Supermarket chain NTUC FairPrice has introduced an enhanced assistance programme for local Small and Medium Enterprise (SME) partners to help them cope with business challenges and grow their businesses.
The year-long SME Suppliers Support & Development Programme (SSDP) targets and aims to support about 1,000 local SME partners by easing their cash-flow pressure, help them manage rising business cost, enhance their capabilities and promote their locally-made products.
A recent report by the Singapore Commercial Credit Bureau showed that prompt payment by firms hit a record low of 37.3 per cent and payment delays hit a record high of 53.8 per cent in second quarter this year.
From 1 November this year, local SME partners of FairPrice with an annual turnover of less than S$5 million can apply for various types of assistance under the SSDP.
These include shortened payment terms from NTUC FairPrice of up to 30 days, from the current 60 days and 50 per cent discount on listing and processing fees for new products and variants.
The FairPrice Assistance Programme was first introduced in 2009 to help SMEs cope with business challenges caused by the global financial crisis.
To further promote products from local SME partners, FairPrice also launched "The Best of Singapore Flavours" Fair. The Fair will run till 3 October across all stores, featuring over 40 items from daily groceries to fresh products and toiletries.
