Singapore SMEs urged to grab opportunities in downturn
Small and medium-sized enterprises (SMEs) can still have opportunities even in the global economic downturn so long as they are quick to adapt and able to seize new opportunities, AFP quoted a senior Singapore official as saying.
Singapore's Minister of State for Trade and Industry Lee Yi Shyan said that the Singapore government has enhanced the support for SMEs and start-ups to weather the crisis in three ways, namely providing working capital and equity, encouraging further investments in innovation and providing greater opportunities for student entrepreneurs.
"In the current economic climate, start-ups, like all enterprises, may be vulnerable to cash-flow problems," Lee said at the Singapore Chinese Chamber of Commerce and Industry, adding that "Our Government loan schemes, especially the enhanced S$100,000Singapore dollars ($65,800) micro-loan program, will provide loan assistance to all small enterprises, including start-ups."
In Singapore, SMEs account for two thirds of jobs created and more than half of the country's GDP.
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