Budget 2014 wish list: More help for SMEs to expand overseas; attract locals to join them
The Association of Small and Medium Enterprises (Asme) wants the upcoming Budget to offer provide more assistance to companies that want to grow beyond their local base.
The 22-page report released on Tuesday expresses SMEs' hope that local banks can be encouraged to fund equity of SMEs to encourage both local and foreign expansions and acquisitions.
Of the 473 survey respondents, 71.3 per cent said they intended to expand overseas over the next two years, Asme said on Tuesday.
The majority of the SMEs were looking at options in the South-east Asian region, with Malaysia, Indonesia and Vietnam coming out tops as the preferred destination. By moving out of Singapore's shores, the SMEs can source new market opportunities and lower their labour costs.