Happenings in the last couple of months have been greatly implicated by the global COVID-19 pandemic. Measures and advisories are constantly being updated by the Multi-Ministry Taskforce, in a bid to control the spread of the virus. The grim reality is that this looks set to continue for the foreseeable future. Also, the fluid nature of the virus adds an ominous layer to proceedings – it’s impacts felt across a variety of societal spheres.
In particular, local small and medium-sized enterprises (SME) are hit hard by the current state of affairs. The economic fallout alone is tangible and potentially worrisome for this vulnerable group. Below is a compilation of some financial solutions these local businesses can consider, in their fight to cope better with the current situation.
SME Micro Loans
Micro loans are designed to help small businesses gain access to funding. It can be used for the daily running of operations, purchase of equipment, or meeting working capital requirements. Overall, the maximum loan exposure is capped at S$100, 000 per company. Eligibility criteria are relatively broad as well. The company has to
- Be either registered or incorporated in Singapore.
- Have a maximum of 10 employees or has annual sales not exceeding S$1 million.
- Have at least 30% local shareholding
An institution that champions local enterprise development, Enterprise Singapore is committed to supporting the growth of Singapore as a hub for global trading and startups. Providing financial solutions to small local businesses are part of what they do.
This is bound to be useful to you and your business, given the precarious times we find ourselves in. Financing schemes from Enterprise Singapore has been streamlined into one umbrella scheme – the Enterprise Financing Scheme (EFS). The EFS covers six areas to address enterprises’ financing needs. It is also not limited to any specific industries, meaning that eligibility criteria is improved. This supports local companies across all industries as well as through all stages of growth.
Supplementary Budget 2020
Towards the end of last week, the Government released Supplementary Budget 2020. In it, there are specific efforts to provide financial solutions and help stabilise local businesses. These two images above are likely to be the most relevant to you and your business. Should you want to have a scroll through the entire budget, click here.
Financial solutions with Delegate
At Delegate, we understand that the current COVID-19 climate greatly affects small local businesses. This is especially true for businesses within the events industry. The sheer number of cancellations and postponements are beyond the control of businesses. Closure of public entertainment venues and suspension of events are now government protocol and the combination of all these circumstances adds to the financial strain. On top of implementing new features on our site to support our vendors, we’ve also launched an Event Business Support Hub to provide you with resources during this trying time.
In an effort to be part of the solution, we aim to help you get the best financing offers – in terms of financing amounts and interest rates to support you and your business. Click here to get faster and easy access to financial support provided by our financing partners.