FairPrice renews the SME Suppliers Support and Development Programme (SSDP) for the seventh year with a commitment of S$1 million to support SME partners
‘Made in Singapore’ Fair returns for the eighth year to support local brands
SINGAPORE, 17 October 2019 – NTUC FairPrice (FairPrice) renews its commitment to provide support to local small and medium enterprise (SME) partners by extending the SME Suppliers Support and Development Programme (SSDP) for another year, which will cost an estimated S$1 million.
This was announced today at the launch of FairPrice’s eighth ‘Made in Singapore’ Fair, an annual initiative that seeks to provide a platform for local producers to showcase locally produced food items. The event was graced by Guest-of-Honour Dr Koh Poh Koon, Senior Minister of State, Ministry of Trade & Industry.
Mr Tng Ah Yiam, Deputy CEO and Head of Products, NTUC FairPrice, said, “NTUC FairPrice recognises the challenges SMEs face amidst structural disruptions in the retail landscape, changing customer preferences and increasing competition. As a home-grown brand and a leading supermarket retailer, FairPrice remains steadfast in our commitment to help our local SME partners by continuing to support local brands. Extending the SSDP for another year will help to enhance their business capabilities and at the same time help ease some challenges SMEs might face such as cash flow. ”
Over S$7 million invested to support SME partners through the SSDP
FairPrice introduced SSDP in 2009 to support its SME partners. The programme has since helped them overcome restructuring challenges and tide through the global financial crisis to rediscover their drive for growth and expansion. The SSDP was brought back in 2012 during the economic slowdown and has since been extended annually. FairPrice spends about S$1 million on this initiative annually, and to date, about 400 SME suppliers have since benefitted from this programme. The SSDP will be extended for the seventh time till 31 October 2020. More information on the programme is available in the appendix.
Supporting Local Produce Through ‘Made in Singapore’ Fair
Over the years, FairPrice has launched several editions of the ‘Made in Singapore’ Fair to provide local companies a platform to showcase and promote their product offerings. Today, FairPrice carries about 5,000 locally-made food products, of which about 30 per cent are sourced from SMEs.
This year’s ‘Made in Singapore’ fair will feature some 40 locally made products which include vegetables freshly grown from utilising urban farming methods. The Fair will run from today until 30 October 2019 at all FairPrice stores and FairPrice On, offering savings of up to 35 per cent off their usual price.
[END]
Appendix A – SME Suppliers Support & Development Programme (SSDP)
FairPrice introduced SSDP in 2009 for the co-operative’s SME partners, which has since helped them overcome restructuring challenges and tide through the global financial crisis to rediscover their drive for growth and expansion. The SSDP was brought back in 2012 during the economic slowdown and has since been extended annually to benefit these companies. Overall, FairPrice has spent over S$7 million to support about 400 SMEs since 2012.
Eligible companies can apply for various assistance types under SSDP, including:
Easing cash flow pressures for suppliers with payment terms of 60 days and above, by accelerating payment with a shortened payment term by 30 days
Reducing their business cost and widening their opportunities for business growth with discounts of 50% on processing and 30% on listing fees for their new products
Supporting their sales growth by promoting their locally-made products through store promotions and product fairs
Supporting their company development by giving them special consideration for packing of FairPrice housebrand products