Wednesday, Apr 1, 2015Wednesday, Apr 1, 2015

Heartland retailers urged to benefit from upgrades

Published on Apr 25, 2014 8:04 AM
Mr Teo Ser Luck (left) with Mr Richard Teh of New City Electrical Trading. Mr Teh used to use hardcopy documents to track inventories, but is now using an electronic system. -- ST PHOTO: CHEW SENG KIM

It will take time for small heartland retailers to change their mindsets and upgrade their businesses, but the sooner they do, the sooner they will reap the benefits.

That was one of the messages sent out by Minister of State for Trade and Industry Teo Ser Luck yesterday as he visited businesses at Tampines Street 21 to find out how they had been making use of grants and schemes to improve their business models.

The SME@Northeast, a centre which provides advice to enterprises to upgrade, has been offering help to heartland retailers in that area through talks, workshops and shop visits.

It shares information about the various grants these shops can make use of. These include the Productivity and Innovation Credit (PIC), which offers tax deductions or a cash payout for investments in innovation and productivity improvements, and the Innovation and Capability Voucher, which small and medium-sized enterprises (SMEs) can use to upgrade their operations.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!