Right after a year of significant economic impact to the world due to the unpredictable disease outbreak of Covid-19, Singapore has introduced a list of comprehensive financial support to help businesses weather through the storms. We’ll look at some of the measures that will help SME businesses to grow in 2021 in this article. There will also be recommendations on how SME businesses can upgrade themselves to the next level in 2021’s markets.
Government Support
The number of SME businesses that ultimately fail to survive due to the pandemic will depend largely on governmental financial support. Thus, the government has been considering certain initiatives on how SME businesses would fare under different scenarios. These scenarios could influence the extent and selection of initiatives to different SMEs who will continue to receive government support.
Jobs Support Scheme
The newly launched JSS will help SME businesses to retain and keep their local employees. This helps to boost and develop the local talent market in SMEs, ultimately bringing in more imported gross capital to Singapore. The initiatives will be extended by up to seven months until March 2021. Industries such as the finance, automotive, retail, service can take note of such initiatives.
Jobs Growth Incentive
Through the new $1 billion incentives, local employees in the industries can expect to receive governmental wage support that will be offered, especially for new local hires in firms that increase their total local headcount. SME companies in the relevant sectors can take note of hiring locals to be in the priority list of obtaining these incentives.
Support for rental
Some businesses can defer certain contractual obligations, such as rental payments, loan repayments, and completing work. This can be applied to SME food and beverage, retail, service, construction businesses and so on. These implementations will help to relieve SME businesses from additional cost burden after COVID-19’s detrimental impact. However, all property tax rebates must be passed on in full, to tenants.
Support for financing
This support for financing applies to the temporary bridging loans and financing schemes announced in the 2019’s Unity Budget. The government’s liability share is currently up from 80% to 90% for loans until 31 March 2021. This means that SME businesses who are currently riding through the storms can receive additional fund support. Furthermore, the Monetary Authority of Singapore (MAS) has added on their aid for SME businesses’ cash flows together with the financial industry, with their following initiatives: Enterprise Financing Scheme, Temporary Bridging Loan Programme, Property Tax Rebate from the Unity Budget and so on.
Further Support From Automotive Industry
If your SME businesses happen to be operating in the field of food & beverage, logistics, construction, labour, supply chain management which require the use of commercial or normal automotive vehicles to carry out daily activities, we have provided a recommended solution for you: seek a professional and affordable automotive rental company.
As one of the top professional providers of affordable automotive services and commercial vehicle rental in Singapore, ETHOZ offers commercial vehicle rental in Singapore to SME business owners seeking to optimise their operations, where zero downtime, predictable operating costs and controlled cash flow outlay are paramount.
The automotive car rental provides the same quality that you’ll receive with a purchased business owner car, except at an affordable cost. You could even customise and choose the vehicle depending on what specific needs you may have. You can easily select your favourite series and save additional costs of maintenance fee and so on. In the times of an economic crisis, it will be best if you could rent a vehicle for convenience and cost efficiency.
With prestigious automobile rental services with all sorts of features and functions, ETHOZ will help to satisfy SME businesses’ needs. Moreover, it is apparent that our growing strength of customers are constantly benefiting from the quality of our tangible vehicle rental services. Furthermore, the expertise of our fleet management team who provide dedicated efforts and service works has ensured our business to sustain long term relationships with all clients and customers.
If you ever need any vehicle rental services or automotive solutions in Singapore that provide everything you need, you can simply reach out to a member of our team at contactus@ethozgroup.com to explore the options available to you. If you like reading more of such content, head over to our blog to learn useful tips and case study!
