Bigger grants, expanded loan schemes to help firms transform during Covid-19 pandemic: Chan Chun Sing

SINGAPORE - Companies looking to grow their businesses, increase productivity or expand overseas will soon be able to tap bigger grants and expanded loan schemes.

Retailers in particular would be wise to expand their reach overseas, as the Covid-19 pandemic has accelerated the growth of online shopping and opened up new opportunities, he said. The Temporary Bridging Loan Programme, which provides access to working capital at a lower interest rate, and a financing scheme for trade loans will also be extended by six months to Sept 30 next year.

He noted that the sector had already been facing structural challenges before the pandemic hit, such as the rise of e-commerce and a lack of innovative concepts and experiences.

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