SMEs confident in weathering GST hike and global interest rate
DBS announced these findings after the release of the Singapore Budget 2022.
All medium-sized enterprises surveyed in the DBS’ Pulse Check Survey are confident in weathering the impact of the GST hikes, with eight of 10 micro and small businesses agreeing, as well.
“Business owners are taking a prudent approach by placing strong emphasis on their cashflow. It is also heartening to know that SMEs feel more confident about tackling cost challenges, which point to the more resilient position that the business community is in today as compared to a year ago at the height of the pandemic,” explained Joyce Tee, Group Head of SME Banking.
Meanwhile, more than nine in 10 medium-sized businesses shared the same positive sentiment in terms of the global interest rate environment. 75% of micro and small businesses also echoed the same outlook.
Eight out of 10 medium-sized businesses showed signs of staying strong despite the inflationary pressures; seven of 10 for micro and small businesses.
Around 250 SMEs across multiple industries were included in the survey.
“Our survey has revealed that micro and small businesses are generally more worried about coping with rising costs. We will double down on our efforts to proactively reach out to these businesses, which typically face more challenges than their bigger counterparts in managing their balance sheets. For instance, we have leveraged AI/ML algorithmic models to deploy a proactive risk management system. These models enable us to engage vulnerable SMEs at the earliest signs of trouble with advisory support and financing solutions to prevent the situation from becoming unsalvageable.” concluded Tee.
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