Earlier this year, we discussed that up to $490 million in loans were disbursed to loans and that taking a loan would be in any business’ favourable interest due to the low-interest rates.
From this article, DBS alone “has approved about 9,500 collateral-free loans totalling over $3 billion to small and micro-enterprises.
This is within our expectations as businesses would be hardpressed not to forgo this opportune moment to obtain financing with the lightest strings attached.
This is the proof that hundreds of businesses have already taken a leap of faith to seize the funding that they needed, and they can rest assured that they will be able to tide through the months and years ahead of where business will get back to normal.
Worth noting that business and consumer activity is not expected to resume back to pre-covid periods until long after the vaccine has been widely adopted and the market is certain that the recession is behind us. So, if you are a business banking on the hopes that a vaccine will turn the economy around overnight, think again.
If your business is affected in any way by Covid-19, and you would like to learn more about the corporate loan process, your business loan eligibility or anything loan-related, feel free to contact SME Capital, a leading provider of Loan services.