Singapore’s small and medium-sized enterprises (SMEs) are bearing the brunt of the Covid-19 pandemic-induced downturn. As many as 8,663 businesses closed closed The Business Times Over 8,500 business entities close shop in April; highest in recent years Read more in April this year, double the number in March. The number of new businesses formed in April—3,767—was also the lowest since 2013. SMEs are vital to the Singaporean economy, making up 99% of Singapore’s businesses.
For these beleaguered businesses, which often live from invoice to invoice, access to working capital is now critical, as The Ken has reported reported The Ken The Covid-19 inflection point for Singapore's SMEs Read more previously.