Singapore is set to be the first, what is to be known as, Smart Nation. This means that Singapore will be using technology to enhance the lives of its citizens. Small and medium sized enterprises (SMEs) are emerging to help create this futuristic development and there is still room for more of these businesses to start up. Obviously in order for a small or even medium sized business to prosper, they must first make some investments which mean if they do not have any extra capital, they will need to acquire loans. To facilitate this, singapore business loans to SMEs are readily available to find on the internet. Although in this economic global climate, most SMEs are not expecting to make profits this year and so may be hesitant towards taking out loans at this time, SMEs in Singapore may be in a more optimistic position. Many of the SMEs in Singapore rely on technology or the results of modern technology and that is what could make the difference. Although Singapore’s transformation to a Smart Nation may not be enough to sustain all the SMEs in the country, worldwide updates may be. As the world’s economy does seem to be in a recession, many companies around the world are looking at adopting more modern technology in order to try and remain solvent and in doing so, they look towards SMEs in countries like Singapore to show them the way. Of course these foreign companies will themselves probably have to also find loans but they do not affect the Singapore companies, they will be able to afford to pay off theirs by the increased business from around the world. In Singapore, due to its laws that encourage investment and growth, especially in the high tech market, it is perhaps easier for an SME to acquire a business loan than it would be in many other countries, especially during this recession. This obviously also helps as, what may have been competitors from different countries across the globe, are struggling to secure the necessary loans in their countries, to compete in this time of money shortages. Although some also think that even in Singapore, profits may be hard to find by SMEs in this coming year, even the glummest of predictors believes that, in Singapore at least, the period of no profit will be short lived. This means that now could be an exciting time for SMEs in Singapore, in the tech field, as they can find necessary loans in order for them to establish themselves in this time of recession, ready to immediately step up their business as times improve across the globe. There are few countries at this time which are allowing SMEs to get loans on the hope of doing better in later times, greatly reducing the competition that Singapore businesses will face. Even is a Singapore business does not make it immediately, if they can hang on a couple of years, their own country’s steps to becoming a Smart Nation, may improve their futures.
By Patricia Jones | Published April 5, 2016