Last Updated on April 3, 2023
The Coronavirus has taken the business into a dark path. Most businesses in Singapore have been greatly affected by this health crisis. Both big and small have incurred losses.
Previously, Singaporean entrepreneurs could have each other’s back. They easily provided financial assistance to their partners in case of bankruptcy. At this point, each one of them is facing the same challenge. There is no one to help the other.
As a business owner, it’s up to you to know how you will finance your business. Either you like it or not, this is a problem that you needn’t depend on another person to solve it.
No one knows for how long this situation will last. Even great scientists are unable to predict the fate of this situation. Don’t be stressed out with something you cannot control.
Instead, focus on what you can do. Find how you can finance your business and save it from falling apart. It is guaranteed that funding business during such a time will be difficult.
But it’s possible. Do what you have to do, and all shall be well. No matter how much your business suffers, don’t give up. Look for all possible ways that can uplift its profit trend.
You made sacrifices to get to where you are, so don’t let all your effort go into waste. If you are worried about how you’ll finance your business in such a tough situation, worry no more.
Here is how to get Business Financing in Singapore under the Coronavirus crisis.
Cutting off your spending
During this pandemic, the best way to finance your business is by reducing the costs. Everyone is facing financial problems, including your clients and product suppliers. Start by minimizing the cost you spend on purchasing your products.
If possible, get fewer products than before. Buy your items from cheaper purchasers. Market segments are primarily affected, and yours, too, is in the mix.
Meaning you’ll have fewer profits. Therefore, it will be wise to avoid taking in lots of products that will spend weeks without getting bought. Try as much as possible to purchase goods that are not needed. This will save you big time.
Find other sources of income
You have to put a lot of effort to survive in this crisis. You can no longer rely entirely on your business. To finance your current business, look for another job that earns you some extra cash. Preferably online jobs.
You can try working online and get a huge amount from it. With this side cash, you can finance your small business without asking for help from anyone. The available options are online writing, blogging, proofreading, and so many others.
You won’t miss something that suits you. Just give it a shot!
Rely on the Singapore government
The Singapore government has set aside sums of money to assist individuals in dealing with financial difficulties. You can apply for such programs and benefit from them. Whatever you are given can fund your business.
However, it might take time to get help from the government since many people depend on it. This might delay your business plans. But it’s better to have somewhere to hold on rather than having no hopes at all. It wouldn’t hurt to wait for it.
Consider taking loans
Debt can be of great help when it comes to financing business. You can borrow from banks or online lenders. During this crisis, online lending is the best to consider.
There are various lenders that you can borrow from depending on your needs. The only challenge is getting qualified. Certain requirements need to be met before your loan request is granted.
The lenders should be convinced you are worth getting the loan. For that to happen, you have to prove yourself. Show you are worth getting the loan by providing necessary documents.
But take cautionary measures not to make deals with fake moneylenders. Some of the licensed online lenders for Singaporeans are QV credit, Katong credit, and HSBC.
Mentioning savings as an option sounds impossible. Maybe your savings is the only money you can claim. As a business owner, your business is not doing well at all.
Clients are in their homes, and no one bothers about your products. What used to be profitable is draining underground, and soon you’ll have nothing to call a business. It’s understandable if you are panicking, and you don’t want to risk your savings.
Especially now, when no one knows what the future holds. Take the risk and use your savings to uplift your business. However, don’t try this if it’s not worth the sacrifice.
By now, you are aware of the situation at hand. You know if your business would survive or not. It’s time to withdraw your money from the bank and finance your business.
Don’t let what you worked hard to vanish, yet you could do something to save it. Fear shouldn’t stop you from taking action.
Family and friends
Everyone is having a difficult time financially. Therefore, you shouldn’t be disappointed when even your own kin fails to help you out. Chances are, they are also experiencing what you are going through.
During disasters, family and close friends are our greatest angels. They are the ones who will save us unconditionally without expecting anything. It is somewhat possible to get assistance even at these hard times.
Give it a try to seek help from those you trust. You’ll be surprised at the amount of money your siblings or cousin lends you.
The Bottom Line
While funding your business at this time is difficult, it is possible. Don’t block your opportunities by allowing fear to stop you. Look for all the available sources of loaning and choose what matches your needs.
It will not be easy to get the financing, but it is worth giving it a try. Your business is at risk, and it’s up to you to save it or let it drown forever. Be optimistic and go for it. get some nice business loan deals at https://www.bugiscredit.sg/