- April 13, 2020
- Posted by: avantconsulting
- Category: SME Loans
Getting Singapore SME Loans to tide through Covid-19 Recession – The recession is hitting the economy and hitting the economy really hard. The whole tourism and air travel industry is almost down to zero and move of the retail belt and F&B Businesses are also very badly hit by this slowdown in the economy. We are expecting to see many people going into tough business and financial situations soon.
For most businesses, the most costly thing for their business is definitely their rental and also their salary. This is two cost that will keep running even if there are no business and most businesses will not wish to let go of anyone if they have a choice.
Retrenchment is the last choice for most businesses and this is also one of the steps that business owners will eventually have to take if business does not recover.
For most businesses, they have a good base and the running of the business has been good, bank statements are good and we are expecting them to rebound and do well in the long term if they are able to function properly.
For such businesses, you can consider getting a SME Business Loan for your company to get pass this coming recession. The business loan is a way to bridge you through this tough period in your business and this will also allow you to pull through without having to cut too many staff or to let go of rental locations.
The current Temporary Bridging Loan by the government has a low overall interest rate of 3% Effective and this is one of the best options right now
Avant Consulting is a Singapore based SME Loan Broker that can assist you with your loan application with the banks and financial institutions.
If you require Business Financing in Singapore, you can speak to us to find out more about how we can help you through this downturn.