Budget measures can help SMEs raise their game
SMEs' use of government help schemes fell last year. There may be a need to exercise flexibility in the handing out of these grants and helplines.
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Faced with global trade and geopolitical tensions, economic slowdown and uncertainties from the novel coronavirus outbreak, local small-and medium-sized enterprises (SMEs) are finding it increasingly difficult to stay profitable and competitive. With limited financial resources and weaker access to financing, they are arguably more vulnerable to economic headwinds than large corporations.
Across sectors, Singapore SMEs have been hit hard by the global economic slowdown and many saw their revenues decline last year.
The Singapore Business Federation-Experian SME Index released last December, measuring the business sentiment of Singapore SMEs for the first six months of this year, noted that the slowing economy has led to declining expectations in turnover, profitability, business expansion and capacity utilisation.
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