- ***LOWEST COMMERCIAL LOAN RATES*** MAYBANK 2YR 3M SIBOR Year 1:1.24%, Year 2:1.24%, Year 3:3.24%, Year 4:3.24%
- ***LOWEST RESIDENTIAL LOAN RATES*** DBS 2YR 3M SORA Year 1:0.95%, Year 2:0.95%, Year 3:1.15%, Year 4:1.15%
- SMEs Go Digital Programme: Real Estate Agency Industry Gets New Pre-Approved Digital Solutions Eligible For PSG Funding
- Opinion: Changes in MOM Guidelines for Hiring Construction Workers Potentially Damaging to SMEs in the Industry
- What is a global minimum tax, and will it affect Singapore businesses?
- Roles and Responsibilities of a Company Secretary
- Online Corporate Services in Singapore – How Do They Rate Against Each Other
- Must-Have Gadgets To Improve Your Work-From-Home Experience 2021
- COVID-19: New Support Measures To Help Affected Businesses And Workers Through Phase 2 (Heightened Alert)
- COVID-19: Singapore Business Owners To Declare On-site Manpower Details
Enterprise Singapore Re-Introduces Support Measures For F&B And Retail Businesses To Help With Covid-19 Restrictions 2021
By now, Singaporeans will all be aware that we have once again been put under strict Covid-19 restrictions. These measures are only marginally less inhibitory than those imposed during the Circuit Breaker last year, and includes the prohibition of dining out as well as gathering in groups larger than two.
In light of this, Enterprise Singapore (ESG) has re-introduced two booster packages to help firms in the food and beverage (F&B) as well as retail sectors defray operational costs and enter the online market during this period of heightened alert.
Food Delivery Booster Package
This means that if the food delivery platform currently charges 25 percent of the food delivery transaction value as commission, the amount that is payable will be reduced to 20 percent.
The food delivery platforms that are recognised under this package are GrabFood, Foodpanda, and Deliveroo.
In addition, ESG will fund 20 percent of the delivery costs for food delivery orders made through third-party logistics partners similarly for the period between 16 May to 15 June 2021.
The logistics partners recognised are: Lalamove, Zeek Logistics, and Pickupp.
To qualify for support under this package, local F&B businesses such as hawkers, cafes, and restaurants must sell food that is prepared on premise for immediate consumption. Merchants retailing only pre-packaged products such as snacks and ice-cream are excluded.
No application is required, eligible F&B businesses will automatically benefit from lower commission or delivery costs when fulfilling orders through the recognised delivery platforms or logistics partners.
E-commerce Booster Package
Under this package, ESG has partnered up with leading e-commerce platforms to curate and list retail businesses’ products for at least six months, participate in promotion campaigns, fulfil orders, and perform basic data analytics of sales.
It will also waive 80 percent of the qualifying costs for the service fees charged by the platforms, capped at S$8,000. This is a one-time support and retail businesses can apply with only one e-commerce platform with whom it has no existing account.
Currently, only Shopee and Qoo10 are recognised under this package but ESG may add new e-commerce platforms to the programme in the future.
Other Support Measures Offered by ESG
Apart from these packages, ESG had earlier extended the deadline for various support measures. These include:
Temporary Bridging Loan to businesses access working capital for business needs, which has been extended to 30 September 2021.
Grant schemes such as the Productivity Solutions Grant and Enterprise Solution Grant, which serve to lower the costs of digitalisation and other transformation efforts to tap new sources of new growth. Support levels for these grants have continued to be extended to 80 percent (from the original 70 percent).
Read also: Uncertain Times Still Ahead for 2021 – SME Loans Available Under Enterprise Singapore
Read also: SINGAPORE BUDGET 2021: What SMEs Need To Know
Got a Question? WhatsApp Us, Our Friendly Team will get back to you asap :) Share with us your thoughts by leaving a comment below!
Stay updated with the latest business news and help one another become Smarter Towkays. Subscribe to our Newsletter now!