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24 September 2012

NTUC FairPrice supports local Small and Medium Enterprise partners with an enhanced assistance programme

-SME Suppliers Support & Development Programme launched to help local SME partners cope with business challenges and grow their businesses

-"The Best of Singapore Flavours" fair to promote locally-made products

NTUC FairPrice introduces an enhanced assistance programme for local Small and Medium Enterprise (SME) partners to help them cope with business challenges and grow their businesses. Known as the SME Suppliers Support & Development Programme (SSDP), this year-long programme targets and aims to support about 1,000 local SME partners by easing their cash flow pressure, managing rising business cost, enhancing their capabilities and promoting their local-made products. The introduction of SSDP is timely as more firms are facing cash-flow problems based on a recent report by the Singapore Commercial Credit Bureau. The report shows that prompt payment by firms hit a record low of 37.3 per cent and payment delays hit a record high of 53.8 per cent in second quarter this year.

The FairPrice Assistance Programme for local SME partners was first introduced by FairPrice in 2009 to help them cope with business challenges caused by the global financial crisis. The programme then helped over 300 partners by easing their cash flow pressures through shortening of payment terms and a reduction in their listing fee for new products and variants.

Mr Seah Kian Peng, Chief Executive Officer, NTUC FairPrice said, "As a homegrown retailer and one of Singapore's leading retailers, we are glad to bring back this support and development programme to help our local SME partners ease their cash flow pressure and manage rising business costs. We have now enhanced the programme to also help improve their capabilities and promote sales of their local made products."

From 1 November this year, local SME partners of FairPrice with an annual turnover of less than S$5 million with FairPrice can apply for various assistance types under SSDP. The types of assistance under SSDP include:

  • Shortened payment terms from FairPrice of up to 30 days, from the current 60 days. 
  • 50 per cent discount on listing and processing fees for new products and variants. 
  • Knowledge seminars to share industry insights and relevant topics on industry trends, business development and growth.

Local SME partners of FairPrice with manufacturing plants or farms in Singapore can also apply for their products to be specially considered under FairPrice's popular housebrand labels.

Support Local-Made Products through "The Best of Singapore Flavours" Fair 

To further promote local products, FairPrice will also be launching "The Best of Singapore Flavours" Fair, which will run from today to 3 October across all stores. The Fair will feature over 40 items, ranging from daily groceries, fresh products to toiletries that are made or produced in Singapore.

Commenting on the Fair, Mr Seah added, "FairPrice has a network of over 100 stores island-wide, and we hope that customers too will share in our efforts to support local businesses by supporting locally made products and spreading the word on the Fair."

Customers will also get to enjoy cooking demonstrations and samplings of these products at selected stores, and the opportunity to win $9,000 in FairPrice vouchers from a lucky draw when they purchase any product from this Fair. More details can be found at www.whatsupatfairprice.com.sg.

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