Supermarket chain, NTUC Fairprice, has set aside $30 million to
speed up payment to its suppliers.
It will pay suppliers on a 30-day term instead of 60 days.
This will help ease the cash flow of some 500 local small and
medium enterprises identified under the Fairprice SME Assistance
Programme.
So far, 283 SMEs have taken up the early payment offer, and more
suppliers are expected to tap on this programme in the next few
months.
The assistance programme which expires in December, is part of a
holistic package initiated by NTUC Fairprice in January to help all
stakeholders cope with the downturn.
Its Chairman, Ng Ser Miang, said many of the cooperative's
suppliers are long-standing business partners.
He said they have supported Fairprice in good times by keeping
prices low so that essential goods are available to customers at
affordable prices.
He added that the supermarket chain is glad to help them in this
downturn.
Suppliers welcomed the move.
General manager of electrical goods supplier, TH International,
Joey Ho said the scheme would improve his cash flow.
--938Live
