Getting through this recession with a Singapore SME Business Loan  

Getting through this recession with a Singapore SME Business Loan  – Just a few months ago, we expected 2020 to be a really good year to make good business and make good money. Many businesses and people are hopeful of getting a better year and also to have more increase in revenue. Many did not expect that things will go the other way instead.

With the Covid-19 Coronavirus going around, everyone is staying home and with the forced lockdown, you will expect that the economy will slow down even more because of the lack of spending. Most businesses are facing the fate of either closing down or going through a possible retrenchment.

For most businesses, having lots of cash in the bank does not make any sense because you should deploy your extra cash either into growing your business or paying back your shareholders that wish to gain the profits of running this business.

But during a recession, that is something that most people do not have. Having sufficient savings for the company means that the company can weather the storm and be able to pull through this downfall much better than other people and if they survive well it also means they can bounce back much faster than competitors.

Getting a Singapore SME Business Loan should not be that difficult for many Singapore SME businesses but the problem is that things are not that clear cut when it comes to a Singapore SME Loan. Bank statements are an issues, you will also need to ensure that personally as the guarantor you are also having a clean bill of health. This means most of you are not going to be doing well in the long term.

Most businesses do not really pay attention to all this things until they are in need of a loan and when they realize this is not working out for them, they panic and that does not help with getting a good SME Loan in place for your business to do well and survive the down turn or a recession that will last for a long period of time.

Singapore SME Corporate Loans can be quite an easy thing to access if you know where to look and if you know how to go about getting a Loan Broker to assist you in it.

SME Loan Brokers are professionals that know what they are up and will be able to help you get your loan fast and also getting your loan arranged.

Getting through this recession with a Singapore SME Business Loan

Covid-19 reduction in bank loan interest

Covid-19 reduction in bank loan interest – Singapore is going through a very tough economic situation. We are seeing the decrease in effective interest rates by the bank to lend to the businesses in all sector to keep everyone afloat and going on and if this virus does not go off soon, we will see a wave of bankruptcy hitting the economy. Covid-19 has been exceptionally difficult for many people and businesses and there are many people who are suffering.

Retretchnment has also hit many people and we know that businesses are struggling badly. Those in events and also those that are in the tourism sector are also facing a lot of problems.

The economy is not expected to get better until the end of the year and this is true for many people who are going through tough times.

We are also seeing a major slow down in trade because of the slowdown in the world economy with both superpowers being hit hard by the virus.

Lockdown in almost every part of the world has also reduced economic activity and this is particularly bad in the USA and also Europe.

If you are looking for help with SME Bank Loans and SME Corporate loans, you should try to approach a Bank Loan Broker in Singapore that can assist you in such matters.

They can advise you in this matters because you will be able to get better rates and also faster access to such loans. Loan brokers are also able to give a good review of whether you will qualify you do not waste a good chance of getting the loan approved and having to wait for 6 months before you are able to work things out again.

Work with Avant Mortgage if you are keen on getting Mortgage Loans Singapore or Mortgage Refinancing Singapore.

Cloud based accounting services for Startups & SME

Cloud based accounting services for Startups & SME – Almost the whole industrialized world is currently under lockdown due to the new Covid-19 virus. The virus has infected more than half a million people in the world and it is expected to hit more people as the days go by.

We are also expecting to see more deaths than there is right now with the spread of this virus that caused pneumonia to the patients affected by it.

There are many businesses and work globally that has shifted online and also shifted their operations to separate sites so that they will not get into trouble of getting their businesses locked down and not being able to continue functioning.

Cloud Based Services and Cloud based software are the new in thing right now. With almost no need to physically meet our customers and also to have them send us documents. Cloud Based Accounting Services in Singapore is one of the best ways to carry out your business in this time and space now.

Our partners and friends at K Cloud Accounting Pte Ltd is using Singapore Xero Cloud based accounting software to assist businesses with their bookkeeping, corporate secretarial, financial report and taxation services from their office without you having to meet up with them or having to send documents to them.

Scan your documents and they will do the monthly work for you and with you to get your business running smoothly with no disruption.

Monthly bookkeeping services packages also means that you do not have to worry about your cash flow when having to pay for your accountants that will actually make sure you are running your businesses well and on time to make your submissions to the government

Knowledge Pro is the leading payroll services company in Singapore and we work closely to provide you with Payroll support for your SME company. Let us know how we can assist you.

Cloud based accounting services for Startups & SME

Updates to the working capital loan initiative by Singapore Government

Updates to the working capital loan initiative by Singapore Government – Singapore and the rest of the world is right now going through a recession. The slowdown in tourism and also retail sales together with the shutdown of many economies around the world is causing almost every other country in the world to kick into recession.

Singapore is expected to be badly hit with the slowdown in trading around the world. The fall in oil prices are expected to cause more falls in the economy than any gain.
Singapore is highly exposed and with many businesses going through this tough period of time, we are expected to see bankruptcies and tough times. There has been a new package that the Singapore government is going to kick in soon through the newly announced resilience package that is added to the budget that the government has just announced.

Singapore is prepared to pay for salaries of staff members and also will be working closely with businesses to ensure that employees are kept in employment around the whole industry.
The tourism and air travel industry is currently very badly hit with almost no means of traveling by air right now. Singapore Airlines has seen grounded most of its flights and will be kept in this manner for an extended period of time. We expect to see this maintain for a few months and if the condition of this virus does not get better, we will see even more downward spiraling of businesses.

Under the new initiative, interest rates are expected to fall and the government will be still supporting 80% of default if it happens. We are also looking at an increase of the quantum to $1 million which will help many SMEs to make it through this tough few months before we will start to see an improvement in the economy and also the situation around the globe.

Avant Consulting is our partner in assisting clients with Singapore Bank Loans Application and also to get your SME Loans in Singapore done up properly. Speak to them to get an assessment of your business now.