Why Singapore business should get SME Loans to tide through downturn
Why Singapore business should get SME Loans to tide through downturn – Singapore is currently going through bad times with the economy slowing down sharply due to the sudden fall in Chinese Tourist and also with the ongoing Covid-19 Novel Coronavirus being a big reason why most tourist are trying to avoid Singapore.
The business community in Singapore is going through tough times now and will be seeing a dip in terms of business flow and also with the retail sector slowing down, there are many businesses that are expecting to fail and close down if this last for a few more months going forward.
There are many ways that you could assist your business when the business climate is bad. Landlords usually are unlikely to support businesses because they will probably suffer a little during this period of time.
The best thing that most businesses can do is to have a SME Loan on standby so that when cash flow issues hit, there are ways to still pay for salary and also rental. This is tough times and when tough times hit, you are expected to go through this tough period to come above of it stronger.
SME Loans are one of the best way to tide through right now with the government through Enterprise Singapore providing lower rated Working Capital Loans for the Small and Medium Enterprises in Singapore. With rates going from 6.5% and upwards, this is the best time for businesses to take up this loan to tide through tough business climate.
Businesses should also consider doing some hiring freeze and also smaller pay cuts to tide through. Most SMEs have to manage their cost well when revenue falls, if they are not going to manage it well, most businesses will end up folding.
Our partners Avant Consulting is one of the leading SME Loan Broker in Singapore that we trust to assist our clients in acquiring business financing.