Spring Singapore supported more than 20,000 SMEs last year, twice as many as in 2014

SINGAPORE - Enterprise development agency Spring Singapore worked with more than 20,000 companies on 22,000 projects last year.

This was twice the number of companies it supported in 2014, the agency said in its year-in-review media briefing on Friday (Feb 26).

The projects involved are expected to create 19,500 new jobs and contributed S$6.9 billion in value add to the economy.

Almost all of these companies were enterprises with S$10 million or less in annual revenue.

Spring and its partners also supported more than 300 start-ups last year, up from 160 in 2014. Spring Seeds Capital, the agency's investment arm, co-invested S$13 million in 17 early-stage companies last year, catalysing private investment of S$36 million.

It also facilitated 21 project collaborations between large and small firms, involving 16 large companies and 200 small and medium sized enterprises (SMEs).

The agency also announced that it has made improvements to its online portal for SMEs. The portal, previously called EnterpriseOne, has been renamed "SME Portal" and now includes a tool to help companies filter government schemes from various agencies.