- July 15, 2020
- Posted by: avantconsulting
- Categories: Singapore Economy, SME Loans
Singapore heads into recession – Singapore has been hit badly by the Covid-19 outbreak and with the Circuit breaker closure of businesses and lockdowns, we have registered a sharp fall in GDP, https://www.channelnewsasia.com/news/business/gdp-singapore-technical-recession-contraction-q2-mti-12927168. Quoting the article from Channel News Asia, Singapore has seen a sharp slum of 41.2% from the previous quarter and this is likely to still sustain with the economy still reeling from the aftermath of the shut down of non essential businesses.
Singapore is also very export dependent and with the global economy still in pretty much bad shape from the Covid-19 outbreak globally, the USA being of the worse hit in the world.
With this slowdown hitting most sectors of the economy and also with the slowdown expected to last, the government has been working on low interest loans that are given out to businesses to help them to tide over this very tough period.
From an article from yesterday, https://www.channelnewsasia.com/news/singapore/enterprise-singapore-loans-take-up-companies-chee-hong-tat-12932316 , the government through Enterprise Singapore and through the local banks have loan out a total of $9.6 Billion to help the economy float and keep things going for a longer period of time.
Most businesses that have acquired said loans are using it to run their business operations and keeping their employment intact and watching to see if the economy will make for a better turn of events in the next few months.
Cash flow is the life blood of businesses and if you are facing tough cash flow issues, you should speak to us to assist you and also consult you on your best options for this Covid-19 period.
We wish all business owners the best in maintaining their business and pulling through this tough times. There are many ways that we can work on the SME Loan Brokering work with you and if you requirement more Bank Loan Advisory, you can speak to us at no cost and let us review your case and work with you hand in hand on it!