How to capitalize on the budget's dedication to ICT: This portion of budget 2014 allows companies considering a technology upgrade a golden opportunity to begin implementation. For example, the emerging technology portion of the budget covers up to $1 million, allowing firms plenty of leeway to discover new potential technologies. The fibre broadband subsidy covers up to $200,000 per building. In a world that is increasingly omni-channel, this may be more important than ever for retailers, who can leverage this new speed to collect, analyze, and adjust based on information faster than ever before.
#5: Plenty of loans for businesses have been made available.
Singapore's budget seems to be an open acknowledgement of the need for capital for retailers and businesses in general. This is not new; micro loan programs in the country have issued 3,500 loans to SMEs over the last two years. The government has also heavily encouraged, fostered and facilitated private investment as well. It's Co-investment Programme (CIP) has kick started funding from the private sector, encouraging private players to kick in roughly $500 million, more than three times what the government put in. 26,000 companies received assistance, especially in trade and financing.
This year, that trend will continue, as the government will double the maximum loan quantum, add in more expenditures, and take on more of the risk-share. It's a real sign of dedication to the tactic.
How to capitalize on loan availability: Strike while the iron is hot. Retailers seeking financial support for expansion in the Singapore should take advantage of potentially available dollars, especially if those dollars are for immediate orders, R&D, or much needed brick and mortar support. At the same time, keep in mind the aforementioned Info-Comm Technology. Determine your true, needed focus of potential capital investment and pursue it.
Anant Choubey is responsible for sales and marketing in the APAC region at Capillary Technologies and currently manages the firm's business across South East Asia. His prime focus is to strategize and expand Capillary in burgeoning market in South East Asia. He has donned many hats in Capillary over the years, from operations to client servicing to business development and has been instrumental in setting up Capillary's India business, before moving to Singapore to establish and manage South East Asia market.
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