Tag: Fortitude budget

Singapore start-ups can now apply to Fortitude Budget’s $285 million fund
7Jun By Mike TrudellNo Comments
Singapore

Singapore start-ups can now apply to Fortitude Budget’s $285 million fund

Promising start-ups in Singapore can now apply for special funding earmarked for them in the Fortitude Budget, to help them sustain innovation, gain access to credit, and bridge the financing gap they face amid the Covid-19 pandemic.The Special Situation Fund for Start-ups (SSFS) will be administered by EDBI, the corporate investment arm of Economic Development Board, and Seeds Capital, the investment arm of Enterprise Singapore, said both organizations in a joint statement on Friday.Under the scheme, EDBI and Seeds Capital will invest in selected start-ups with private sector co-investors in a one-to-one ratio.The SSFS will support early to late-stage innovative start-ups, though EDBI will focus on late-stage start-ups with larger funding needs and a wider employment base, while Seeds Cap...
Read More
Reserves have allowed Singapore to deal with Covid-19 crisis: DPM Heng
6Jun By Michael SmithNo Comments
Asia

Reserves have allowed Singapore to deal with Covid-19 crisis: DPM Heng

While discussing the ‘Fortitude Budget’ in the parliament, Singapore’s Deputy Prime Minister Heng Swee Keat on Friday said that unlike other countries, Singapore can depend on its national reserves and did not have to borrow or take on debt to fund its coronavirus stimulus packages.The MPs noted that Singapore was fortunate to be able to tap on the savings of past governments, built up since independence, to boost its Covid-19 war chest. But they also asked how long it would take to restore the sum.Vikram Nair (Sembawang GRC) likened the reserves to a "golden goose" to be protected, warning that the more it is drawn on, the less there will be for future generations to depend on.Tin Pei Ling (Macpherson) and Murali Pillai (Bukit Batok), meanwhile, said it has given Singapore a key strategic...
Read More