SME borrowers advised to keep loans steady as rates fall
Expert warns SMEs against applying for larger loans ‘simply because it’s cheaper’, while borrowers should be aware of what aligns with their long-term development goals.
A Singapore-based consultancy for small and medium-sized enterprises’ (SMEs) loans found that Singaporean SMEs’ access to credit and financing “tightened considerably” in 2023, with a total amount of $130,000 approved loans on average per business within the year, down 42% from 2021.
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