Streamlining Grants, Funding Support and Assistance Schemes with Merger of SPRING Singapore and IE Singapore
Ministry of Trade and IndustrySpeakers
Summary
This question concerns the streamlining of grants and assistance schemes following the merger of SPRING Singapore and IE Singapore into Enterprise Singapore. MP Teo Ser Luck inquired about the impact on SME funding applications and the future role of SME Centres under the new entity. Minister for Trade and Industry (Industry) S Iswaran stated that grant consolidation via the Business Grants Portal has already begun to simplify applications and minimize overlaps across agencies. He assured that SME support will remain uninterrupted during the transition, with Enterprise Singapore providing an integrated, one-stop suite of services for capability building and market access. Furthermore, account management will be further optimized while SME Centres and Trade Associations and Chambers continue to serve as vital access points for businesses.
Transcript
18 Mr Teo Ser Luck asked the Minister for Trade and Industry (Industry) (a) whether there are plans to streamline the grants, funding support and assistance schemes of SPRING Singapore and IE Singapore within the merged entity of Enterprise Singapore; and (b) how will this affect the SMEs that have applied for funding support.
The Minister for Trade and Industry (Industry) (Mr S Iswaran): Mr Speaker, the Standards, Productivity and Innovation Board (SPRING) Singapore and International Enterprise (IE) Singapore have helped companies build up capabilities and access overseas markets through a suite of assistance programmes. The proposed new agency Enterprise Singapore will build on the good work that has been done by both agencies.
To help companies access assistance programmes more easily, the Government has already been streamlining existing grants to minimise overlaps across agencies and simplify the application process. So, in other words is, we are not waiting for the formation of the new agency to do this. One example of our efforts is the Business Grants Portal (BGP) which consolidates commonly used grants, such as SPRING’s Capability Development Grant and IE Singapore’s Global Company Partnership, in a one-stop application portal. With this portal, which was officially launched in January 2017, companies can now apply for grants without having to approach multiple agencies.
With the merger of SPRING Singapore and IE Singapore to form Enterprise Singapore, companies can look forward to a comprehensive suite of support from a single agency for capability building and overseas market access. Enterprise Singapore will also study how the various schemes and grants can be enhanced to develop integrated solutions that meet the needs of our companies in the new phase of growth. This will put us, we believe, in good stead to grow a strong cohort of Singapore companies for our future economy.
In the transition period, support for small and medium enterprises (SMEs) will not be affected, and companies can continue to apply to SPRING Singapore and IE Singapore for assistance under the existing programmes. The two agencies will also continue to work with companies which have already applied for or received business grants. A smooth transition is our top priority.
Mr Speaker: Mr Teo Ser Luck.
Mr Teo Ser Luck (Pasir Ris-Punggol): I thank the Minister for the comprehensive reply. May I know if the SMEs can still continue to apply for their grants now and in the future through the SME Centres? The second question is, when the merged entity of Enterprise Singapore exists, would the account management be one single point of contact for all the SMEs?
Mr S Iswaran: Mr Speaker, I thank the Member for his questions. As we have emphasised, the formation of the new agency Enterprise Singapore is just one aspect of our overall effort to strengthen our economy and prepare for some of the challenges we anticipate. And in that regard, the role of the Trade Associations and Chambers (TACs) and, in this case, the specific reference the Member made was to the SME Centres, that remains a very important part of the architecture that we have in our economy. So, the answer is yes, companies can continue to approach the SME Centres. In fact, we expect the SME Centres and TACs to play an even more significant role as we move forward with various initiatives.
The second point, on account management, as the Member would be aware and, indeed, for the information of all Members, the accounts are managed by the different agencies today. We have already had an effort to streamline the account management so that there is a principal agency managing a particular relationship with a company, whether it is the Economic Development Board, IE Singapore or SPRING Singapore and others, will then work through that principal relationship. With the formation of Enterprise Singapore, we expect this process to become even more efficient and effective. Certainly, one of Enterprise Singapore's priorities will be to see how it can better interface with the business community and specific enterprises.
2.00 pm
Mr Speaker: Order. End of Question Time.
[Pursuant to Standing Order No 22(3), provided that Members had not asked for questions standing in their names to be postponed to a later Sitting day or withdrawn, written answers to questions not reached by the end of Question Time are reproduced in the Appendix.]