SINGAPORE - Media OutReach^[1] - 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^[2]. 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 Cash Loans

Extended periods of shut-down can have dire consequences on the long-term health and sustainability of businesses^[3], 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^[4] 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^[5] 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^[6] - 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 circumstances.

References

1. ^{^} Media OutReach (www.media-outreach.com)
2. ^{^} contracting by 2.2% in the first quarter (www.channelnewsasia.com)
3. ^{^} dire consequences on the long-term health and sustainability of businesses (e27.co)
4. ^{^} personal loan (maxcredit.sg)
5. ^{^} payday loans (maxcredit.sg)
6. ^{^} digital marketing agency in Singapore (www.firstpagedigital.sg)