25, 2012

FairPrice enhances assistance for SMEs

Posted: 24 September 2012

SINGAPORE: Supermarket chain NTUC FairPrice is providing more support to its local Small and Medium Enterprise (SME) partners, amid concerns that more firms are facing cash flow problems.

It has enhanced an assistance programme to help SMEs cope with business challenges and grow their businesses.

Known as the SME Suppliers Support & Development Programme (SSDP), the year-long programme aims to support about 1,000 local SME partners.

It'll help ease their cash flow pressure, manage rising business cost, enhance their capabilities and promote their local-made products.

FairPrice said on Monday that the introduction of SSDP is timely, as more firms are facing cash flow problems, based on a recent report by the Singapore Commercial Credit Bureau.

The report showed that prompt payment by firms hit a record low of 37.3 per cent, while payment delays hit a record high of 53.8 per cent in second quarter of this year.

From 1 November, local SME partners with an annual turnover of less than S$5 million with FairPrice can apply for assistance, including shortened payment terms from FairPrice of up to 30 days, from the current 60 days, as well as a 50 per cent discount on listing and processing fees for new products and variants.

Local SME partners of FairPrice with manufacturing plants or farms in Singapore can also apply for their products to be specially considered under FairPrice's popular housebrand labels.

To further promote local products, FairPrice launched The Best of Singapore Flavours fair, which will run until 3 October at its stores.

It'll feature over 40 items, ranging from groceries, fresh products to toiletries that are made or produced in Singapore.

NTUC FairPrice's chief executive officer, Seah Kian Peng, said: "Local goods are good in terms of quality, in terms of value. Support them, support local SMEs because local SMEs contribute to 50 per cent of our GDP. And they provide 70 per cent of all jobs in Singapore."

The FairPrice Assistance Programme was introduced in 2009 to help SMEs cope with business challenges caused by the global financial crisis.

It helped eased the cash flow pressures of over 300 partners by shortening their payment terms and reducing their listing fee for new products and variants.  

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
Email: marshe_inc@yahoo.com.sg
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

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