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Singapore – $360k carrot for SMEs

SINGAPORE’S only entrepreneurial award aimed at smaller firms is back – offering three firms the chance to score $360,000 worth of goodies each.

The Business Times and OCBC Bank on 8th Februarry launched Emerging Enterprise 2009 – an award for fast-growing small and medium-sized enterprises (SMEs) with annual sales of less than $10 million.

Three SMEs stand to receive $360,000 each in interest-free loans, grants, and education and consulting packages.

The items in the winners’ package can be used to help the SME focus on capability building, provide financial support, business advice and management know-how, which are useful tools in both good and bad times.

‘This annual award will provide the younger, promising SMEs with the critical resources at this early stage of their development,’ said Mr Alvin Tay, editor of The Business Times.

Sponsor OCBC Bank said the award gives the bank a chance to recognise local SME bosses for their achievements in business.

‘Although these SMEs may not have massive operations nor are they household names, there are very outstanding ones that truly deserve recognition,’ said Mr Tan Chor Sen, OCBC’s head of emerging business.

‘The Emerging Enterprise Award aims to give them the due recognition. By showcasing these businesses, we also hope that they can encourage and inspire others to ride out the current economic crisis.’

SMEs that have been established for between three and seven years with annual sales ranging from $1.5 million to $10 million can apply.

From the pool of applicants, 10 finalists will be shortlisted to make their presentations to a judging panel.