A $2.9 million initiative will back local small and medium-sized enterprises amid rising costs.
In a move to bolster local businesses, the FairPrice Group has pledged to allocate $2.9 million over the coming year to support its small and medium-sized enterprise (SME) suppliers. This announcement was made during the launch of the 12th Made in Singapore Fair, which takes place at FairPrice Xtra in VivoCity. The fair, running until November 8, showcases the products of local farmers and producers.
Support for Local SMEs
The investment is part of FairPrice’s SME Suppliers Support and Development Programme, which aims to help SMEs cope with rising costs. The program offers benefits such as modified payment terms, marketing support, and subsidized sales reporting and analytics services. Since its inception in 2012, the initiative has supported over 500 SMEs.
FairPrice also focuses on Singapore’s 30 by 30 vision, which aims for the country to meet 30% of its nutritional needs through local produce by 2030.
FairPrice Group has invested over $18 million in supporting its SME partners to date. Additionally, local fresh produce sales at its supermarkets have grown by 33% between 2019 and 2022.
