Singapore Business Federation renders support to businesses and workers in need

June 12, 2020 editor

SINGAPORE (June 11): The Singapore Business Federation (SBF) has launched a $2.5 million fund to support member companies looking to digitalise and grow their capabilities.

Dubbed the RISE programme, the fund is established in support of trade agency Enterprise Singapore’s (ESG) SG Together Enhancing Enterprise Resilience (STEER) programme.

SBF members with a paid-up capital of less than $5 million can receive up to $500 in support for activities meant to tide their business over the Covid-19 health-turned-economic crisis. These activities will include areas such as digital transformation, corporate sustainability, crisis leadership and post-Covid-19 growth.

The RISE programme is slated to run from Jul 1 till Dec 31 2021, or till the fund is exhausted. SBF believes the 18-month time frame provides Singapore businesses with adequate time to evaluate their business strategies and process, and decide on suitable methods to meet their challenges.

Explaining SBF’s initiative, Chairman SS Teo noted that, “we must not forget that working on the recovery is important,” even as businesses face the challenges of the pandemic.

“How fast our economy is able to bounce back from this crisis is also dependent on how adaptable and agile our businesses are to change amidst adversity,” he added.

Meanwhile, the SBF Foundation – the charity arm of the SBF – is looking to support some 8,000 employees facing financial concerns through its industry-led Compassion Fund.

Here, SBF will match every dollar raised by a trade association and chamber (TAC), up to $200,000 per organisation. Collectively, the Foundation will provide $2 million in funding.

“This is our inaugural effort to rally SBF members and industry leaders to care for our employees, workers and the community at large. We aim to have the SBF Foundation Compassion Fund form the framework for our members to pool resources and collectively support employees in need,” said Hsieh Fu Hua, Chairman of the SBF Foundation.

Source: TheEdgeMarkets