Supermarket giant NTUC FairPrice has announced that it will be extending its SME Suppliers Support and Development Programme for one more year, and will be increasing its amount of support from $2 million to $2.5 million.
Under this scheme, the small- and medium-sized enterprises (SMEs) will be provided with assistance which includes accelerated payment through the shortening of the payment term by 30 days for suppliers with payment terms of 60 days and above. So, if a supplier is currently under a payment term of 75 days, this will be shortened by 30 days to 45 days.
Other than the accelerated payment, other assistance under the programme also includes discounts on processing and listing fees for suppliers’ new products and special consideration for inclusion in the FairPrice house brand programme.
This is the ninth time this scheme has been extended by NTUC FairPrice.
NTUC FairPrice first introduced this scheme in 2009 to help SMEs with challenges caused by the global financial crisis. It was brought back again in 2012 due to the slowing economy and has been extended annually since then.
FairPrice group chief executive Seah Kian Peng said the purpose of the extension and expansion of the scheme is to support local companies in a long-term and sustainable manner because they are facing a slowdown in business. He also urged customers to support local products so that Singapore can establish a sustainable food supply.
Yes, support local! 👏🏻👏🏻👏🏻