SINGAPORE - Promising emerging companies will have the chance to get more resources to grow their business, such as interest-free loans, in the 14th year of the Emerging Enterprise Award organised by The Business Times and OCBC Bank.
The awards celebrate and recognise growing businesses with an enterprising mindset against the backdrop of the Covid-19 pandemic.
It will be given to small- and medium-sized enterprises (SMEs) that demonstrate innovation, resilience and sustainability amid tough circumstances.
Companies can offer their submissions for consideration if they have had up to 10 years of operation and a minimum of 30 per cent of shareholdings owned by Singaporeans or Singapore permanent residents.
These businesses must be registered as a sole proprietorship, partnership, limited partnership, limited liability partnership or private limited company in Singapore.
They should have an annual turnover of up to $20 million as at the last financial year.
The award was launched in 2008 to recognise SMEs that were outstanding in their respective fields and provide them with the needed resources to build on their capabilities for further growth.
Previous winners include gaming chair manufacturer Secretlab, online platform TreeDots Enterprise and e-commerce platform ShopBack.
The Business Times editor Wong Wei Kong said: "While a second year of the pandemic has put enormous stress on businesses, there are still businesses that continue to do well and find opportunities to grow.
"In this climate, it is even more important to recognise them and hold them up as encouragement for others, which is what Emerging Enterprise Awards 2021 aims to do."
Up to three firms can win the award, with prices that include a two-year interest-free term loan worth $250,000 by OCBC, a media package worth $25,000 sponsored by the Singapore Press Holdings and $20,000 credit in the OCBC business debit card sponsored by Mastercard.
They can also get consultancy packages for growing businesses, as well as a mentorship programme from Google senior management.
Businesses can also win awards in categories such as best innovation, most promising start-up and sustainability for those that create greater good for the community, environment and society.
This year, the Emerging Enterprise Award also partnered Google Cloud and the Agency for Science, Technology and Research.
Ms Christie Chu, head of emerging business and commercial banking cash at OCBC, said: "Entrepreneurship has always been a difficult journey and the challenges have been compounded by this pandemic. For SMEs, this has been a true test of their mettle and they have responded with remarkable resilience.
"Together with The Business Times and other key partners, we remain committed to spotlight the very best of young businesses, whose agility, innovation and grit have helped them navigate the crisis thus far and position them for long-term growth."
Firms can apply for the awards from Aug 3 to Sept 3 at this website.
The top 15 finalists will be selected on Oct 20, while the winners will be announced on Dec 8.