During these difficult moments of COVID-19, social distancing measures and temporary closures of non-essential workplaces are enforced to keep everyone safe and flatten the curve. Meanwhile, small businesses struggle to keep up financially due to a dip in sales and challenges faced in continuing to serve customers’ demands.
Thankfully, with the availability of financial aid and cash loans, it provides some relief to small businesses during this pandemic. Find out some of the financial resources that are available below.
Funding options during the coronavirus pandemic
Small businesses in Singapore are facing unprecedented economic troubles attributed to the strict measures that the government has implemented to curb the spread of COVID-19. To relieve business owners from these troubles, the government has come up with three schemes to extend financial aid to Singaporeans. These financial schemes include:
• The Courage Fund
The courage fund was introduced to support Singaporean low-income households where COVID-19 has infected one or more family member(s). This fund also applies to families that are on home quarantine order, stay home notice, or on a mandatory leave of absence.
• Temporary Relief Fund
The temporary relief fund aims to assist citizens who have lost their jobs or have had a reduction in their salaries due to COVID-19. This one-off interim assistance scheme also applies to permanent residents in Singapore, only available in April 2020.
• The COVID-19 Support Grant
This caters to citizens who are unemployed, including those who have had their contracts terminated or have been laid off due to this pandemic.
Small loans in Singapore
Besides attaining government assistance, there are also licensed money lenders in Singapore that you can turn to for fast cash. With a quick loan approval, you can get the funding you need to help your business stay afloat during these hard times.
An alternative to funding options
The COVID-19 pandemic is expected to have long-term repercussions to the global economy. This impact is predicted to last even after the virus has been contained. While there are government grants and assistance, there are still other financial aspects that employers will have to cover despite ceasing business operations temporarily, which might require a larger amount of cash.
Additionally, with tighter circuit breaker measures, your business may be at a standstill. So, this is where long or short term small business loans come in. Obtaining a loan could provide you with the financial support that you need, especially if you’re facing a shortage of cash flow. These funds can help to boost your working capital, fulfill order requirements and keep your operations going.
Small business loans can be encouraging for borrowers who may also be unqualified for traditional bank loans. These loans provide flexibility for business owners to tap into financially and remain operational as they ride out the storm during this difficult time. At QuickLoan Pte Ltd, our financial advisors are ready to understand your concerns and work out a business loan that can suit your needs.
Looking for cash? Apply for a loan with QuickLoan Pte Ltd today! Call us to enquire at 6223 1788 or Apply online at quick loan approval.