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SINGAPORE: The Singapore Chinese Chamber of Commerce and Industry (SCCCI) has welcomed the government's decision to help small and medium enterprises during the current economic downturn.
The government announced on Friday that it will put in another S$2.3 billion to help local firms gain access to credit from next month.
SCCCI said in a statement that the government's willingness to increase its share of risk in loan default to as high as 80 per cent in the various financial assistance schemes would greatly help not just SMEs, but also banks.
It highlighted schemes such as the Micro-Loan programme and the enhanced Local Enterprise Scheme, which would help alleviate the burden on SMEs when seeking bank financing.
SCCCI also said it was heartened by the S$600 million SPUR (Skills Programme for Upgrading & Resilience) programme to help workers acquire new skills, and by the enhanced training subsidy of up to 90 per cent.
The representative body of Singapore's Chinese business community said the co-funding initiative to save jobs and build capabilities during this difficult time would help SMEs cut costs without cutting staff strength. - CNA/vm
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