If you work for a branch of government that is in a policy-making capacity to promote small and medium businesses, you should know that you have a very important task in improving the economy of our country. Small and medium businesses play a major role in promoting production, creating jobs and facilitating vital economic activities. However the policies that you make can make or break a business so you should try your best to make decisions that support these businesses. We have listed out a few examples of how you can do so.
Facilitate business loans
These businesses need loans for a number of reasons such as expanding their business or buying new products. Therefore work with your local banks to make it easy as possible for these businesses to get loans. Since you cannot compromise on the safety of the loan from the vantage point of the bank, you can try and think of new ways to make this agreeable to both parties. For instance you can get banks to give lesser interest rates to small businesses as they repay their loans. This would make it easier for small businesses to get money they need to grow.
Provide solutions in commerce
You can work with banks and other financial institutions and find new policies that support things like ecommerce solutions that provides copywriting services and businesses need to grow their market base. Banks have a huge part to play in supporting the monetary aspect of businesses and they are one of the first connections between the client and the business when a transaction is made over a border of a country.
Banks and other best ecommerce companies in Singapore usually have relations with other banks around the world to standardize the transactions that are made. For instance services like visa unify banks around the world. Similarly make sure that your local banks have policies that adhere to global standards so that these international transactions are more feasible.
Provide help with imports
You can also work with other branches of government and find ways to make it easier for them to import goods. This again is something that cannot be too lenient because it would be a risk to the safety of the goods that come across the country’s border. However you can come up with a way through with these businesses can have their products cleared more speedily. You can also provide small tax breaks for certain goods. In addition to this you can also improve the infrastructure around the ports to enable quicker delivery of these goods to the businesses.