SINGAPORE - Eight local trade associations and chambers were awarded more than $10 million in government funding to help small and medium enterprises (SMEs) restructure their business models in the face of high operating costs, a tight labour market and increasing global competition.

The funding, which comes from International Enterprise (IE) Singapore and Spring Singapore, will be used to start 10 new projects to help local SMEs boost productivity and competitiveness and expand overseas.

The trade groups include: the Container Depot Association (Singapore), Real Estate Developers Association of Singapore; Singapore Business Federation; Singapore Chinese Chamber of Commerce & Industry; Singapore Food Manufacturers' Association; Singapore Malay Chamber of Commerce & Industry; Singapore Manufacturing Federation and Textile & Fashion Federation (Singapore).