MONEY FM 89.3: What’s the 2019 outlook for SMEs
US-China trade tensions – on top of perennial concerns like cash flow and talent retention – are among what’s causing SMEs to expect a decline in turnover this year. But what’s in store for 2019? Our CEO and Co-founder Ajit Raikar shares his insights with Michelle Martin & Bernard Lim on MONEY FM 89.3’s The Curve.
- Singapore will emerge as a strong regional hub
Singapore is seen as an attractive launchpad for international start-ups and businesses looking to expand and grow in Asia. This will create opportunities for SMEs – they will be needed to support these companies for all kinds of goods and services
- Alternative lending can plug the SME credit funding gap and support financial inclusion
It is estimated that there is almost S$20 billion dollars of unmet financing needs for SMEs. Up until three years ago, P2P platforms didn’t exist. The emergence of such platforms have provided SMEs with an alternate source of financing which is simple, fast, efficient and affordable. P2P platforms help to meet a critical need in the SME market, by really banking the unbanked and providing financial inclusion for the SMEs that have been left out of the banking finance market for years and years.
- IT, financial services and manufacturing industries are poised for growth in 2019
While manufacturing growth is slowing, it will still be a key industry that is poised for growth.
- SMEs can and should access to government grants for their business growth
The amount of government support made available for SMEs has increased over the last two years. SMEs can and should leverage on these grants for productivity, workforce enhancement, technology, upgrading of skill sets and more. Start by finding out what’s available through SME Centres. Their business consultants are able to guide and help you get started on your growth and expansion plans.