How loans can help small businesses to survive amidst the challenges?
The challenge that is facing the world in recent months is the unprecedented crisis due to the coronavirus pandemic. Million across the globe dead and millions still infected, and any vaccination still months away, but one of the areas that have been hit harder than any – are the small businesses. Small businesses have been hit harder than almost any other industry out there; from Restaurants to local tourism industries, all have been left shaken in this pandemic, and it’s happening across the globe. According to the latest studies, almost one out of every three small businesses that is being shut in this pandemic, is not going to reopen ever again. This is a grim reality we all face; lost jobs, lost businesses, and above all, the constant risk of contracting this deadly virus.
But there is a silver lining among all the grim news for those whose businesses are under constant strain. Several local governments have made it easier for small business owners to take out short term business loans to boost up their finance, especially in this pandemic. Business loans are not a new phenomenon, but taking out a business loan is easier said than done, especially if you are a start-up and have no meaningful collateral to offer to the bank or any lender. But the current situation in the world is unprecedented, and so if you are looking for a business loan Singapore, it will be a lot easier for you to get one. The coronavirus pandemic has acted as a catalyst for the Government of Singapore to provide various schemes for small businesses to help them not only recover through this pandemic but to expand if they so desire. The Government of Singapore has announced several enhancements made to support various small and medium businesses like Market Readiness Assistance (MRA) Grant, Enterprise Development Grant (EDG), Productivity Solutions Grant (PSG), Temporary Bridging Loan Programme, Enterprise Financing Scheme (EFS) – Project Loan, and Enterprise Financing Scheme (EFS) – Trade Loan. And not only this, several lenders and banks have launched various business term loan and other loans that would effectively require almost no collateral from the small business owners’ side.
If you are a small business owner, then a business loan could go a long way in helping you out in this crisis. From paying your employees to clearing out your dues, a small inflow of cash could elevate a lot of your stress, and if you are a manufacturer, then you have to consider go-down charges, labor costs, etc. as well. A business loan could keep you afloat until your business is doing better, but which is the right business loan for you amongst the plethora of options to choose from? Or are you still confused about the benefits of taking out a small loan for your small business, or worried about your eligibility to take out one? Then Smart-Towkay has the answer for you.
Smart-Towkay understands that business banking products are not as transparent as to their consumer counterparts. So to help Small Medium Enterprise (SMEs), Smart-Towkay has launched a platform where interest rates and other relevant information is readily available for the user; and they don’t have to ship from site to site and navigate through various technical jargons to understand what would be the best deal for them to make. In Smart-Towkay’s view, SMEs are the bedrock of Singapore’s economy, and that’s why they have a single platform that is customized for each SME’s business profile to provide product information for easy comparisons. Through this, Smart-Towkay aims to make it easier for SME’s to make the right decision for their business. Smart-Towkay works with Singapore’s leading banks, government agencies, and insurers to connect SMEs with the best partner for them and they are readily available to answer any of your queries.