SINGAPORE – Help is at hand for small firms in financial distress due to Covid-19.
One initiative will assist sole proprietors or partnerships restructure unsecured debt such as credit card bills or loans secured without collateral.
Another scheme will help small- and medium-sized enterprises (SMEs) work out their credit facilities across multiple banks and finance companies all at once.
The two schemes – both from the Association of Banks in Singapore (ABS) – come amid concerns that companies in badly hit industries may be plunged into bankruptcy once earlier support measures start to tail off as Singapore reopens.
The Law Ministry had introduced several measures to alleviate the impact of the crisis on businesses, including a morator…
Read the full article at: https://www.straitstimes.com/singapore/politics/small-business-to-get-help-in-restructuring-debts-under-two-new-schemes