- FairPrice has invested about S$1.1 million last year to help more than 270 SMEs ease their cash flow and boost their capabilities for business growth.
- FairPrice promotes local brands through “Made in Singapore” Fair
SINGAPORE, 30 July 2015 – NTUC FairPrice (FairPrice), a homegrown retailer, remains committed to helping local SMEs. It will be extending its support for SMEs through the SME Suppliers Support and Development Programme (SSDP), for another year. This programme helps SMEs ease their cash flow and boost their capabilities for business growth. Since 2012, it has invested over S$3 million on this scheme.
NTUC FairPrice CEO, Mr Seah Kian Peng, who announced the extension of SSDP for another year, said, “FairPrice remains committed to helping our SMEs. We understand the challenges and difficulties that SMEs face in running a business amidst an increasingly competitive market. To support our SMEs, FairPrice has introduced various initiatives beyond extending financial assistance through the SSDP. Such programmes include knowledge building through seminars to facilitate sharing and learning of industry trends, opportunities, business development and growth.”
SMEs in Singapore face increasingly challenging times as they look towards coping with manpower and productivity pressures within a changing economic landscape, with business confidence currently at its lowest since early-2013[1].
The SSDP will be extended for the 3rd time till 31 October 2016. FairPrice introduced SSDP in 2009 for the co-operative’s SME partners, which has since helped them overcome restructuring challenges and tide through the global financial crisis to rediscover their drive for growth and expansion. The SSDP was brought back in 2012 in view of the economic slowdown that was largely due to weaker external demand, and FairPrice looks to continue to benefit these companies through the extension of the initiative for another year. Yearly, FairPrice spends over S$1million on this initiative, and to date, over 270 SME suppliers have signed on to this programme.
SSDP
FairPrice’s local SME partners with an annual turnover of less than S$5 million can apply for various assistance types under SSDP and these include:
- Easing cash flow pressures for suppliers with payment terms of 60 days and above, by accelerating payment with a shortened payment term by 30 days
- Reducing their business cost and widening their opportunities for business growth with 50% discount on listing and processing fees for their new products
- Sharing industry insights via knowledge sharing seminars
- Supporting their sales growth by promoting their locally-made products through store promotions and product fairs
- Supporting their company development by giving them special consideration for packing of FairPrice housebrand products
Supporting local brands with “Made in Singapore” Fair
Beyond SSDP, FairPrice promotes local produce and local-made products through its annual “Made in Singapore” Fair. This is the fourth year that the fair has been organised to showcase and promote local products.
From today till 5 August 2015, all FairPrice stores including FairPrice, FairPrice Finest and FairPrice Xtra stores will feature the “Made in Singapore” Fair to promote 50 products, comprising 40 grocery food products and another 10 local farm produce products.
Beyond discounts that will offer up to 40% off their usual price, the fair will feature cooking demonstrations using locally farmed produce at FairPrice Xtra at JEM.
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[1] http://www.channelnewsasia.com/news/business/singapore/business-confidence-among/1934474.html
