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Singapore government sets aside USD 74Mn for startups and SMEs

Feb 18, 2019 by The Passage Team
Singapore government sets aside USD 74Mn for startups and SMEs

The Singapore government has set aside an additional SGD 100 million (USD 74 million) for small and medium-sized enterprises (SMEs), finance minister Heng Swee Keat announced in Parliament on Monday during his annual budget speech.

Named under SME Co-Investment Fund III, the fund will be co-invested into startups alongside venture capital firms and private-sector investors. The government will extend its SME Working Capital Loan scheme for two more years to March 2021.

Additionally, Enterprise Singapore, a government agency that helps local enterprises, will launch a new program called Scale-up SG. It is designed to help startups scale by linking them up with private- and public-sector partners.

Source: Tech in Asia

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The Passage is committed to creating in-depth content over technology industry across Asia with a focus on emerging startups in the technology, healthcare, education, food, tech, travel & mobility segments.

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