SINGAPORE – Media OutReach
– 4 May 2020 – By rolling out stricter circuit breaker measures, all but
essential businesses have been required to close – directly impacting revenue.
Global containment measures have thrown a curveball at economies, with
Singapore’s economy contracting
by 2.2% in the first quarter. Diversifying services
offered alone are insufficient to cover the commercial losses incurred by these
businesses during this challenging period.
With these circumstances, small-medium enterprises (SMEs),
self-employed individuals and small business owners may be harder hit than
bigger corporations. As such, licensed moneylenders and credit companies are
extending credit lifelines – alongside packages doled out by the government and
banks – to businesses in need. For these measures to work, investing in their
digital marketing efforts can help improve their visibility to these businesses
in the market.
Supporting Businesses Through Covid-2019 With Relief Emergency
Extended periods of shut-down can have dire
consequences on the long-term health and sustainability of businesses,
especially SMEs. The reduction in revenue has already shown ripple effects in
increasing unemployment numbers, pay cuts and permanent closure of several
businesses. Even the most adaptable and resilient of businesses will have to
carefully manage their cash flows to survive the pandemic.
Given these circumstances, the availability of emergency cash
loans are essential to tide disadvantaged groups such as the self-employed and
small business owners through credit issues. Licensed moneylenders are extending
credit lifelines in situations where unemployment and pay cuts can affect personal loan application. Longer repayment periods and widened applicability criteria also
come in handy to help these businesses bounce back from the losses incurred
through the pandemic period.
In the last two months the volume of applications for payday loans and relief funds have spiked by more than 10 times, indicating that support
resources have become an imperative measure for businesses. To better service
these needs, online visibility is crucial in helping these licensed
moneylenders reach and engage SMEs. Partnering with a digital marketing agency in
Singapore – like First Page Digital – creates
opportunities for increased visibility in the market. Combining these methods
to form an omnichannel strategy can amplify the offerings and aid that licensed
moneylenders can offer to businesses in need during these extenuating
About Licensed Moneylenders:
Licensed moneylenders aid businesses and individuals with
emergency cash loans to help tide over dire economic situations. Backed by
reliable licensed moneylenders in Singapore, MaxCredit covers you for emergency cash loans
with a smooth, flexible and quick process.