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.