- August 31, 2020
- Posted by: avantconsulting
- Category: SME Loans
SME Loan for Singapore Food & Beverages Business – The Food and Beverages (F&B) business in Singapore is one of the key employers of Singapore. Generating quite a large number of income for the country.
The Food and Beverages (F&B) business is also hit hard by the Covid-19 outbreak causing the collapse in the Travel Industry that has been badly affected with international flights canceled all across the world.
For those who have strongly relied on the tourism dollars will see a sharp dip in income especially in areas that traditionally rely on tourist, such as those in Boat Quay, Clarke Quay, Chinatown and Little India area.
There are a few main groups of F&B Businesses that are facing difficulties
- Take away focused businesses
- Mid Tier Restaurant
- Upper Tier Restaurants
What we have really seen was a sharp dip in income for the Mid to Upper Tier eateries in Singapore. Especially during the Circuit Breaker periods, the restaurants that mainly focus on experience and hot piping food delivered straight after cooking saw sharp dips in sales.
Whereas, hawkers and take away focused businesses saw a slight increase in business volume. The fact is that this business may see higher revenue but not profits.
Delivery Services businesses charge a high premium on delivery services. So the business owners may be working and doing more but not making much more income than before. But according to them, its better than not being able to pay for salary.
Our consultants have worked closely with the Food and Beverages (F&B) businesses in Singapore to provide SME Loan support for them.
Due to higher default rates across the industry, some banks have placed F&B businesses into high risk industries as per their definition.
This makes acquiring loan from the banks much harder, we are able to assist you to find the appropriate banks to get the loans you may need without you going around and trying to figure which one works and which one doesn’t
We are ready to engage and give advice to you if you need help with your hawker or restaurant business.
The Food and Beverages industry will have to work through this downturn and come up stronger, for those that have not got into online platforms to attempt to sell their items online.
Avant Consulting is a Singapore loan broker assisting SMEs in Singapore to help everyone in need to get their access to loans in Singapore through the Temporary Bridging Loan.
F&B is one of our favorite customers that we enjoy working with.
Thank you for reading our article on “SME Loan for Singapore Food & Beverages Business”.