Helping the business recovery of SMEs due to covid19

SMEs in Singapore need your help to riseup

There are about 220,000 Small and Medium Enterprises (SMEs) in Singapore, out of some 400,000+ registered business entities. SMEs make up 99% of all domestic companies, employ 65% of the workforce, and contribute 50% of the National Gross Domestic Product (GDP).

THE SOCIAL PAIN REALITY

The Singapore economy shrunk by 41.2% in the April-June 2020 period, with GDP expected to contract between 4%-7% annualized by end-2020.

Over 8,600 businesses, mostly SMEs, ceased operations this year by end-April 2020. About 3,771 business entities closed in April itself, following the 3,793 closures in March. Another 4,892 companies were also in the process of shutting down then and would have already closed at the time of writing

Beyond the human costs, public health, and the mental well-being impact on both adults and children, the fallout from the Covid19 pandemic is extremely painful to watch and to empathize, becoming unbearable with each passing day, in the wake of unemployment and severe income disruptions with no end in sight.

Our Goal

We are a social enterprise founded to embolden and empower individuals and businesses to harness natural entrepreneurial abilities to create ventures and enterprises for a better future society through socially responsible management and community outreach in the marketplace

We are raising funds to co-fund each SME in distress in terms of initial consulting activities for business recovery.

about 9,000 SMEs in severe distress affecting some 54,000 employees and families. Each SME can be considered a fund-raising recipient to co-fund critical business recovery and continuity

Hopefully, this is the beginning of a Fund ($90,000) to co-fund the massive efforts over the next 12 months. We are open to like-minded investors in the social enterprise venture. The Fund shall be used to support the solution, for more information, it is described in https://www.linkedin.com/pulse/towkays-group-solution-smes-dr-michael-heng-pbm/ .

I have selected a couple of SMEs to assist in their business recovery and continuity efforts.

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