Financial education vital for SMEs to stay afloat amid and beyond the Covid-19 outbreak

Posted by Team Finaxar on Jun 8, 2020 1:38:17 PM


As published on: Singapore Business Review

Government support is helpful, but firms should know all financing options available to them.

THE financial impact of the Covid-19 outbreak has been massive and is only set to burgeon - with businesses across sectors taking a hit to their chins and many already starting to run into cash-flow difficulties. Whilst companies tussle to keep the lights on during this period, small and medium enterprises (SMEs), in particular, will require an additional leg-up to stay afloat. This is evident from the increase in business loan demands issued by banks since March, exceeding $490m to over 1,200 companies.

Key Points:

  • Support available for Singapore SMEs
  • Financing lessons from COVID-19
  • The road ahead

A financial crisis takes no prisoners. Businesses are going to be impacted, though some industries may emerge more unscathed than others. But it is companies that make the most informed choices in the situations they are given that will come out ahead. And it’s not necessarily the large corporates.

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Finaxar supports SMEs with working capital loans that would meet their immediate business needs. Know more about our product line: Finaxar Credit LineReceivables Financing and Purchase Financing.