“Businesses that are more exposed to supply disruptions and energy costs have come under greater pressure. SMEs, in particular, feel these cost pressures more acutely,” Siow said.
The Singapore Business Federation (SBF) said elevated energy prices continue to weigh on business costs, particularly for firms with significant transport, logistics and energy requirements.
Businesses are also facing broader cost pressures from higher utilities, labour, and other operating expenses, which continue to impact margins and competitiveness.
“We welcome these timely measures and are glad that the Government continues to stand by our businesses during this difficult and uncertain period,” SBF Chairman Mark Lee said.
“Cash flow is the lifeblood of every business. Taken together, these measures will provide breathing space for SMEs, preserve business activity and help companies retain their workers. We hope that with stronger government risk-sharing support, smaller enterprises can have quicker and more substantive access to financing.”