The announcement was made by Deputy Prime Minister Heng Swee Keat yesterday, as part of the SGD $33 billion Fortitude Budget.
In his statement, he mentions that the additional SGD $285 million will be used to match private investments for "promising" startups, to "help them sustain their innovation and entrepreneurship activities".
From feedback received, Mr Heng also stated that many startups have have found it difficult to raise capital and develop their business amid the pandemic, despite enhanced credit support rolled out in the previous three budgets this year.
To date, around SGD $4.5 billion of loans benefitting 5,000 businesses have been disbursed so far — three times more than the whole of 2019.
"It is important to preserve what has been built up in our innovation ecosystem so painstakingly over the years", mentioned Deputy Prime Minister Heng Swee Keat.
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